Merifin Capital and Windjammer Capital have sold their portfolio company Maxcess International Corporation to Webex, a portfolio company of Bertram Capital. Merifin and Windjammer first invested in Maxcess in 2005. Webex was acquired by Bertram Capital in April 2013.
“Maxcess is a prime example of Windjammer’s focus on investing in niche, category leading businesses that can be improved with a strong collaboration with management and pursuant to a well-planned and properly executed improvement plan. We are very pleased with the results of our investment and our partnership with Merifin Capital,” said Greg Bondick, a Managing Director at Windjammer.
Maxcess is a provider of automation instrumentation products and systems utilized in continuous web-fed converting lines. Maxcess equipment is manufactured in the United States and Europe, and sold globally under the Fife, Tidland and MagPowr brands. The company is headquartered in Oklahoma City, OK (www.maxcessintl.com).
“After completing a significant number of improvement and growth initiatives, we have been able to enhance Maxcess’ value as a strategic platform. It is now a better managed, and a more global, agile and effective business, than it was when we acquired control in 2005 with our partners at Windjammer Capital,” said Cengiz Selman, a Director of Merifin.
Webex – along with its subsidiaries Fox Machining, Magnat-Fairview and PFE Rolls – designs and manufactures custom rolls, machinery and components for a diverse set of customers and manufacturing sectors including: flexible packaging, paper, consumer products, food and beverage, aerospace, pharmaceutical and health care, alternative energy, and general industrial. The company operates four manufacturing facilities located in Wisconsin and Massachusetts. Webex is headquartered in Neenah, WI (www.webexinc.com).
Windjammer makes control investments in middle market businesses with EBITDAs from $10 million to $40 million. Sectors of interest include advanced manufacturing, specialty distribution and business services. The firm has completed investments in 50 platform companies over the past 23 years. Windjammer is currently investing out of its Windjammer Senior Equity Fund IV with capital commitments in excess of $725 million. The firm was founded in 1990 and is based in Newport Beach, CA and Waltham, MA (www.windjammercapital.com).
Merifin invests in early and late stage venture capital, growth capital, management buy-out, and turn-around transactions. The firm was founded in 1988 and has offices in Brussels (headquarters), Geneva, New York, and London (www.merifin.com).
“I speak for the entire management team in my expression of thanks to our sponsors, Merifin and Windjammer,” said Greg Jehlik, the CEO at Maxcess International. “Their strategic guidance has helped Maxcess transform into a highly professionalized and lean organization. While we will miss the interactions with our friends at Windjammer and Merifin, we are delighted that they supported our view that the best future for Maxcess will come from its combination with Webex.”
Maxcess was represented in the transaction by Bill Roman and Jay Hernandez of Harris Williams & Co.
© 2014 PEPD • Private Equity’s Leading News Magazine • 1-15-14
