Pace Industries has issued preferred equity
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that its client Pace Industries, LLC (“Pace” or the “Company”), a portfolio company of Kenner & Company, Inc. (“Kenner”), has successfully completed the issuance of Preferred Stock. Pace is one of the largest and best-known North American custom producers of high-pressure aluminum, magnesium and zinc die castings used in a diverse mix of consumer durable, automotive and other products. The terms of the transaction were not disclosed.
Jeffrey Kenner, President of Kenner & Company, commented, “Lincoln has again served as a trusted advisor to Pace’s shareholders, making this the third successful Lincoln financing assignment with Pace. We continue to be impressed with Lincoln’s in-depth industry knowledge and their strong advocacy for the Company.”
Ron Kahn, Managing Director and co-head of Lincoln’s Debt Advisory Group, added, “This Pace transaction is an excellent example of how Lincoln can leverage its capabilities across product groups to run a highly effective and efficient process to yield the best financing solution for our clients. Lincoln has now overseen a refinancing, an acquisition financing and a preferred equity issuance for Pace in the last five years.”
Lincoln acted as the exclusive financial advisor to Kenner and Pace in connection with the issuance of the preferred equity investment from affiliates of Macquarie Capital (USA) Inc. (“Macquarie”), a subsidiary of Macquarie Group Limited (ASX:MQG). Proceeds from the financing will be used to support the Company’s continued strategic growth initiatives.
About Pace Industries
Headquartered in Fayetteville, Arkansas, and with 20 facilities located throughout the United States and Mexico, Pace is a vertically integrated manufacturer of non-ferrous metal die castings for consumer durables, automotive and other products. The Company manufactures aluminum, zinc and magnesium parts for a diverse set of end markets, including lighting, lawn and garden, automotive, motorcycles, power hand tools, appliances and others. More information on Pace can be obtained at www.paceind.com.
About Kenner & Company, Inc.
Based in New York, Kenner & Company, Inc. is a private equity firm founded in 1986 that specializes in acquiring mid-market industrial and manufacturing businesses. Having worked together for over 20 years, the firm’s principals have significant investing and operating experience, enabling them to provide strategic direction to generate long-term value. Since 2008, Kenner has been an investor in Pace, a $600 million revenue North American die caster. Since 2011, Kenner has also been an investor in Dynacast International, a more than $1 billion revenue global zinc die casting company with over 25 facilities in 16 countries.
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