Recapitalization provides Precision with the flexibility to build on its market leading position
MML Capital Partners ("MML") announced today that it has completed the second step of a two part refinancing for Precision Valve Corp. ("Precision"). This follows MML's initial investment in Precision in August 2010.
Precision is the global market leader in aerosol valves and dispensing systems for consumer and industrial applications. Founded in 1949, Precision has over 700 customers that include companies such as Proctor and Gamble, Unilever, L'Oreal, SC Johnson, Avon and Johnson & Johnson. The Company is headquartered in Yonkers, New York with global operations in 16 countries.
This investment reflects MML's consistent strategy of partnering with owner-managers of industry leading businesses. The transaction gives Precision the balance sheet it needs to capitalize on its recently completed consolidation of its worldwide manufacturing facilities. Burdale Capital Finance provided the senior credit facility, with additional funding provided by Sound Harbor Partners.
Commenting on the transaction, John Abplanalp, majority shareholder and CEO of Precision, said: "We're very excited to have MML as our financial partner and grateful for their continued support. This financing allows us to focus on what we do best - producing the most innovative and highest quality products in the industry."
Shawn St. Jean, a Managing Partner of MML and newly appointed member to Precision's Board of Directors added: "We're delighted to have completed this second step in the refinancing for Precision. We know that with our financial backing, John and his team are well positioned to continue to expand their product line and geographic reach."
About Precision Valve Corporation. Founded in 1949, Precision Valve is the worlds largest supplier of aerosol valves and a global leader in dispensing systems. Headquartered in Yonkers, New York, the Company employs approximately 1,950 people worldwide. Today, the Company has operations in 16 countries on six continents and is truly the only global manufacturer of aerosol valves with an estimated global market share of approximately 35% based on units produced.