Capital announced today the sale of EDI Holdings, a designer and manufacturer of extrusion dies, to Nordson Corporation in a $200 million all cash transaction. The sale is Bertram Capital’s second portfolio company exit in the last twelve months.
EDI Holdings is a designer and manufacturer of extrusion dies, coating heads and related products for producers of cast film, sheet, coatings and laminates. The company is based in Chippewa Falls, WI (www.extrusiondies.com).
Bertram Capital completed the acquisition of EDI in December 2010. By applying the “Bertram High 5”, a systematic approach to business building, Bertram Capital worked with the EDI team to streamline manufacturing operations and increase throughput, expand product categories and sales channels, enhance management, extend its technology and patent portfolio and augment its global operations. Consistent with the firm’s strategy of maintaining operating flexibility in order to promote growth, Bertram Capital capitalized EDI with conservative debt levels.
“EDI’s rapid growth and the successful result of the investment underscore the impact of our differentiated buy and build approach. We successfully executed on our plan to leverage EDI’s presence as a leader in the attractive plastic processing equipment market to capture significant growth and create a must-have strategic asset,” said Jeff Drazan, Managing Partner at Bertram Capital. “The Bertram Capital team, led by Kevin Yamashita, did exceptional work throughout this investment and I am pleased that the team’s efforts delivered such a favorable outcome for Bertram Capital and our limited partners.”
In addition to operational improvement initiatives, Bertram Capital supported EDI with its acquisition of Premier Dies Corporation in March 2012. The acquisition broadened EDI’s product offering, expanded its global sales and service network and provided incremental manufacturing capacity. The acquisition, along with Bertram Capital’s growth-focused approach of aggressive business development and operational improvements is expected to result in significant organic revenue and EBITDA increases.
“Bertram Capital provided EDI with the financial and strategic resources to improve and expand the company’s product capabilities, broaden its international sales and manufacturing presence and complete the acquisition of Premier Dies. Ultimately, these efforts strengthened the business and positioned EDI for long term success,” said Gary Edwards, President and CEO of EDI. “It has been a pleasure partnering with the Bertram Capital team.”
Bertram Capital has over $850 million in capital under management and targets investments in lower middle market companies. Industries of interest include manufacturing, technology, business services and health care. The firm is located in San Mateo, CA (www.bertramcapital.com).
“With the closing of the EDI transaction, we mark the completion of another successful investment,” said Kevin Yamashita, Partner at Bertram Capital. “Through the addition of key management, engineering, sales and operational resources to EDI’s core team, we quickly built a world-class organization. The combined efforts of the EDI team and Bertram Capital solidified EDI’s presence as a global market leader and significantly accelerated profitable growth in the business. Nordson identified EDI as a highly accretive addition to its existing business in plastic processing and presented a compelling offer to acquire the company.”
