Business Services Industry
Trivest Partners Completes Sale of Jet Industries, Inc. To MCG Capital
Business Wire, Sept 25, 2006
MIAMI -- Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
TRIVEST PARTNERS COMPLETES SALE OF JET INDUSTRIES, INC. TO MCG CAPITAL AND BOYNE CAPITAL ADVISORS
Trivest Partners, L.P. ("Trivest") today announced the sale of Jet Industries, Inc. ("Jet Plastica" or the "Company") to MCG Capital (NASDAQ:MCGC) and Boyne Capital Advisors. The sale price, together with a prior dividend recapitalization, generated a return of more than three times Trivest's original equity investment.
Jet Plastica of Hatfield, Pennsylvania, is the largest independent manufacturer of injection molded disposable plastic cutlery, tumblers, dinnerware and extruded drinking straws. The Company pioneered the manufacture of plastic cutlery 50 years ago and today is a major provider of disposable tableware to the institutional food service, fast-food and paper distribution markets. Trivest acquired Jet Plastica with capital from Trivest Fund II, a private investment fund. During its ownership period, Trivest bolstered the management team, rationalized the manufacturing process and supported the Company's strategy to launch new products and enter new markets.
Troy Templeton, Trivest's Chief Operating Officer and Jet Plastica's Chairman of the Board said, "Jet Plastica was an outstanding investment for Trivest and its co-investors. Over the past few years, the Company has continued to seek operational improvements which drove sales and cash flow. We have a great deal of respect for Jet Plastica's new owners, MCG Capital and Boyne Capital Advisors, and believe they will benefit from the Company's continued growth and superior management team."
Rex Varn, Jet Plastica's Chief Executive Officer stated, "Trivest has a long history of investing in `best in class' niche manufacturers. With respect to our Company, Trivest provided the guidance and support necessary to accelerate our growth and take advantage of product sourcing and new business opportunities."
Trivest Partners, L.P., a private investment firm, is a leading provider of equity for middle market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 125 acquisitions and recapitalizations, totaling nearly $3.0 billion in value. For more information, please visit www.jetplastica.com and www.trivest.com.
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