The new “Contech Engineered Solutions” name more accurately reflects Contect’s company identity, according to Ron Keating, the company’s president and CEO.
“Contech is more than a products company,” Keating said. “We provide solutions for our customers and, we do more than just provide construction products.”
The company also announced its new ownership equity investors are Anchorage Capital Group, Littlejohn & Co., Tennenbaum Capital Partners and Farallon Capital Management.
The company also secured new long-term financing and entered into a new $125 million credit facility with Wells Fargo Bank and a revolving loan commitment of up to $100 million.
In November 2010, Contech completed a balance sheet restructuring, retiring approximately $240 million in debt, in which Goldman Sachs Mezzanine Partners took majority ownership from Apax Partners.
As part of the new financing agreements, new ownership structure and the company’s ongoing capital improvement initiatives, Contech has removed more than $600 million in debt and 100 percent of its past revolving and term loan obligations. That gives it new financing for $125 million and a revolving loan commitment of up to $100 million.
“This is yet another significant milestone for our company, as we now have the capital structure to execute on our strategy of enhancing our product and service offerings and building our market leading positions across the globe,” Keating said.
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