North Kingsville, OH – August 3, 2012 – The Composites Group, a portfolio company of Highlander Partners, L.P., announced today that it expanded its existing senior credit facility. The proceeds will be used to retire all of the Company’s existing mezzanine debt and to support the Company’s organic and acquisition-based growth initiatives. Alex Guiva, a Partner at Highlander and Director of The Composites Group, said, “The Company is performing exceptionally well, and we are very excited about its growth potential. Expanding the Company’s senior credit facility puts it in a strong financial position to pursue strategic acquisitions and provides the Company with additional means to execute on transformational organic growth opportunities.”
“The strong growth of The Composites Group since the combination of Hadlock Plastics and Premix in 2010 gave us the ability to retire our mezzanine debt. We continue to focus on growing our overall business, but specifically the compound segment of the business (Quantum Composites & Premix) and capitalizing on opportunities in the automotive, industrial, and oil and natural gas end markets, where certain of our compounds have been well-received. We are continuing to build on the Company’s culture of innovation and dedicating significant R&D resources to develop new cutting-edge compounds that will help The Composites Group further differentiate itself from the competition. In addition, we continue to regularly evaluate acquisition targets, both in the materials and molding segments,” said Terry Morgan, The Composites Group’s CEO.
About The Composites Group
The Composites Group, through its subsidiaries Premix, Hadlock Plastics and Quantum Composites, develops and supplies composite materials, and engineers and manufactures reinforced plastic components for OEM customers. Premix is a formulator and manufacturer of thermoset compounds and custom-molded components. Hadlock Plastics offers multiple molding technologies as well as precision machining, complete finishing and complex assembly. Quantum Composites specializes in the development, formulation and manufacturing of high-performance engineered structural composites. The Composites Group serves a diverse mix of end markets, including the medical and industrial equipment, construction, marine, security, transportation, electrical, HVAC, aerospace, oil and gas, and theft prevention industries. For more information about The Composites Group, please visit www.thecompositesgroup.com.
About Highlander Partners
Highlander Partners, L.P. is a Dallas-based private investment firm with partners that have committed over $400 million of principal funds for direct private equity investments in North America. The firm focuses on making investments in middle market businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including healthcare, basic manufacturing, food, building materials and others. Highlander Partners uses a “buy and build” investment approach, creating value by helping companies grow organically and through acquisitions. For more information about Highlander Partners, please visit www.highlander-partners.com.