Lurie Besikof Lapidus Private Investment Banking Announces Strategic Combination of Applied Products and Ward Adhesives
Applied Products, Inc. - MN
6035 Baker Rd.
Minnetonka, MN, 55345
Press release date: July 18, 2012
MINNEAPOLIS- Ward Adhesives, Inc., a portfolio company of Svoboda Capital Partners LLC, and Applied Products, Inc. are pleased to announce they have completed a strategic merger. Terms of the transaction were not disclosed. Applied Products and Ward Adhesives are both leading distributors of specialty adhesives and technology for the packaging, industrial, and printing industries.
Since 1971, Minneapolis-based Applied Products has been a top provider of complete assembly and process solutions, focusing on incorporating adhesives, dispensing equipment, assembly automation, production tools and engineering into one resource. Applied Products serves a wide variety of industries including packaging, paper converting, product assembly, medical, and graphic arts. "By combining two successful and professional organizations like Applied Products and Ward Adhesives, we will be able to provide our customers and markets we serve with the most innovative Adhesive Optimization Solutions in North America," said Dan Horner, CEO of Applied Products. "We are very excited about the combination of two very strong, customer focused businesses. Aligning our organizations will expand our geographic reach, and further strengthen the value we can provide our customers, our suppliers, and our employees," stated Brian Webb, Applied Products' COO. Both Horner and Webb retain significant equity positions and leadership roles in the combined entity.
Founded in 1988, Ward Adhesives is a leading national distributor of specialty adhesives for the packaging, product assembly, and graphic arts industries. Headquartered in Pewaukee, Wisconsin, the company provides its customers with products, technologies, and services to address a broad range of adhesive applications. Doug Moore, CEO of Ward Adhesives, commented "this complimentary merger of two industryleading organizations will only expand the value proposition we provide to our customers and the growth opportunities for our suppliers and employees".
Svoboda Capital Partners LLC is a Chicago-based private equity group focused on investing in and growing lower middle market businesses. Peter Gotsch, managing director of Svoboda Capital, commented, "We are extremely excited about the combination and we look forward to working with Dan Horner, Brian Webb, Doug Moore and Doug Dietz to support future growth at the business."
Justin Besikof, President of Lurie Besikof Lapidus Private Investment Banking, acted as the exclusive financial advisor to Applied Products. Besikof stated, "It was a great pleasure working with Applied Products to help find a unique, strategic partner to help fuel the future growth and expansion of the business. Congratulations to all the parties involved with this successful process."
Legal counsel for the transaction included Leonard, Street and Deinard P.A. who advised Applied Products and Perkins Coie, LLP who advised Ward Adhesives and Svoboda Capital.
About Lurie Besikof Lapidus Private Investment Banking, LLC
Lurie Besikof Lapidus Private Investment Banking, LLC is a mergers and acquisitions (M&A) advisory firm that specializes in the sale of middle market companies in niche manufacturing, value-added distribution, business services and specialty retail. Please visit www.lblpib.com for more information.
About Applied Products, Inc.
Applied Products, Inc. is a Minneapolis, Minnesota-based distributor of industrial adhesives and equipment, representing top manufacturers in all product categories. Please visit www.appliedproducts.com for more information.
About Ward Adhesives, Inc.
Ward Adhesives, Inc. is a Milwaukee, Wisconsin-based distributor of adhesive solutions to the consumer products packaging, product assembly, and graphic arts industries. Please visit www.ward-adhesives.com for more information
About Svoboda Capital Partners LLC
Svoboda Capital Partners LLC is a Chicago-based private equity firm with over $300 million of capital under management. Founded in 1998, Svoboda Capital invests in growth oriented companies in the value-added distribution, business services and consumer products and services sectors typically valued between $20 to $100 million. Svoboda has investments in seven portfolio companies and is currently investing out of its second fund. Please visit www.svoco.com for more information.
On behalf of Lurie Besikof Lapidus Private Investment Banking:
On behalf of Applied Products, Inc.:
Dan Horner and Brian Webb
firstname.lastname@example.org | email@example.com
On behalf of Ward Adhesives, Inc.:
On behalf of Svoboda Capital Partners LLC: