NEW YORK, May 11, 2021 /PRNewswire/ -- Alleghany
Capital Corporation ("Alleghany Capital"), a wholly-owned
subsidiary of Alleghany Corporation, today announced that it has
formed a new wholly-owned subsidiary, Piedmont Manufacturing Group,
LLC ("Piedmont Manufacturing"), to acquire Wilbert, Inc. (dba
Wilbert Plastic Services and referred to herein as "WPS" or the
"Company"), a provider of injection molded and thermoformed parts
and multi-component assemblies for original equipment manufacturer
("OEM") customers in a range of end-markets. Operating out of
three facilities in the Southeast and one in the Midwest United
States, WPS provides OEM customers in the industrial, commercial,
transportation, recreational, medical, and other industries with a
full range of product design and engineering, injection molding,
thermoforming, painting, assembly, logistics, and inventory
management capabilities.
David Van Geyzel, President and
Chief Executive Officer of Alleghany Capital, commented, "We are
pleased to announce the formation of Piedmont Manufacturing as our
eighth platform company and are excited about its acquisition of
WPS. We look forward to supporting Greg
Botner, President and Chief Executive Officer of WPS, and
his dedicated team of over 600 employees as they continue to
provide their customers with essential components and services for
products that consumers use every day. Consistent with our
quasi-autonomous operating model, Greg and his senior management
team will continue to lead the Company post-closing and the
transaction will not impact WPS's day-to-day operations."
Udi Toledano, Chairman of
Alleghany Capital, added, "Although WPS has a shared history with
and remains a supplier to Wilbert Funeral Services, Inc. ("WFSI"),
an Alleghany Capital portfolio company, the two businesses are
distinct, with very different capabilities and customers. As a
result, there are no plans to combine WPS and WFSI, which is
reflected in the formation of Piedmont Manufacturing as our fifth
platform company in Alleghany Capital's Industrial segment."
Greg Botner, President and Chief
Executive Officer of WPS, stated, "We are delighted to partner with
Alleghany Capital to build Piedmont Manufacturing into the leading
industry platform for value-added products, services, and
technology. We are committed to delivering outstanding results to
our customers, and this partnership will enhance our ability to
further expand our customer base and provide our dedicated
employees with even greater opportunities for growth and
advancement."
Rob Hulick, Principal at
Alleghany Capital, remarked, "We are pleased to welcome WPS into
the Alleghany Capital family and are eager to provide the Company
and its employees with the benefits of our unique model. Leveraging
Alleghany Capital's long-term investment horizon, quasi-autonomous
operating model, and access to Alleghany Corporation's resources,
we believe WPS should be well positioned to expand on its current
market position. As with our other portfolio companies, Alleghany
Capital expects to provide the Company with the resources and
follow-on capital to invest in organic initiatives and add-on
acquisitions."
Seyfarth Shaw, LLP acted as legal counsel to Alleghany Capital.
CC Capital Advisors acted as financial advisor and McGuireWoods,
LLP acted as legal counsel to WPS.
About Piedmont Manufacturing Group, LLC
Piedmont Manufacturing Group, LLC is a wholly-owned subsidiary
of Alleghany Capital Corporation that owns and manages businesses
providing injection molded and thermoformed parts and
multi-component assemblies for OEM customers. Through its
subsidiary, Wilbert, Inc., it provides parts and multi-component
assemblies for leading OEMs operating in a wide variety of markets.
The company serves its high-volume customer base utilizing
cutting-edge manufacturing processes, including precision injection
molding, heavy gauge thermoforming, painting, and CNC and robotic
trimming. The company's engineers closely collaborate with
customers and their operating teams and the company leverages
decades of contract manufacturing and technical expertise to bring
customers the most efficient and cost-effective product solutions
in the market. For more information about the company, please visit
www.wilbertplastics.com.
About Alleghany Capital Corporation
Alleghany Capital Corporation owns and manages a diverse
portfolio of non-financial businesses for its parent company,
Alleghany Corporation (NYSE:Y). Alleghany Capital's industrial
businesses include: (i) Precision Cutting Technologies, Inc., a
holding company focused on the machine tool and consumable cutting
tools sectors through Bourn & Koch, Inc., Diamond Technology
Innovations, Inc., CID Performance Tooling, and Supermill LLC; (ii)
R.C. Tway Company, LLC (dba Kentucky Trailer), a manufacturer of
custom trailers and truck bodies for several niche end markets;
(iii) WWSC Holdings, LLC, a structural steel fabricator and erector
for commercial, industrial, and transportation infrastructure
projects; (iv) Wilbert Funeral Services, Inc., a provider of
products and services for the funeral and cemetery industries and
precast concrete markets; and (v) Piedmont Manufacturing Group,
LLC, a holding company focused on providing injection molded and
thermoformed parts and multi-component assemblies for OEM customers
in the industrial, commercial, transportation, recreational,
medical, and other end-markets. Alleghany Capital's non-industrial
businesses include: (i) Concord Hospitality Enterprises Company, a
hotel management and development company; (ii) IPS-Integrated
Project Services, LLC, a provider of design, engineering,
procurement, construction management, and validation services for
the pharmaceutical and biotechnology industries; and (iii)
Jazwares, LLC, a global toy and musical instrument company. For
additional information about Alleghany Capital Corporation, please
visit www.alleghanycc.com.
Forward-Looking Statements
This release contains disclosures which are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current
facts, and can be identified by the use of words such as "may,"
"will," "expect," "project," "estimate," "anticipate," "plan,"
"believe," "potential," "should," "continue" or the negative
versions of those words or other comparable words. These
forward-looking statements are based upon Alleghany's current plans
or expectations and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and Alleghany's future financial condition and results.
These statements are not guarantees of future performance, and
Alleghany has no specific intention to update these statements. As
a consequence, current plans, anticipated actions and future
financial condition and results may differ from those expressed in
any forward-looking statements made by Alleghany or on Alleghany's
behalf.
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SOURCE Alleghany Capital Corporation; Alleghany Corporation