has been recapitalized by
Cangen is a supplier of engineered metal replacement parts for plastic and rubber product manufacturers.
Senior Team
Canterbury Engineering
Type
M&A Sell-Side
Description
Industries
Industrial
has been recapitalized by
Cangen is a supplier of engineered metal replacement parts for plastic and rubber product manufacturers.
About
Canterbury Engineering is one of the country's leading manufacturers of engineered replacement parts used by manufacturers of plastic and rubber products. The Company's sales are made to wire and cable, medical, plastic and rubber extrusion and injection molding companies throughout the United States, Mexico, Latin America, and Europe.
Situation
The owner of the Company was approaching retirement and wanted to begin to transition out of the business, but he believed that the Company could grow significantly with the addition of aggressive management. Croft & Bender advised the Company through a complete exclusive sale process including valuing the Company, identifying potential acquirers, drafting the offering memorandum, marketing the Company, selecting a partner, and negotiating the transaction.
Result
Croft & Bender successfully negotiated the recapitalization of the Company, selling a majority interest to Azalea Capital, LLC that included a three year plan for the owner to transition out of the day-to-day operations of the Company.