(CAMBRIDGE, ON, March 9, 2010) NorthSpring Capital Partners (“NCP”) today announced the closing of its first portfolio investment in PresGlas, a division of Camali Industries (NA) Inc. NCP provided $550,000 of mezzanine financing, which will help enable PresGlas to meet the increased demand and potential from existing and new customers. Brian Hunter, President of NCP commented: “There is significant potential for the company due to OEM’s rationalizing their supply chain, and this has been demonstrated through recently secured contracts.”
PresGlas (www.preglas.com), located in Cambridge, Ontario, is Canada’s largest supplier of compression molded noise control and thermal insulation components. Major industries and markets served include off-road heavy machinery, specialty vehicle, trucks, buses, automotive, panels for office partitions, wall and ceiling components and a wide array of other related products and industries. Molded composites of various fibers, fabrics and plastics are developed in close co-operation with customers in order to integrate noise reduction, thermal management and high quality fit and trims. PresGlas provides consistent products for global platforms and has a presence in all major markets and can support OEM’s worldwide.
Corcap Acquisitions Inc. acted as advisors to PresGlas in this transaction.
About NCP (www.northspringcapitalpartners.com): NCP is a private equity fund formed by a group of accomplished business executives and entrepreneurs focused on funding management buyouts and growth opportunities. NCP’s investments range from $200,000 to $1 million. The fund’s preferred market is manufacturing, processing, and wholesale and distribution businesses located in Southern Ontario.
For further information contact:
Brian Hunter, President, NCP: Tel: 519-721-7144, brian@northspringcapitalpartners.com
Mark Johnson, President, PresGlas: Tel: 519-624-7431 ext. 200 mjohnson@presglas.com