Babson Capital Management has provided a senior secured credit facility to support the acquisition last month of PPC Industries by Kohlberg & Company.
PPC Industries, a portfolio company of AEA since March 2006, is a maker of tubing, film and bags using engineered plastic resins. The company’s products are used in niche segments of the medical, pharmaceutical, food, and industrial markets. PPC is headquartered south of Milwaukee in Pleasant Prairie, WI and employs more than 500 people at seven factories in the United States, Costa Rica, Ireland and Malaysia (www.ppcind.com) (www.kelpacmedical.com).
“Babson places great value on our longtime association with Kohlberg & Company, and we are grateful for the opportunity to partner with Kohlberg on the investment in PPC Industries,” said Ian Fowler, Managing Director and co-head of Babson’s US Private Finance Group. “As an existing lender, we have been pleased with the company’s growth and performance and we look forward to continuing to support PPC Industries as it partners with Kohlberg & Company.” Babson was an existing lender to PPC Industries through a 2006 investment backing AEA’s acquisition of the company.
Babson Capital has $206 billion in assets under management and is a member of the MassMutual Financial Group. The firm has offices in Boston and Springfield, MA; New York, Chicago, Charlotte and Los Angeles, and nine other offices in Europe, Asia and Australia (www.BabsonCapital.com).
Kohlberg & Company invests in companies in the industrial manufacturing; consumer products; business services; healthcare services; and financial services sectors. The firm concentrates on transactions with EBITDAs between $20 million and $100 million where it can invest between $50 million and $200 million of equity. Kohlberg & Company is currently investing its seventh private equity fund, Kohlberg Investors VII. The firm was founded in 1987 and is based in Mt. Kisco, NY (www.kohlberg.com).
2014 PEPD • Private Equity’s Leading News Magazine • 12-17-14
