West Palm Beach, FL., December 2013 – Comvest Partners, through its debt fund, Comvest Capital II LP (“Comvest”), provided an $11.6 million first lien term loan to American Light Metals, LLC (the “Company”). Proceeds of the financing were used to acquire the assets of Empire Die Casting, Inc., a precision die caster of aluminum and zinc components, and fund working capital.
“This is the second opportunity in which I have partnered with Comvest and I greatly value the flexibility and experience they bring to the table,” said Yogen Rahangdale, owner and Chief Executive Officer of the Company.
Mark Hughes, Managing Director at Comvest Partners, said, “We are fortunate to partner once again with Yogen and look forward to another successful investment similar to our experience with Whitehall Industries.”
About Empire Die Casting:
Empire Die Casting, headquartered in Macedonia, Ohio, is a precision die caster of a broad range of aluminum and zinc components including engine covers, pump housings and motor counter-weights for a variety of industries including the HVAC and automotive segments. In addition to die casting, Empire performs value-added secondary operations including CNC machining, vibratory and shot-blast de-burring, sanding, polishing and chromating.
About American Light Metals:
American Light Metals, headquartered in Ludington, Michigan, was established by private equity firm SRS International Holdings (“SRS”) specifically to acquire the assets of Empire Die Casting, Inc.. The SRS management team has significant experience in operations and manufacturing, most notably acquired during executive tenure with a global Tier I automotive supplier. SRS portfolio company Whitehall Industries, also based in Ludington, manufactures precision fabricated aluminum extrusions.
About Comvest Partners:
Comvest Partners, with $1.2 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.8 billion of capital in over 125 public and private companies. Please visit www.comvest.com.