October 1, 2000
Lincolnshire, IL based Plastic Engineered Components Inc. ("PEC") was sold to Charter Oak Capital Partners by CIVC Partners, a private equity investment affiliate of Bank of America Corporation (NYSE: BAC) and Tangram Partners, a Chicago based private equity firm. Charter Oak Capital Partners, a private equity firm, also controls Wollin Products, Inc., a plastic injection molder. PEC is a full service custom injection molder of engineered plastic parts. Terms of the transaction were not disclosed.
"In addition to streamlining PEC's manufacturing operations, we have worked hard over these past several years to develop front-end capabilities, which includes modeling, rapid tool building and production tool building, to ensure that PEC gets involved early in the design process. By doing so, we have been able to lower overall production costs for PEC and deliver a cost-effective solution to our diversified customers. We are excited that Charter Oak and Wollin Products share our enthusiasm for these business philosophies and believe that this combination will strengthen the product offerings of both PEC and Wollin", said Len Friedel, former Chairman of PEC and Managing Partner of Tangram Partners.
Dan Helle, Partner, CIVC Partners added, "After reviewing several alternatives, we believe that the combination with Charter Oak and Wollin Products is the most attractive to PEC shareholders, while providing the company with an outstanding opportunity to continue to grow both domestically and internationally."
CIVC Partners and Tangram Partners acquired Plastic Engineered Components in 1992.
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