GREENWICH, CT July 25, 2008 — Littlejohn & Co., LLC, a private investment firm that applies an operational approach to building middle-market companies, today announced that it has completed the sale of its portfolio company, Stolle Machinery Company, LLC, the world’s leading provider of equipment, aftermarket parts and services used in the production of beverage and food cans, to investment funds managed by GSO Capital Partners LP and its affiliates for an undisclosed amount.
Based in Centennial, CO, Stolle manufactures a wide array of highly engineered equipment used by global can-makers to manufacture and decorate aluminum or steel can bodies and easy-open ends used primarily to package carbonated soft drinks, beer and various foods. Littlejohn acquired Stolle in September 2006, and since that time, the Company has successfully executed on its procurement rationalization initiatives, expanded its aftermarket parts and services business by closely partnering with its customers and continued to build upon its track record of impressive organic growth through expansion in various emerging markets, such as Asia and Eastern Europe.
“We are extremely pleased with the rapid transformation of Stolle. This transaction represents the culmination of a well-planned strategy and successful implementation of a set of initiatives by a very talented Stolle management team and Littlejohn,” said Michael I. Klein, President of Littlejohn & Co. “Through a focused set of corporate-wide strategic initiatives, we were able to both grow Stolle’s top line and enhance its profitability in a relatively short period of time, and as such, the Company is now stronger and better positioned for continued expansion under the direction of GSO,” added Brian E. Ramsay, Managing Director of Littlejohn & Co. David W. Groetsch, President and Chief Executive Officer of Stolle, said, “It was a great pleasure to work with the Littlejohn team who gained a deep understanding of our business and operations, and were deeply engaged in helping us plan and execute on our targeted operational initiatives. We thank them for their support. The Stolle management team, all of which is remaining with the business, is excited as we enter into our new partnership with GSO and looks to continue to grow the business globally.”
Littlejohn & Co. was represented by Harris Williams & Co.’s Chris Williams, Ned Valentine, Mike Hogan, and John Arendale. Gibson Dunn & Crutcher’s Sean Griffiths provided legal counsel to Littlejohn & Co.
About Littlejohn & Co., LLC
Founded in 1996, Littlejohn & Co. is a Greenwich, Connecticut-based control-oriented private equity firm seeking investment opportunities in the middle-market sector that are undergoing a fundamental change in capital structure, strategy, operations or growth that can benefit from its operational and strategic approach. The firm’s professionals manage three funds with committed capital of approximately $1.6 billion. The firm is currently investing from Littlejohn Fund III, L.P. which has $850 million in capital commitments.
