ADC SECURES CAPITAL FOR GROWTH AND ACQUISITIONS
American Dryer Corporation (ADC) recently secured capital funding up to $300 million to allow the company to strategically acquire complementary businesses, further solidifying its place as market leader in the laundry industry.
The recapitalization of ADC by Stonebridge Partners, a private equity firm based in White Plains, New York, was completed on July 23, 2008. Stonebridge, along with an affiliate of John Hancock Life Insurance Co., Parkway Capital Investors and ADC management partnered to provide equity funding for the transaction continuing a strong relationship the institutional firms have built by investing together over many years. Combined, Stonebridge, John Hancock and Parkway have more than $2 billion of committed capital available for their investing activities. Senior financing was provided by Citizens Bank of Providence, Rhode Island.
“This is a very exciting time for ADC,” said Mr. Slutsky. “Partnering with Stonebridge will allow us to make strategic acquisitions in the laundry industry. And we are preparing to unveil two major new products in January 2009.”
ADC is a leading manufacturer of innovative and energy-efficient drying solutions for the commercial laundry market in 90 countries worldwide. The company manufactures a broad array of dryer models each expressly designed to perform in a variety of challenging environments with speed, precision, efficiency, and reliability. It currently employs over 350 corporate, engineering, and manufacturing professionals at its facilities in Fall River, Massachusetts. For additional information, visit www.amdry.com.
Michael Bruno, Managing Partner of Stonebridge, says that his firm was initially attracted to ADC because of its impressive track record of innovation, and its strong management. “We have gained a tremendous amount of respect for Dennis and his very capable management team,” Bruno says, “and Stonebridge is thrilled to be partnered with ADC.” Bruno noted that Stonebridge Partners is one of the oldest investment firms focused on middle-market manufacturing companies, and its philosophy is to find and support companies with outstanding leadership and inherent growth potential. “Our goal is to help ADC grow in the direction it’s currently headed, at an accelerated pace.” More information on Stonebridge Partners can be found at www.stonebridgepartners.com.
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CONTACT:
Catherine Vouvray
Marketing Communications Manager
American Dryer Corporation
88 Currant Road, Fall River, MA 02720
(508) 678-9000 x 349
(508) 678-9447 Fax
(512) 782-9792 Direct
skype: catherine.vouvray
www.amdry.com
