Manufacturing Acquisitions in 2012

Synalloy Corporation (SYNL) completed the acquisition of Lee-Var, Inc., dba Palmer of Texas, a manufacturer of fiberglass (FRP) and steel storage tanks serving the oil industry. The purchase, closed August 21, 2012, was financed via an increased bank credit facility and a $22.5 million ten-year term loan; Palmer operates a primary facility in Andrews, Texas, had 137 employees and generated approximately $32 million in trailing twelve-month revenue.

Water Works Manufacturing, LLC of Cambridge, Minnesota has purchased Interlaken Technology of Chaska, Minnesota. Interlaken will become a division of Water Works Manufacturing and remain in Chaska; Interlaken manufactures production press equipment (hydroforming, hot stamping), precision and material testing systems, while Water Works expands its contract manufacturing and metal fabrication capabilities.

RLJ Equity Partners acquired LAI International, Inc. from Spell Capital Partners in a transaction announced in early 2012; Monroe Capital provided approximately $37.1 million of financing to support the deal. LAI is a contract manufacturer of precision-engineered components serving aerospace, defense, power generation and medical markets; under Spell's ownership the business grew from $16 million to $44 million in sales.

Pro Mach, Inc. has acquired Edson Packaging Machinery, Ltd., a Hamilton, Ontario-based manufacturer of high-performance case and tray packing equipment. Edson will join Pro Mach's End of Line Business Unit to expand Pro Mach's end-of-line capabilities and case-packing footprint while continuing production in Ontario.