Bertram Capital has completed the sale of Premier Material Concepts (PMC) to SIMONA Group.
PMC is a manufacturer of plastic sheet and roll stock, primarily used for thermoforming applications in niche end markets such as recreational vehicles, marine, and agricultural equipment. The company’s products can be made in widths of up to 120 inches and gauges of up to .375 inches, in a variety of finishes and colors. PMC, led by CEO Duane Jebbett, is headquartered in Findlay, OH (www.buypmc.com).
PMC was founded in 2003 as a business unit of Rowmark which was acquired by Bertram in September 2013. During its ownership of Rowmark, Bertram established PMC as a standalone business, complete with its own management team and state-of-the-art facility. In June 2018, Bertram sold Rowmark to Windjammer Capital.
“In partnership with an exceptional management team led by Duane Jebbett, Bertram made sizable investments in PMC’s facilities, scaled its operations and R&D teams, and together brought the additional focus and resources necessary to nearly double sales and increase EBITDA by five times over the course of our investment,” said Jeff Drazan, Managing Partner of Bertram Capital. “The sale of PMC marks the fourth sell-side transaction completed this year by Bertram’s Industrial Team, led by Kevin Yamashita and Tim Heston.”
Bertram invests in middle-market business services, consumer, industrial and manufacturing companies that have revenues from $25 million to $250 million and EBITDA of $5 million to $30 million. The firm is headquartered south of San Francisco in San Mateo, CA (www.bertramcapital.com).
“We are very proud of what we have accomplished alongside PMC’s phenomenal management team,” said Kevin Yamashita, a Partner at Bertram Capital and investment lead for PMC. “Working together, we strengthened the company’s market position, developed truly differentiated R&D capabilities, and created a highly relevant strategic player within the industry.”
SIMONA, the buyer of PMC, is one of the largest makers of thermoplastic products in the world. The company’s product portfolio of more than 35,000 SKUs includes semi-finished parts (sheets, rods, profiles, welding rods), pipes and fittings as well as finished parts. SIMONA has annual revenues of approximately $460 million and 1,300 employees. The company was founded in 1857 and is headquartered near Frankfurt in Kirn, Germany (www.simona.de/en). SIMONA’s US subsidiary, SIMONA AMERICA, has two operations in Newcomerstown, OH and Archbald, PA (headquarters) and has annual revenues of approximately $110 million and 245 employees (www.simona-america.com).
William Blair (www.williamblair.com) was the financial advisor to Bertram and Fredericks Michael & Co. (www.fm-co.com) was the financial advisor to SIMONA Group.
© 2018 Private Equity Professional | August 1, 2018
