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Eureka Growth Capital and Management Acquire Everite Machine Products Co.
Philadelphia, PA,
October 24, 2007 -
Eureka Growth Capital (“Eureka”) today announced its partnership with senior management in the buyout of Everite Machine Products Co. (“Everite”), a world leader in electrochemical grinding (“ECG”) technology with core competencies in high precision engineering, manufacturing and supply chain optimization.
Everite was founded in 1951 as a prime contractor to the U.S. military during the Korean War, developing ECG technology as an alternative process to the use of industrial diamonds for grinding carbide cutting tools. Based in Philadelphia, PA, with a facility in Limerick, Ireland, Everite leverages its expertise in close-tolerance, high precision component design, engineering and manufacturing to provide both capital equipment and outsourced engineering and contract manufacturing services to customers in industries that include aerospace, medical devices, power tools, automotive and military hardware. Everite provides a unique combination of engineering expertise, manufacturing capabilities and product sourcing knowledge to cost-effectively design and implement innovative manufacturing solutions to challenging problems for customers in the U.S. and abroad.
“We are delighted to partner with a leader in precision engineering and machining services,” stated Jonathan Zimbalist, a Partner with Eureka who will join the Board of Directors of Everite. “Everite brings value to a growing base of customers that are increasingly looking for outside partners to assist in manufacturing and sourcing their products in an effort to manage infrastructure costs without sacrificing product development efforts.”
“I am energized by the growth opportunities that will be facilitated by our partnership with Eureka,” said Daniel Stern, CEO of Everite. “Based on strategic discussions with the Eureka team during the transaction process, I am confident that I have a partner that will allow us to more effectively expand our strong domestic engineering and manufacturing base in conjunction with leveraging our Asian supplier relationships.”
Citibank, N.A. provided the senior debt and Roynat Merchant Capital, Inc. provided subordinated debt to finance the transaction.
About Eureka Growth Capital
Eureka Growth Capital is a private equity firm providing capital and trusted counsel in partnership with proven managers to drive the growth of promising companies into outstanding enterprises. Eureka is committed to supporting exceptional management teams of businesses with $10 million to $75 million in revenue. Eureka leads buyouts that bring significant ownership to the managers driving the success of the business as well as minority recapitalizations with flexible investment structures designed to uniquely meet the needs of the company, its management team and other shareholders. More information about Eureka Growth Capital can be found at www.eurekagrowth.com.
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3420 BELL ATLANTIC TOWER, 1717 ARCH STREET,
PHILADELPHIA, PA 19103
PHONE (267) 238-4200 FAX (267) 238-4201
WWW.EUREKAGROWTH.COM
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