Investment Made to Facilitate Operations in China
CLEVELAND, OH – June 11, 2007 – Key Principal Partners (KPP), a $1 billion private equity firm, today announced a $5.0 million investment in Anomatic Corporation to support the refinancing of senior debt and complete its manufacturing facility in China. The facility is planned to be fully operational by the end of the 2007 fiscal year. This is KPP’s second investment in the company.
In November 2005, KPP provided $6.5 million in senior subordinated debt and preferred equity to facilitate the recapitalization of Anomatic by Brookstone Partners.
Anomatic, headquartered in Newark, OH, is the leading provider of high-volume anodized aluminum components to packaging companies serving the global cosmetics industry. In addition to its core anodizing services, the company provides value-added ancillary services such as metal stamping, decorating and assembly to meet the worldwide needs of its customers. It also utilizes a proprietary anodizing process to deliver high-quality products in a cost-effective manner. Anomatic’s parts are sold to more than 100 companies across the globe, including well known cosmetic companies such as Revlon, Maybelline, Estee Lauder, and Mary Kay.
“Anomatic represents an ideal follow-on investment for us,” said Cindy Babitt, a partner at KPP. “This investment is a reflection of our commitment to adding value beyond the initial transaction to all our portfolio companies. Anomatic has exhibited strong performance since our initial investment 18 months ago and we are excited about the opportunities that this additional capacity in China will afford the Company.”
As part of the transaction, PNC Bank, NA provided a senior term loan and a revolving credit facility.
About Key Principal Partners
Key Principal Partners (KPP) is a nationally recognized private investment firm providing capital to middle market companies throughout North America. KPP utilizes mezzanine and equity capital to fund the growth, buyout, refinancing or acquisition of profitable companies. KPP’s flexible approach to structuring investments does not require control of companies. KPP has over $1 billion in capital under management and can invest $7 million to $40 million in companies with at least $20 million in revenue. Headquartered in Cleveland, KPP is affiliated with KeyCorp, and has offices in Greenwich and San Francisco. For additional information, visit: www.keyprincipalpartners.com.
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $92 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.
About Brookstone Partners
Brookstone Partners is a New York-based private equity firm that seeks to acquire companies or invest in growth equity situations in the middle market. The firm generally targets opportunities to invest in or acquire companies ranging in value from $10 to $75 million and which require $3 to $15 million in equity. Brookstone’s strategy is to invest in companies that offer significant opportunities for value creation through internal growth, strategic acquisitions and improvements in operating performance. One of the firm’s strengths is the ability to invest for the long term.