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NEW YORK, January 13, 2009 — Pelican™ Products, Inc., a global leader in the design, development and manufacture of unbreakable, watertight protective cases and technically advanced lighting systems, announced today that it has acquired Hardigg Industries, Inc., a leading manufacturer of rotational-molded transport and storage cases for the consumer, military, public safety, industrial, and professional markets, in a transaction valued at approximately $200 million. Under the terms of the transaction, Hardigg will become a wholly-owned subsidiary of Pelican Products with both the Pelican and Hardigg brand names retained. Pelican Products is a portfolio investment of Behrman Capital, a private equity firm based in New York and San Francisco.
“Both Pelican and Hardigg are well known for providing high performance protective cases that are engineered for durability in the most challenging environments,” said Grant G. Behrman, Managing Partner of Behrman Capital. “This combination will bring together the complementary product lines of Pelican and Hardigg, providing customers with the opportunity to benefit from increased innovation and an advanced and expanding range of product offerings, and employees with the opportunities for growth made possible through a larger enterprise.”
“This transaction provides an exciting opportunity for significant growth while preserving the values and capabilities that have given both Hardigg and Pelican strength over the years, most especially a high commitment to customers,” said Jamie Hardigg, Chairman of Hardigg Industries. “While I will be retiring from my role as Chairman, I look forward 2 to remaining actively involved as a board member of the combined company as we continue to use our creative design, experience, and cutting-edge technology to develop solutions to the most difficult and demanding packaging issues.”
“We are very excited to begin our partnership with the Hardigg team,” said Lyndon Faulkner, Chief Executive Officer of Pelican Products. “Both Hardigg and Pelican share a commitment to the highest standards of excellence in design, engineering and manufacturing. This combination will allow us to continue to serve the customers of both companies, providing both the current solutions on which they rely, while sharing our resources to create innovative and advanced new products.”
The packaging sector has been a focus area for Behrman Capital for several years. In addition to its investment in Pelican Products, Behrman Capital has two other packaging businesses in its portfolio: Selig Sealing Products (acquired in May 2005), a leading manufacturer of tamper-evident cap and closure lining materials, and Peacock Engineering (acquired in January 2007), a leading provider of outsourced food packaging services to many of the nation’s major consumer products companies
Equity capital for the transaction was contributed by Behrman Capital and the Hardigg family. Financing for the acquisition includes a mezzanine debt facility led by GSO Capital Partners and a senior debt facility led by GE Antares Capital.
Legal counsel was provided to Behrman Capital and Pelican Products by Latham & Watkins.
About Pelican Products
Pelican™ Products, Inc. is a global leader in the design and manufacture of advanced lighting systems and virtually indestructible cases for protecting valuable equipment, with sales offices in Barcelona, Spain – Edmonton, Canada – Tokyo, Japan – Shanghai, China – Florida, USA (for Latin America) – Bourg-en-Bresse, France – Dubai, UAE and Sydney, Australia. The company was acquired in 2004 by private equity firm Behrman Capital. For more information, visit www.Pelican.com or www.behrmancap.com.
About Hardigg Industries
Hardigg Industries was founded in 1954 by James S. Hardigg, a pioneer in cushioning technology known for his concern for employees. Hardigg Industries designs, develops, and manufactures plastic molded cases, shipping containers, custom molded products, and SKID-MATE® cushion products for government, commercial, industrial and consumer customers. Millions of Hardigg containers have been produced to meet a wide variety of applications and needs, including stringent military requirements, for over 50 years. Their high quality rotational and injection-molded products cushion and preserve delicate equipment from the effects of mechanical shock and vibration, thermal environments, and exposure to chemical agents and decontamination solutions. For more information, visit www.hardigg.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: defense, specialty manufacturing, outsourcing, health care and information technology. The firm currently has a combined capital base in excess of $2.0 billion. For more information, please visit www.behrmancap.com.
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For Behrman Capital:
David Lilly / Michael Freitag
Kekst and Company