I look forward to working closely with the Company to realize its growth plans,” said Bob Nardelli, who has joined the Board of East West as part of the recapitalization.
Atlanta, GA (PRWEB) May 31, 2016
East West Manufacturing, LLC (“East West” or the “Company”), a leading global design, engineering, manufacturing and supply chain management company, is pleased to announce that it has successfully completed a growth recapitalization led by a private investment group with offices in New York and Atlanta, in partnership with Heritage Growth Partners LLC (“Heritage”). The purpose of the recapitalization is to support the Company’s growing operations and future acquisition initiatives. SunTrust Bank provided a new senior secured debt facility in connection with the transaction. Remaining terms of the transaction were not disclosed.
“We are very excited to enter this next phase of our growth,” said Scott Ellyson, Co-Founder and Chief Executive Officer of East West. “Our new partners were instrumental in making this transaction a seamless process for all parties involved. In addition to capital, our partners bring extensive strategic support and market knowledge which will help East West reach its true potential. We look forward to accelerating East West’s growth and expanding the business through selective acquisitions that bolster our capabilities and broaden our reach.”
“I look forward to working closely with the Company to realize its growth plans,” said Bob Nardelli, who has joined the Board of East West as part of the recapitalization. “This investment provides the business with the flexibility to make acquisitions, expand product offerings and continue providing superior service to clients. East West’s engineering and design expertise, quality control, supply chain management and international sourcing network are differentiated capabilities that make the business a true leader in its field, and a great platform for growth.”
Heritage Co-Founder and Managing Partner, Alex Mammen, who has also joined the Board of East West, added, “Throughout my 20+ years of transaction experience, I have never met a more capable and growth oriented team as we have seen at East West. Heritage is excited to partner with East West management as we collectively focus our efforts on pursuing strategic customer expansion and acquisition opportunities that generate value for all stakeholders.”
Dentons US LLP served as legal advisor to the Company and Duane Morris LLP and Smith, Gambrell & Russell, LLP represented the new investors. Ernst & Young LLP provided financial, tax and IT diligence services and King & Spalding served as legal advisor to SunTrust Bank.
About East West Manufacturing, LLC
East West, headquartered in Atlanta, Georgia, provides superior manufactured components and engineered subassemblies to its broad OEM customer base in the Air and Water Movement, Electronic Manufacturing Services, Industrial Automation and Medical, Health and Beauty markets. East West’s clients value its expertise in design, engineering, manufacturing, on-site quality control, supply chain management and international sourcing, which enable the Company to provide highly engineered components and sub-assemblies at a competitive cost advantage. For more information, please visit http://www.ewmfg.com.
About Heritage Growth Partners LLC
Heritage Growth Partners LLC is an Atlanta-based private, multi-family investment office focused on creating long-term value for its family investors and its company management team partners. Heritage takes an active approach to investing, with the goal of accelerating growth and performance through financial, strategic and operational assistance and increasing access to key customers and decision makers. More information can be found on Heritage’s website at http://www.heritage-growth.com.