Investment by Littlejohn Supports
Growth Platform for Global Hot Runner Systems Provider With Newly
Restructured Balance Sheet
GREENWICH, CT, May 6, 2011 - Littlejohn & Co., LLC, a private investment firm based in Greenwich, CT, announced today that it has led a successful restructuring of Synventive Molding Solutions, a leading designer and manufacturer of hot runner systems and related components for the global injection molding industry.
"This is an exciting day for Synventive. Our successful financial restructuring demonstrates the confidence our new partners at Littlejohn have in the long-term potential of our company," said Robert Davies, Synventive's Chairman and Chief Executive Officer. " As a result of their support, we are now better positioned to capitalize on our leading position as a provider of hot runner solutions to the global automotive industry as we broaden the company's exposure to our emerging consumer, electronic, medical and industrial segments."
Robert E. Davis, a Managing Director of Distressed Investments at Littlejohn, said, "We are excited to have Synventive represent our fourth debt-for-control investment over the past year. Starting almost two years ago, we started accumulating our position so that we would be prepared to lead the restructuring of Synventive. With the conclusion of the restructuring, we believe that the company is now properly capitalized to aggressively pursue its strategic objectives." Mr. Davis, along with Brian E. Ramsay and Antonio Miranda of Littlejohn, will join the Board of Directors of the company. After the restructuring, Synventive will be majority owned by Littlejohn.
Mr. Ramsay added, "Consistent with Littlejohn's strategy of investing in market-leading businesses with strong management teams, we look forward to supporting Synventive, as the company looks to actively broaden its industry and geographical exposure, drive product growth and identify add-on acquisitions to further strengthen the business."