Alleghany Capital Corporation Announces Formation Of Piedmont Manufacturing Group, LLC And Its Acquisition Of Wilbert, Inc.
Alleghany Capital Corporation has announced the formation of a new subsidiary, Piedmont Manufacturing Group, LLC, to acquire Wilbert, Inc. (WPS), a key player in providing injection molded and thermoformed parts for OEM customers across various industries. The acquisition will not disrupt WPS's operations, and its existing leadership will remain intact. This strategic move aims to enhance WPS's capabilities and market position, allowing for future expansion and resource access from Alleghany Corporation. The deal aligns with Alleghany's larger industrial business portfolio.
- Formation of Piedmont Manufacturing Group to enhance market capabilities.
- Acquisition allows continued leadership of WPS by existing management.
- Access to Alleghany Corporation's resources for future growth.
- None.
NEW YORK, May 11, 2021 /PRNewswire/ -- Alleghany Capital Corporation ("Alleghany Capital"), a wholly-owned subsidiary of Alleghany Corporation, today announced that it has formed a new wholly-owned subsidiary, Piedmont Manufacturing Group, LLC ("Piedmont Manufacturing"), to acquire Wilbert, Inc. (dba Wilbert Plastic Services and referred to herein as "WPS" or the "Company"), a provider of injection molded and thermoformed parts and multi-component assemblies for original equipment manufacturer ("OEM") customers in a range of end-markets. Operating out of three facilities in the Southeast and one in the Midwest United States, WPS provides OEM customers in the industrial, commercial, transportation, recreational, medical, and other industries with a full range of product design and engineering, injection molding, thermoforming, painting, assembly, logistics, and inventory management capabilities.
David Van Geyzel, President and Chief Executive Officer of Alleghany Capital, commented, "We are pleased to announce the formation of Piedmont Manufacturing as our eighth platform company and are excited about its acquisition of WPS. We look forward to supporting Greg Botner, President and Chief Executive Officer of WPS, and his dedicated team of over 600 employees as they continue to provide their customers with essential components and services for products that consumers use every day. Consistent with our quasi-autonomous operating model, Greg and his senior management team will continue to lead the Company post-closing and the transaction will not impact WPS's day-to-day operations."
Udi Toledano, Chairman of Alleghany Capital, added, "Although WPS has a shared history with and remains a supplier to Wilbert Funeral Services, Inc. ("WFSI"), an Alleghany Capital portfolio company, the two businesses are distinct, with very different capabilities and customers. As a result, there are no plans to combine WPS and WFSI, which is reflected in the formation of Piedmont Manufacturing as our fifth platform company in Alleghany Capital's Industrial segment."
Greg Botner, President and Chief Executive Officer of WPS, stated, "We are delighted to partner with Alleghany Capital to build Piedmont Manufacturing into the leading industry platform for value-added products, services, and technology. We are committed to delivering outstanding results to our customers, and this partnership will enhance our ability to further expand our customer base and provide our dedicated employees with even greater opportunities for growth and advancement."
Rob Hulick, Principal at Alleghany Capital, remarked, "We are pleased to welcome WPS into the Alleghany Capital family and are eager to provide the Company and its employees with the benefits of our unique model. Leveraging Alleghany Capital's long-term investment horizon, quasi-autonomous operating model, and access to Alleghany Corporation's resources, we believe WPS should be well positioned to expand on its current market position. As with our other portfolio companies, Alleghany Capital expects to provide the Company with the resources and follow-on capital to invest in organic initiatives and add-on acquisitions."
Seyfarth Shaw, LLP acted as legal counsel to Alleghany Capital. CC Capital Advisors acted as financial advisor and McGuireWoods, LLP acted as legal counsel to WPS.
About Piedmont Manufacturing Group, LLC
Piedmont Manufacturing Group, LLC is a wholly-owned subsidiary of Alleghany Capital Corporation that owns and manages businesses providing injection molded and thermoformed parts and multi-component assemblies for OEM customers. Through its subsidiary, Wilbert, Inc., it provides parts and multi-component assemblies for leading OEMs operating in a wide variety of markets. The company serves its high-volume customer base utilizing cutting-edge manufacturing processes, including precision injection molding, heavy gauge thermoforming, painting, and CNC and robotic trimming. The company's engineers closely collaborate with customers and their operating teams and the company leverages decades of contract manufacturing and technical expertise to bring customers the most efficient and cost-effective product solutions in the market. For more information about the company, please visit www.wilbertplastics.com.
About Alleghany Capital Corporation
Alleghany Capital Corporation owns and manages a diverse portfolio of non-financial businesses for its parent company, Alleghany Corporation (NYSE:Y). Alleghany Capital's industrial businesses include: (i) Precision Cutting Technologies, Inc., a holding company focused on the machine tool and consumable cutting tools sectors through Bourn & Koch, Inc., Diamond Technology Innovations, Inc., CID Performance Tooling, and Supermill LLC; (ii) R.C. Tway Company, LLC (dba Kentucky Trailer), a manufacturer of custom trailers and truck bodies for several niche end markets; (iii) WWSC Holdings, LLC, a structural steel fabricator and erector for commercial, industrial, and transportation infrastructure projects; (iv) Wilbert Funeral Services, Inc., a provider of products and services for the funeral and cemetery industries and precast concrete markets; and (v) Piedmont Manufacturing Group, LLC, a holding company focused on providing injection molded and thermoformed parts and multi-component assemblies for OEM customers in the industrial, commercial, transportation, recreational, medical, and other end-markets. Alleghany Capital's non-industrial businesses include: (i) Concord Hospitality Enterprises Company, a hotel management and development company; (ii) IPS-Integrated Project Services, LLC, a provider of design, engineering, procurement, construction management, and validation services for the pharmaceutical and biotechnology industries; and (iii) Jazwares, LLC, a global toy and musical instrument company. For additional information about Alleghany Capital Corporation, please visit www.alleghanycc.com.
Forward-Looking Statements
This release contains disclosures which are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. These forward-looking statements are based upon Alleghany's current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans, anticipated actions and Alleghany's future financial condition and results. These statements are not guarantees of future performance, and Alleghany has no specific intention to update these statements. As a consequence, current plans, anticipated actions and future financial condition and results may differ from those expressed in any forward-looking statements made by Alleghany or on Alleghany's behalf.
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SOURCE Alleghany Capital Corporation; Alleghany Corporation
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