PaR Systems is a leading provider of specialized material handling and automation equipment. PaR serves a diverse group of Fortune 500 customers in the aerospace, defense, food and beverage, hazardous material management, industrial manufacturing, and life sciences industries. With 270 employees, PaR offers complete engineering and manufacturing capabilities. Over the last 25 years the Company has supplied all of the aircraft elevators and over half of the weapons elevators on U.S. Navy ships, built the two largest operating robots in the world, a neutron and x-ray system to inspect jet fighters, and one of the world's tallest automated cranes for NASA to inspect the space shuttle's solid rocket motors.
This is the eleventh investment made from MML's fourth fund and continues to demonstrate the firm's strategy of partnering with a strong management team and providing all levels of junior capital. It follows MML's similar recent investments in EIC, a UK-based provider of mechanical and electrical test and maintenance solutions, and TNT Crane & Rigging, a full service crane and rigging operator based in Houston, Texas.
Commenting on the acquisition, Mark Wrightsman, President & CEO of PaR, said:
"The PaR team is really looking forward to partnering with MML Capital Partners to support the company's growth. MML's strong track record with other management teams became evident to us during this process. After the in-depth review of PaR's past results and growth forecast, MML expressed their confidence in our employees, our management, and PaR's fit with MML's high expectations for results that benefit customers and shareholders."
Robert Davies, Managing Director of MML added:
"We are very pleased to add PaR to our Fund IV portfolio. PaR represents a strong platform serving very attractive end markets and we look forward to supporting the management team in executing the Companys business plan."
MML was advised by Porter & Hedges, LLP and Kaye Scholer LLP (legal), BKD, LLP (financial) and CSP Associates, Inc. (commercial).