Windjammer Capital Acquires Shercon
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Windjammer Capital Acquires Shercon

It was announced today that Protective Industries, a portfolio company of Windjammer Capital Investors, has acquired Shercon, a provider of standard and custom die cuts and molded rubber masking solutions. The transaction closed on April 30, 2012.

Shercon is a provider of standard and custom die cuts and molded rubber masking solutions, including caps, plugs, tapes, die cut maskings and complex rubber maskings, used to protect selected surfaces during industrial finishing processes. The company is headquartered in Cypress, CA with wholly owned manufacturing operations in Hangzhou, China and a distribution center in Louisville, KT (www.shercon.com).

Protective Industries (dba Caplugs) manufactures caps, plugs, tubing, containers, edge liners, fasteners, netting and masking products that are used in the manufacturing, transportation and storage industries. The company specializes in injection molding, vinyl-dip molding and plastic extrusion, producing approximately 2 billion pieces per year. The company has four manufacturing and distribution facilities located on the East and West coasts of the United States and in China. Protective Industries was founded in 1948 and is based in Buffalo, NY (www.caplugs.com).

Intrepid Investment Bankers acted as the exclusive M&A advisor to Shercon in connection with the transaction. The Intrepid team included Jim Freedman, Jeremiah Mann, Brian Levin and Zachary Browning. Intrepid is a mergers and acquisitions and corporate finance advisory firm focused on the middle-market. Intrepid was founded in 2010 by the former principals of Barrington Associates, a firm that grew to become a national middle market M&A advisor before its acquisition by Wells Fargo in 2006. The firm is based in Los Angeles, CA (www.intrepidib.com).

“This is an exciting next step in Shercon’s future and we are delighted to partner with Caplugs and Windjammer,” said Keith Ennis, CEO of Shercon. “Intrepid’s diligence in understanding the business and excellent control of the process made the sale efficient and helped us meet all of our objectives and goals.”

Windjammer Capital Investors makes control and non-control investments in middle market businesses in partnership with management. Windjammer manages institutional funds totaling over $1.8 billion of capital and is currently investing its latest fund, Windjammer Senior Equity Fund IV, which it raised in 2012. The firm was founded in 1990 and is based in Newport Beach, CA and Waltham, MA (www.windjammercapital.com).

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