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By Frank Antosiewicz
CORRESPONDENT
Published: July 29, 2013 4:16 pm ET
Thermoformers Penda Corp. and Fabri-Form Co. have formed a definitive agreement to merge, according to Resilience Capital Partners, the majority owner of Penda.
Penda, located in Portage, Wis., and Fabri-Form, in New Concord, Ohio, are ranked 17th and 28th respectively in the most recent Plastics News ranking of North American thermoformers. Combined, their estimated sales of $185 million would place them in the top 10.
The new entity will be called Penda Fabri-Form Corp. and will be headquartered in New Concord, Ohio.
"By teaming up with the largest heavy-gauge thermoformer in the United States, Fabri-Form is able to leverage Penda's global network and thermoforming resources to enhance our presence and impact to a larger audience both in the United States as well as worldwide," said Rob Zachrich, formerly president of Fabri-Form. He will become chief operating officer in the new company.
Fabri-Form is a thermoformer of material handling, packaging and engineered components for the automotive, grocery and heavy truck industry. It has facilities in Byesville, Ohio; Pekin and Bluffton, Ind.; and Ramos Arizpe, Mexico, according to its website. Fabri-Form was founded in 1943 by Jack Knight.
Penda is a Tier 1 automotive supplier and claims to be the largest industrial heavy-gauge thermoformer in the United States. Its website lists facilities in Portage and Lerma, Mexico.
Jack Slinger remains as president and CEO of the new company and said in a statement: "Fabri-Form will expand our manufacturing and engineering capabilities and allow us to accelerate the development of new and appealing products for our current and future customers."
Resilience Capital Partners, located in Cleveland, added Penda to its portfolio in 2007. It merged Penda with competitor Durakon Industries Inc. at the end of 2008.
P&M Corporate Finance served as the financial advisor to Fabri-Form. | |
