Private equity firm Littlejohn & Co. LLC has purchased majority ownership of Peabody-based hot-runner supplier Synventive Molding Solutions Inc. from Advent International Corp.
Terms were not disclosed for the deal, announced May 6.
Boston-based Advent has owned Synventive since 2005, when it bought the company from Madison Capital Partners.
Littlejohn of Greenwich, Conn., led a recapitalization of Synventive, said officials of both firms.
“Our successful financial restructuring demonstrates the confidence our new partners at Littlejohn have in the long-term potential of our company,” Robert Davies, Synventive's chairman and CEO, said in a news release. “As a result of their support, we are now better-placed to leverage our leading position as a provider of hot-runner solutions to the automotive industry, allowing us to expand into new segments and emerging markets.”
Davies said Synventive is “actively exploring opportunities around the globe,” since 75 percent of its sales come from outside North America.
Synventive runs plants in Peabody; Bensheim, Germany; and Suzhou, China, and has service and support operations in 26 countries. The company employs 700 people worldwide. Its markets include automotive, electronics, telecommunications, packaging, medical and consumer/industrial products.
Three Littlejohn officials will join Synventive's board: Robert Davis, Littlejohn managing director; and partners Brian Ramsay and Antonio Miranda.
Littlejohn focuses on investing in middle-market companies. The firm calls itself a “control-oriented” investor, meaning it takes a hands-on approach.
Ramsay said Synventive will broaden its industry and geographic reach, develop new products and look for acquisitions.
Davis said the financial restructuring means Synventive “is now properly capitalized to aggressively pursue its strategic objectives.”