FALL RIVER, Mass. — American Dryer Corp. (ADC) has secured capital funding up to $300 million to allow the company to strategically acquire complementary businesses.
The recapitalization of ADC by Stonebridge Partners, a private equity firm based in White Plains, N.Y., was completed July 23. Stonebridge, along with an affiliate of John Hancock Life Insurance Co., Parkway Capital Investors and ADC management, partnered to provide equity funding for the transaction, continuing a strong relationship the institutional firms have built by investing together over many years, ADC says. Combined, Stonebridge, John Hancock and Parkway have more than $2 billion of committed capital available for their investing activities. Citizens Bank of Providence, R.I., provided senior financing.
“This is a very exciting time for ADC,” says Dennis Slutsky, president and CEO of ADC. “Partnering with Stonebridge will allow us to make strategic acquisitions in the laundry industry. And we are preparing to unveil two major new products in January 2009.”
“We have gained a tremendous amount of respect for Dennis and his very capable management team, and Stonebridge is thrilled to be partnered with ADC,” says Michael Bruno, managing partner of Stonebridge.
Bruno noted that Stonebridge Partners is one of the oldest investment firms focused on middle-market manufacturing companies, and its philosophy is to find and support companies with outstanding leadership and inherent growth potential. “Our goal is to help ADC grow in the direction it’s currently headed, at an accelerated pace.”