Polyconcept Acquired by Charlesbank Capital Partners
Polyconcept, a global promotional products company and parent company of suppliers Polyconcept North America (PCNA) and PF Concept, announced today that it will be acquired by Charlesbank Capital Partners, a Boston-based, middle-market private equity firm.
According to a press release, there will be no management changes, and Polyconcept's customers should not be affected.
"We anticipate the transition to be seamless for both our customers and our employees," said David Nicholson, president of PCNA.
Charlesbank Capital Partners and other investors will provide the equity for the acquisition, which comes after Polyconcept's 11-year partnership with Investcorp.
“We have had a successful chapter with Investcorp and are thankful for its partnership over the years,” said Gene Colleran, CEO of Polyconcept. “We are excited to forge a new partnership with Charlesbank Capital Partners, which has a long history of joining forces with management teams to grow their businesses. With Charlesbank Capital Partners' financial support, strategic guidance and significant network of contacts, we look forward to working together to create substantial value for the future.”
In terms of Charlesbank Capital Partners' incentive for the transaction, Josh Klevens, managing director ofCharlesbank Capital Partners, said the company was attracted to numerous growth opportunities.
"Polyconcept is a market leader in both the United States and Europe, with superior customer service and capabilities," he said. "We are very pleased to have the opportunity to partner with the management team to expand the business globally, building on their track record of success and tapping into new opportunities for growth,"
The transaction is anticipated to close in the third quarter of 2016.