MANAGEMENT AND CLEARVIEW CAPITAL AGREE TO ACQUIRE ROWMARK
FINDLAY, OHIO - October 2, 2006 - The family shareholders of Rowmark, Inc. today announced that the company has entered into an agreement to sell a controlling interest in the company to management with the backing of Clearview Capital, LLC, an Old Greenwich, CT. -based private investment firm.
"We are thrilled about this great opportunity," said Rowmark President and CEO Duane Jebbett. "After evaluating many potential partners, we believe Clearview Capital's experience in the plastics industry and their growth-oriented approach make them well suited to help us to continue the same high level of growth we have experienced in the last few years, as well as to insure that we continue to do a great job of servicing our current customers."
Jim Andersen, Clearview's Managing Partner stated: "We are excited about working with the entire Rowmark/PMC Team. They have a world-class facility, dedicated employees, high quality products and a wonderful reputation in their community and the global markets they serve. Responding to customer demands is foremost and we believe that the synergies of the two partners will propel the company to a new level of world class products, quality and service."
Rowmark began in 1987 as a division of Hancor Inc., a drainage pipe manufacturer located in Findlay, Ohio. In October 1997, the former Hancor CEO Fred Kremer purchased Rowmark from Hancor and started the move to a new facility in Findlay's Tall Timbers Industrial Park. Mr. Kremer and two other employees were then killed in a private plane crash on December 20, 1997. The Kremer Family continued to operate the company, then appointed Duane Jebbett President in September 1998. Rowmark responded to strong demand for custom extruded products with the creation of PMC (Premier Material Concepts) in 2003. PMC provides materials to a variety of new and alternative markets.
Rowmark has expanded it's facility multiple times over the past several years and now contains more than 75,000 square feet, which houses multiple extrusion lines, press, lamination and hot stamp capabilities, storage silos, a warehouse space and the company's administrative offices.
All the management and employees of the company will remain intact and Mr. Jebbett will continue as president and chief executive officer.
Financial terms of the deal have not been disclosed.
This press release includes statements that are not historical in nature and that may be characterized as "forward-looking statements," including those related to future financial and operating results, benefits and synergies of the company's brands and strategies, future opportunities and growth.
Rowmark is the industry's leading manufacturer of signage and engraving materials and also offers a complete line of sublimatable products. Rowmark is also the parent company of Premier Material Concepts (PMC), a custom extruder of materials for a variety of commercial markets.
The company‘s administrative and manufacturing headquarters are located in Findlay, Ohio.
Copyright © 2010 - Rowmark, LLC. - All rights reserved