NEW YORK, April 23 /PRNewswire/ -- Marathon Asset Management, LLC ("Marathon"), today announced that it has completed three add-on acquisitions for CONTECH LLC ("CONTECH"), a company owned by the Marathon Automotive Group. CONTECH, a premier supplier of highly engineered, geometrically complex, lightweight cast component solutions for the automotive and commercial truck markets, acquired certain business lines and assets of three companies in bankruptcy, Amcan Castings Limited, Toora Poland S.A. and Lunt Manufacturing Co., Inc. The added businesses expand CONTECH's metal casting capabilities and customer base and are aligned with the company's continuing strategy to provide highly engineered, differentiated cast and metal formed products to the automotive and commercial truck manufacturers. Terms of the transactions were not disclosed. According to Mark Hunter, President of CONTECH, "We will continue to serve our new and current customers utilizing the company's existing infrastructure. From the point of view of our customers, we now have more flexibility with a larger footprint and an increased product offering. We are pleased to have been able to utilize our engineering and manufacturing resources to provide value and solutions to the customers of the businesses we have recently added, and we are excited to have taken a significant step in broadening the capabilities of CONTECH." "The strong leadership and flexibility of the CONTECH management team have made it possible to smoothly transition this new business without interruption," noted Morris Rowlett, Chairman and Chief Executive Officer of the Marathon Automotive Group. "These investments further strengthen CONTECH's position as one of the premier suppliers of castings in the automotive industry and advance the implementation of the strategic business plan that the Marathon Automotive Group has developed with CONTECH's senior management team. We plan to continue to work with CONTECH to take advantage of the company's leadership in design, engineering, manufacturing and customer service to capitalize on additional growth opportunities in the automotive and commercial truck industries." "Our support of these add-on investments for CONTECH demonstrates the long-term and sustained commitment we make to companies in which we have invested," added Wray T. Thorn, Managing Director of Marathon's Private Equity Group. "The ability of the Marathon Automotive Group and CONTECH to respond quickly and effectively to these situations was critical in the execution of these transactions, which further demonstrate our stated strategy to capitalize on opportunities in the automotive and commercial truck markets at a time when many companies in these sectors are lacking access to capital. We believe that these transactions will help lay the foundation for further investments as we continue to actively identify and evaluate opportunities for additional acquisitions by CONTECH and the Marathon Automotive Group." About CONTECH, LLC CONTECH is a North American market leader of highly engineered, geometrically complex, light-weight cast component solutions for the automotive and light truck markets, offers a wide variety of die cast process technologies in the industry and produces a full range of "thick wall" and "thin wall" cast components. In addition to its leadership position in cast products, CONTECH also manufactures steel forged automotive components and steel tube fabrications. Marathon acquired CONTECH through the Marathon Automotive Group in 2007. About the Marathon Automotive Group The Marathon Automotive Group was formed by Marathon's Private Equity Group to make acquisitions of suppliers in the automotive and commercial truck industries. The Marathon Automotive Group is led by Morris C. Rowlett, Chairman and Chief Executive Officer; Robert E. Eckert, Executive Vice President of Finance; and Mark R. Krupp, Executive Vice President of Operations. Messieurs Rowlett, Eckert and Krupp, the senior leadership team of the Marathon Automotive Group, have more than 70 years of combined business knowledge and executive leadership in areas of finance, operations and mergers and acquisitions in the automotive industry, in both large and small companies. In addition to their significant senior management expertise, Messieurs Rowlett, Eckert and Krupp have successfully led and completed numerous acquisitions of automotive suppliers while working with other investment firms, including Ganton Technologies, Diversified Diemakers, Pilot Industries, Guilford Mills and GDX Automotive. About Marathon Asset Management, LLC Marathon Asset Management, LLC is a global asset management company with $11.5 billion in capital under management. Founded in 1998, Marathon maintains its headquarters in New York City, offices in London and Singapore and satellites in Hong Kong, Istanbul, Mumbai, Sao Paulo, Washington, D.C., Chicago and Los Angeles. Marathon employs over 170 professionals who specialize in global debt, including high yield, bank debt, distressed debt, emerging market debt, convertible bonds, special situations, structured finance and structured debt transactions, real estate opportunities and private equity investments. Marathon's Private Equity Group was organized in 2005 and is comprised of 18 dedicated private equity investment and operating professionals that have made over $700 million in private equity investments on behalf of the firm. Marathon Asset Management, LLC is a Registered Investment Adviser with the Securities and Exchange Commission. For more information, visit the company's web site at www.marathonfund.com. Certain statements in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please refer to our public filings for a discussion of certain important factors that relate to forward-looking statements contained in this press release. The words "believe," "expect," "anticipate," "estimate," "guidance," "target" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Contact:
Justin Dini/Guy Potvin
Brunswick Group
212-333-3810
marathon@brunswickgroup.com
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