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NEW YORK, NY — January 30, 2007— Behrman Capital, a private equity investment firm based in New York and San Francisco, today announced that it has acquired Peacock Engineering Company, in partnership with existing management, for $172.5 million. Peacock Engineering, headquartered in Geneva, Illinois, is a leading provider of outsourced food packaging services to many of the nation’s major consumer products companies. Behrman acquired Peacock from an investor group which includes Chairman and majority shareholder Jerry Hayden and the Company’s management team. Led by President Michael A. Bilder, management is reinvesting in the Company alongside Behrman through this transaction.
“Under the leadership of the Peacock Engineering team, the Company has enjoyed dramatic growth in recent years,” said Grant G. Behrman, Managing Partner of Behrman Capital. “Peacock’s business model has many extremely attractive elements, including a differentiated manufacturing approach, superior operating expertise and a true culture of partnership with its customers. We are very excited to be able to support the Company’s future growth plans.”
“We are delighted to welcome our new partners from Behrman Capital to Peacock,” said Michael A. Bilder, President of Peacock Engineering. “Behrman Capital has a distinguished track record of helping mid-market companies such as ours continue to grow by providing access to best-in-class financial and operational expertise. Behrman’s substantial investment in Peacock is an endorsement of the tremendous success our people have made possible over the last several years. I look forward to accelerating our growth strategy with Behrman’s support to the benefit of our customers, employees and business partners.”
Goodwin Procter LLP served as legal advisor to Behrman Capital. Huck Bouma, PC and Chuhak & Tecson, P.C. served as legal advisors to the shareholders of Peacock Engineering. Giuliani Capital Advisors LLC served as exclusive financial advisor to the Company. Bank of Ireland, Madison Capital Funding and Citigroup Mezzanine Partners provided financing for the transaction.
About Peacock Engineering: Founded in 1942, Peacock Engineering provides a full range of contract packaging services to the nation’s leading consumer product food companies, including Kraft, Kellogg’s, Sara Lee, Novartis, McNeil, Wrigley, Masterfoods, ConAgra, General Mills, Land O’Lakes, Unilever and Tootsie Roll. The company specializes in primary and secondary packaging services which require USDA certification, assembly and/or refrigeration. Peacock performs high speed cartoning, bagging, shrink-wrapping, and over-wrapping along with a variety of additional packaging services at each of its four facilities. For more information, please visit www.peacockeng.com.
About Behrman Capital: Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are primarily focused in five industries: health care, defense, specialty manufacturing, outsourcing, and information technology. In addition to Peacock Engineering, Behrman Capital’s investments in the packaging sector include Selig Sealing Products and Pelican Products. The firm currently has a combined capital base of $1.8 billion. For more information, please visit www.behrmancap.com.
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For Behrman Capital:
David Lilly or Michael Freitag
Kekst and Company