CHICAGO, IL November 28, 2005 – WHI Capital
Partners, a Chicago-based private equity firm targeting investments in
the smaller end of the middle market, is pleased to announce its
acquisition of Carpenter Special Products Corporation, a leading
integrated manufacturer of precision engineered metal components and
assemblies. As a stand-alone company, the company will be renamed
Veridiam, Inc. and will continue to focus on its core nuclear,
aerospace and medical device business. Veridiam employs approximately
120 people at its 170,000 sq. ft. facility just outside of San Diego.
For
more than five decades, Carpenter Special Products Corporation has
developed its unique metals engineering and manufacturing capabilities
by leveraging a highly skilled workforce to create product solutions
spanning a wide range of industries and applications. Some of its
current designed and manufactured products include tubular component
assemblies, cold rolled and cold drawn alloy products, nuclear tubing
and fuel channel assemblies, and dry hydrogen heat treated products.
“Veridiam
provides a unique and highly valuable solution for an impressive list
of long-term customers. Their rich history, reputation and ability to
offer superior design and engineering talent coupled with
state-of-the-art manufacturing capabilities make them exceptionally
well positioned for significant expansion,” said Eric Cohen, Managing
Partner, WHI Capital Partners. “We are excited about partnering with
Veridiam’s management team to pursue the numerous opportunities to
drive both operational improvement and top line growth.”
In
connection with the sale, an agreement was executed whereby Veridiam
will continue its strong supply relationship with its former parent,
Carpenter Technology Corporation (NYSE:CRS), to insure access to
certain of Carpenter Technology’s proprietary alloys. Veridiam and
Carpenter Technology Corp. will continue to work together to promote
the use of advanced materials for various applications that leverage
each company’s unique expertise and knowledge.
Veridiam
partners with R&D and design engineers to address specific
manufacturing and design needs from material selection through finished
components. As a result, Veridiam has developed particular expertise
to help its customers develop prototypes and provide finished products
that readily transition to full-scale production. Its products are
used in critical applications across an array of industries including
medical device, aerospace, automotive, and nuclear.
Neal
Nordstrom, Veridiam’s CEO added, “The partnership with WHI Capital
Partners will provide the capital, operational and business development
expertise necessary to accelerate the growth of our organization. As a
management team, we are extremely excited by this opportunity.”
About WHI Capital Partners
WHI
Capital Partners is a private equity firm that invests in profitable,
mid-size companies with leading market positions and revenues of $10 -
100 million. WHI principals have significant experience and
demonstrated success - not only as owners and managers of closely-held
businesses, but also as investors in and advisors to middle market
companies. Backed by the financial strength of its parent firm William
Harris Investors, WHI Capital Partners has ample resources and the
financial strength to help a company capitalize on its opportunities
over the long-haul.
For more information, visit http://www.whicapital.com or contact Eric Cohen at (312) 604-7901 or ecohen@whicapital.com.