Comvest Partners, through its debt fund Comvest Capital II, has provided a $11.6 million first lien term loan to American Light Metals. Proceeds of the financing were used by American Light Metals, a new company formed by SRS Industries, a privately held investment company, to acquire the assets of Empire Die Casting, a die caster of aluminum and zinc components.
“This is the second opportunity in which I have partnered with Comvest and I greatly value the flexibility and experience they bring to the table,” said Yogen Rahangdale, owner and Chief Executive Officer of American Light Metals.
Empire is a precision die caster of a range of aluminum and zinc components including engine covers, pump housings and motor counter-weights for the HVAC and automotive markets. In addition to die casting, Empire performs value-added secondary operations including CNC machining, vibratory and shot-blast de-burring, sanding, polishing and chromating. The company is headquartered in Macedonia, OH (www.empiredie.com).
SRS Industries is a privately held investment company founded by Yogen Rahangdale, the former President and Chief Operating Officer of American Axle & Manufacturing. The firm invests primarily in the industrial and automotive industries. In 2010, SRS completed the acquisition of Whitehall Industries, a manufacturer of aluminum extrusions based in Ludington, MI (www.whitehallindustries.com).
“We are fortunate to partner once again with Yogen and look forward to another successful investment similar to our experience with Whitehall Industries,” said Mark Hughes, Managing Director at Comvest Partners.
The Comvest Group provides debt and equity to middle-market companies. For debt investments the firm will invest from $2 million to $20 million per transaction in companies with $10 million to $200 million of revenue that have positive or negative EBITDA. For equity investments the firm will invest from $10 million to $50 million per transaction in companies with $15 million to $500 million of revenue that have positive or negative EBITDA. Since 2000, Comvest has invested more than $1.8 billion of capital in over 125 public and private companies. The firm is based in West Palm Beach (www.comvest.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-20-14
