Brite-Line Technologies Receives New Equity Investment
CANTON, Mass., and DENVER, Colo., Sept. 5-- Brite-Line Technologies, Inc., a wholly owned subsidiary of the Plymouth Rubber Co., Inc., announced today that along with Plymouth Rubber, it has received a substantial new equity investment from Chrysalis Capital Partners, LP, a private equity firm, and opened a new credit facility provided by Wells Fargo Business Credit.
Brite-Line manufactures high performance reflective highway pavement marking tapes and materials used in road construction projects worldwide. Plymouth Rubber manufactures high quality vinyl and rubber tapes and materials used in the automotive, electrical and other industries.
"This investment by Chrysalis represents a tremendous opportunity for Brite-Line to significantly strengthen our proven manufacturing and product development collaboration with Plymouth and allows us to continue to reinforce and expand our already successful sales, marketing and customer service programs," said Kevin White, Brite-Line's General Manager and Chief Operating Officer. "We see today as marking a new beginning for our company which we are confident will produce both immediate and long term benefits for all of our stakeholders, including our customers, suppliers and employees."
"This transaction is a solid fit for our investment rationale," said Greg Segall, Managing Partner of Chrysalis. "We quickly recognized the strong underlying business at Plymouth Rubber and Brite-Line and look forward to working with management as they continue to execute on their business plan."
The businesses will continue to operate under the Brite-Line Technologies and Plymouth Rubber names, and the current management team -- led by Maurice J. Hamilburg, President and CEO -- will run the companies.
About Brite-Line Technologies
Brite-Line Technologies develops, manufactures and markets innovative high performance reflective highway pavement marking tapes and materials currently used in road construction projects throughout the US, Europe and Asia. Originally founded in 1989 and acquired by Plymouth Rubber in 1997, Brite-Line's corporate headquarters and customer service functions are located with Plymouth in Canton, MA, while principal manufacturing operations are located in Denver, CO. For more information, visit http://www.brite-line.com/.
About Plymouth Rubber Company
Plymouth Rubber Company manufactures and supplies rubber and vinyl products to a broad range of markets, including the electrical supply industry, automotive and other original equipment manufacturers as well as rubber component products to Brite-Line. Headquartered in Canton, MA, the company has operations in the US, Asia, and Europe. For more information, visit http://plymouthrubber.com/.
About Chrysalis Capital Partners
Chrysalis Capital Partners, Inc. is a private equity investment firm with $300 million in capital under management. Chrysalis focuses on 'special situation' investing including turnarounds, financial restructurings, reorganizations, and recapitalizations in middle-market companies (typically with revenues of $50 to $500 million), across a wide range of industries throughout the United States. Chrysalis is affiliated with Independence Capital Partners, a family of private equity funds with over $6 billion of committed capital under management. For more information, visit http://www.ccpfund.com/.
Press Contact for Brite-Line
Kevin H. White, General Manager
781-828-0229
Press Contact for Plymouth Rubber
Maurice J. Hamilburg, President
Joe Berns, CFO
781-828-0220
Press Contact for Chrysalis Capital Partners
Kristy Lash, Gregory FCA
610-642-8253
Web site:
http://www.brite-line.com/
http://plymouthrubber.com/
http://www.ccpfund.com/
