Sequa sells MEGTEC Systems to Hamilton Robinson Capital Partners
DE PERE, WI--September 24, 2008--Hamilton Robinson Capital Partners, a private equity firm based in Connecticut, announced today that together with MEGTEC Systems management, it has acquired MEGTEC from parent company Sequa Corporation. The transaction involves all MEGTEC businesses, including the Printing Products (PPG) and Industrial and Environmental Products (IEPG) Groups and related Services Groups. MEGTEC will become a stand-alone company with no major change in management structure or day-to-day business operations.
MEGTEC is a global supplier to the printing, web coating, packaging, wood products and other process and energy markets. The company is headquartered in De Pere, Wisconsin, and has 14 facilities around the globe with more than 800 employees. Under the current management team, it has demonstrated a solid track record of profitable growth with double-digit annual sales growth in the past five years. In 2007 the company generated revenues in excess of $250 million.
Scott Oakford, Managing Partner at Hamilton Robinson stated, "We are very pleased to join with MEGTEC management to complete this transaction. We have been very impressed with the performance and track record of MEGTEC under Mohit Uberoi and his management team, and look forward to working with them to further develop the business."
Armand Lauzon, COO of Sequa commented, "MEGTEC's employees and management should be very proud of their past accomplishments in developing MEGTEC as a global products and services provider. Through productivity improvements, smart business development and a focus on customer service, they have created a tremendous platform for future growth and development."
Mohit Uberoi, President of MEGTEC said, "We appreciate the support from Sequa management in developing MEGTEC and are extremely excited about our partnership with Hamilton Robinson. Given their industry expertise with capital equipment and related services companies, Hamilton Robinson's support of the management team will ensure MEGTEC's ability to continue providing best-in-class products and services to our customers. We believe the future is bright for our company and employees."