BUFORD,
Ga., May 3, 2023 /PRNewswire/ -- CAB Worldwide
LLC ("CAB" or the "Company"), a global engineering, manufacturing
and supply chain management business that provides precision
machined steel, iron and aluminum cast, forged and fabricated
components and assemblies to original equipment manufacturers and
distributors, is pleased to announce that it has successfully
completed a growth recapitalization led by Heritage Growth Partners
LLC ("Heritage Growth"), a private family investment office. The
purpose of the recapitalization is to support CAB's growing
operations, enable expansion of capabilities and fund future
acquisitions. PNC Bank, N.A. provided a senior secured debt
facility in connection with the transaction. Remaining terms of the
transaction were not disclosed.
We are excited to enter this next phase of
growth and work in partnership with Heritage Growth.
"We are excited to enter this next phase of growth and work in
partnership with Heritage Growth." said Terri Jondahl, Chief Executive Officer of CAB.
"In addition to patient capital, Heritage Growth brings strategic
relationships and an operational mindset, which will help CAB
realize its true potential. We look forward to accelerating our
growth organically as well as expanding the business through
selective acquisitions that bolster our capabilities and broaden
our reach."
Heritage Growth Managing Partner, Alex
Mammen, who has joined the Board of CAB, added, "We look
forward to working with Terri and the entire CAB team to help them
reach their growth objectives and better serve their customers.
From the onset, we have been impressed by the culture, values and
leadership of the CAB team and their unwavering dedication to
serving their customers. We are particularly excited to help this
team take advantage of opportunities for organic growth including
enhanced product offerings and the creation of expanded
international design and engineering service capabilities."
"We were drawn to CAB by their highly capable and experienced
management team, engineering expertise, and their impressive and
flexible domestic and global supply chain," said Evan Toporek, Partner at Heritage Growth, who
also joined the Board of CAB as part of the recapitalization. "We
look forward to helping CAB continue to differentiate itself as an
industry leader."
Kilpatrick Townsend &
Stockton LLP served as legal advisor to CAB, Troutman Pepper
Hamilton Sanders LLP served as legal advisor to Heritage
Growth and Moore & Van Allen PPLC served as legal advisor to
PNC Bank. Carr Riggs & Ingram,
Tanner Ballew & Maloof (a BKS
Partner), livingHR, GZA and Nestell & Associates provided
Quality of Earnings, Insurance, HR, Environmental and IT diligence
support services, respectively, in connection with the
recapitalization.
About CAB Worldwide LLC
Founded in 1982, CAB Worldwide LLC combines expertise,
innovation and a rigorous commitment to quality to service a
variety of industrial sectors including hydraulics, infrastructure,
automotive, construction and rail. CAB is headquartered in
Buford, GA with manufacturing and
distribution facilities in Texas
and Washington and sourcing,
quality assurance and engineering offices in India and China.
For more information, please visit: www.cabww.com.
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial
Services Group, Inc. (NYSE: PNC). PNC is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management.
For information about PNC, please visit www.pnc.com.
About Heritage Growth Partners LLC
Founded in 2014, Heritage Growth Partners LLC is an Atlanta, GA-based private, family investment
office focused on making non-control growth equity investments and
working in partnership with management to accelerate growth and
create long-term value. Heritage Growth takes a collaborative
approach to investing, with the goal of building true partnerships
with management that are enhanced by its patient and flexible
family capital and its ongoing strategic, financial and operational
support. Heritage Growth is guided by its core values of Mutual
Respect, Integrity, Trust, Excellence and Servant Leadership.
For more information, please visit: www.heritagegrowth.com.
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SOURCE CAB Worldwide LLC