Prospect Capital Corporation has funded a recapitalization of CCPI, a manufacturer of refractory materials, with an investment of $33.9 million in combined debt and equity financing. As a result of the recapitalization, Prospect is now the controlling shareholder of CCPI.
“The senior managers of CCPI, who have invested alongside Prospect in the recapitalization, look forward to growing CCPI with Prospect,” said Mike Williams, President and CEO of CCPI. “Prospect has extensive experience as a supportive, long-term investor in US-based mid-sized industrial and other businesses.”
CCPI develops, manufactures, and sells a range of proprietary refractory materials, temperature sensing devices, and other consumable products. The company’s products are used in multiple industrial applications including steel production, aluminum production, and industrial heat treating. Brand names include COMAT and TunTemp. CCPI was founded in 1957 and is headquartered in Blanchester, OH (www.ccpi-inc.com).
“We are impressed with the company’s technical excellence and expansive product offering as a global leader in its market,” said Bart de Bie, a Managing Director of Prospect Capital Management. “This recapitalization of CCPI demonstrates Prospect’s ability to make combined debt and equity investments to generate compelling yield and total return for our shareholders.”
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-17-12