The Fabri-Form Company to Merge with Penda Corporation
Resilience Capital Partners, the majority owner of Penda Corporation (“Penda”), and The Fabri-Form Company (“Fabri-Form”) today announced they have signed a definitive agreement to merge the two companies.
Fabri-Form, located in New Concord, OH is a market-leading plastic thermoformer of material handling, packaging, and engineered components for the automotive, grocery, and heavy-duty truck industry. Penda, located in Portage, WI is a world-wide Tier 1 automotive supplier and the largest industrial heavy-gauge thermoformer in the United States. The combined organizations will feature a network of facilities across the United States and Mexico to service their customers.
The agreement combines the strengths of Penda and Fabri-Form by leveraging Penda’s global sales network and thermoforming resources with Fabri-Form’s custom engineering solutions and manufacturing technologies to deliver an unparalleled array of thermoformed solutions.
“By teaming up with the largest heavy-gauge plastic thermoformer in the United States, Fabri-Form is able to leverage Penda’s global network and thermoforming resources to enhance our presence and impact to a larger audience both in the United States as well as worldwide,” said Rob Zachrich, formerly president of Fabri-Form, who will assume COO responsibilities in the new organization. “We are excited to combine our strengths to meet the demands of the marketplace – delivering highly engineered, high-quality products while reducing the weight and cost of solutions designed to replace heavy composite, fiberglass, wood, and metal products.
“Penda represents a great fit for the future of our Company, our employees, and customers. My family started Fabri-Form in 1943 and this represents the next step in our rich history of evolution and growth. I could not be more excited about the opportunities that will be provided by our future together with Penda.” noted John Knight, former CEO of Fabri-Form. “This acquisition is key to the future direction and growth of both Penda and Fabri-Form,” said Jack Slinger, who will remain President and CEO of the new organization. “Fabri-Form will expand our manufacturing and engineering capabilities and allow us to accelerate the development of new and appealing products for our current and future customers. The end result will be collaboration between two world-class market-leading organizations that will deliver significant value to our customers, our employees, and our shareholders.” The new company will be headquartered in New Concord, OH at Fabri-Form’s current facility. P&M Corporate Finance (www.pmcf.com) served as financial advisor to Fabri-Form. For more information, visit www.resiliencecapital.com.