Polyconcept To Be Acquired By Charlesbank Capital Partners
Polyconcept, parent of suppliers Polyconcept North America and PF Concept, has entered into a definitive agreement to be acquired by an investment group led by Charlesbank Capital Partners, LLC, a middle-market private equity firm. Equity for the transaction will be provided by Charlesbank, Polyconcept management and certain other investors. Additional terms of the agreement, which was announced Monday in a PPB Newslink Breaking News alert, were not disclosed.
“Charlesbank is an ideal partner for Polyconcept, and I am looking forward to the opportunities that we will have to grow with them,” said David Nicholson, president of Polyconcept North America. “We anticipate the transition to be seamless for both our customers and our employees.”
The acquisition marks the end of a successful 11-year partnership with Investcorp. The 2005 acquisition, which consisted of PF Concept in Europe and Leed’s in the United States, marked the formation of Polyconcept.
“We have had a successful chapter with Investcorp and are thankful for its partnership over the years,” says Gene Colleran, CEO for Polyconcept. “We are excited to forge a new partnership with Charlesbank, which has a long history of joining forces with management teams to grow their businesses. With Charlesbank’s financial support, strategic guidance and significant network of contacts, we look forward to working together to create substantial value for the future.”
Josh Klevens, managing director at Charlesbank, says his firm was attracted to Polyconcept’s competitive position and its diversification across customers, suppliers, price points and geographies. “Polyconcept is a market leader in both the United States and Europe, with superior customer service and global capabilities,” he adds. “We are very pleased to have the opportunity to partner with the management team to expand the business globally, building on their track record of success and tapping into new opportunities for growth.”
No management changes are expected as a result of the Charlesbank acquisition, and Polyconcept says that from the perspective of its customers around the world, it will remain business as usual. The transaction is anticipated to close in the third quarter of this year pending regulatory requirements and other customary closing conditions.