Pro Mach, Inc.(www.ProMachInc.com)announced in mid-June a definitive agreement under which The Resolute Fund II, L.P., an affiliate of The Jordan Company, will acquire the company from Odyssey Investment Partners, LLC. Financial terms of the transaction were not disclosed.
Pro Mach is a leading provider of packaging machinery solutions and related aftermarket products and services to multinational clients in the food, beverage, household goods and pharmaceutical industries.
"We are excited to be partnering with The Jordan Company," says Mark Anderson, CEO of Pro Mach. "The Jordan Company team has an impressive track record, understands our business and shares our vision for the future of the Company. We look forward to working closely with them to pursue our strategic objectives and continue our strong customer focus."
"Pro Mach has a proven track record of solving its customers' complex marketing and operational challenges, and that success is reflected in its stable, global customer base," says Brian Higgins, principal, The Jordan Company. "The management team has transformed Pro Mach from a portfolio of individual brands to an integrated operating company with a unified market strategy. We look forward to partnering with Mark Anderson and the Pro Mach leadership team to continue building the premium brand in the North American packaging machinery industry."
Craig Staub, a Managing Principal of Odyssey Investment Partners, says, "We are proud of what Pro Mach has accomplished in recent years and the success of our investment. The Company's excellent management team has consistently delivered superior products and services to its customers. We wish the Pro Mach team continued success under The Jordan Company's ownership."
Completion of the transaction is expected in July 2011. Pro Mach companies include Allpax, Axon, Brenton Engineering, Fowler, ID Technology, Labeling Systems Inc. (LSI), Ossid, Roberts PolyPro, Orion Packaging, Rennco, Shuttleworth, and Wexxar.
Pro Mach is headquartered near Cincinnati, OH with manufacturing facilities and offices throughout the United States and Canada.