AURORA, ILL. (Dec. 12, 3:30 p.m. ET) — Dana Hanson and Jon Roberts, the founders of Processing Technologies International LLC, have repurchased 100 percent ownership of the sheet extrusion machinery maker from private equity firm Crystal Ridge Partners.
Hanson, president and CEO, and Roberts, senior vice president of operations, purchased the outstanding majority stake on Dec. 2. Hanson said they regained full ownership and in-house control of the Aurora-based company.
Terms were not disclosed.
Crystal Ridge Partners of Maplewood, N.J., bought a majority stake in PTi in 2005. At the time, Hanson and Roberts continued to own 35 percent.
“This is a very positive development and an exciting moment for our company, employees and global customers,” Hanson said. “We have the best interests of the company at heart and we are committed to the long-term growth of the company and its products,”
Hanson said the new ownership structure will have no impact on day-to-day operations. There will be no changes in the management team, he added.
“Overall our management goals are more aligned in this ownership platform versus the previous one with diverse ownership,” he said.
The repurchase was completed without any debt leveraging by PTi.
Hanson said PTi officials are examining several strategic acquisition targets.