Management and Investors Acquire Seitz Corporation Business
TORRINGTON, Conn. and TARRYTOWN, N.Y., Nov. 17, 2011 /PRNewswire/ — The management of Seitz Corporation together with the principals of Andlinger & Company, Inc. announced their acquisition of the business of Seitz Corporation. The business, whose legal name will be Seitz LLC, has operated continuously in Torrington, Connecticut for sixty-two years and also has operations in Changzhou, Jiangsu, China. It is a privately-held company and details of the transaction were not disclosed.
Seitz is a leader in small-scale motion control and gear train systems. The company designs, engineers, manufactures and assembles complex plastic and metal components for Fortune 1000 customers engaged primarily in business equipment, medical products and food & beverage products. The company also provides strong engineering capability in developing innovative solutions to customers’ product design issues.
Seitz LLC President and CEO, Michael Sullivan, said, “The management of Seitz LLC is pleased to team with the principals of Andlinger & Company, Inc. for this buyout. We are excited that we now have the resources necessary to serve our customers better and, as a result of our significantly improved post-acquisition working capital position, to capitalize on those opportunities we previously had not been able to pursue.”
Charles Ball, Managing Director, Andlinger & Company, Inc., said, “In Seitz, we see a great company with sound accomplishments and strong potential. Together with Seitz’s management, we hope to improve upon a legacy of engineering and manufacturing excellent products that began in 1949 and to exceed customers’ expectations for innovation, quality, and service.”
The acquisition was supported by a senior loan facility from Berkshire Bank and mezzanine capital from Stonehenge Growth Capital, LLC, and CMS Mezzanine Fund.
Andlinger & Company, Inc. is a private investment and management firm founded in 1976 by Gerhard R. Andlinger. Andlinger & Company, CT-Inc. has offices in New York and Florida, and in Brussels, Belgium and Vienna, Austria. Andlinger & Company, Inc. focuses on management buyouts, growth equity capital, corporate divestitures, and acquisitions of private businesses. For information on Andlinger & Company, Inc. please visit www.andlinger.com.
SOURCE Seitz LLC