BUFORD, GA, MAY 3, 2023 /PRNewswire/ — CAB Worldwide LLC (“CAB” or the “Company”), a global engineering, manufacturing and supply chain management business that provides precision machined steel, iron and aluminum cast, forged and fabricated components and assemblies to original equipment manufacturers and distributors, is pleased to announce that it has successfully completed a growth recapitalization led by Heritage Growth Partners LLC (“Heritage Growth”), a private family investment office. The purpose of the recapitalization is to support CAB’s growing operations, enable expansion of capabilities and fund future acquisitions. PNC Bank, N.A. provided a senior secured debt facility in connection with the transaction. Remaining terms of the transaction were not disclosed.
“We are excited to enter this next phase of growth and work in partnership with Heritage Growth.” said Terri Jondahl, Chief Executive Officer of CAB. “In addition to patient capital, Heritage Growth brings strategic relationships and an operational mindset, which will help CAB realize its true potential. We look forward to accelerating our growth organically as well as expanding the business through selective acquisitions that bolster our capabilities and broaden our reach.”
Heritage Growth Managing Partner, Alex Mammen, who has joined the Board of CAB, added, “We look forward to working with Terri and the entire CAB team to help them reach their growth objectives and better serve their customers. From the onset, we have been impressed by the culture, values and leadership of the CAB team and their unwavering dedication to serving their customers. We are particularly excited to help this team take advantage of opportunities for organic growth including enhanced product offerings and the creation of expanded international design and engineering service capabilities.”
“We were drawn to CAB by their highly capable and experienced management team, engineering expertise, and their impressive and flexible domestic and global supply chain,” said Evan Toporek, Partner at Heritage Growth, who also joined the Board of CAB as part of the recapitalization. “We look forward to helping CAB continue to differentiate itself as an industry leader.”
Kilpatrick Townsend & Stockton LLP served as legal advisor to CAB, Troutman Pepper Hamilton Sanders LLP served as legal advisor to Heritage Growth and Moore & Van Allen PPLC served as legal advisor to PNC Bank. Carr Riggs & Ingram, Tanner Ballew & Maloof (a BKS Partner), livingHR, GZA and Nestell & Associates provided Quality of Earnings, Insurance, HR, Environmental and IT diligence support services, respectively, in connection with the recapitalization.
About CAB Worldwide LLC
Founded in 1982, CAB Worldwide LLC combines expertise, innovation and a rigorous commitment to quality to service a variety of industrial sectors including hydraulics, infrastructure, automotive, construction and rail. CAB is headquartered in Buford, GA with manufacturing and distribution facilities in Texas and Washington and sourcing, quality assurance and engineering offices in India and China.
For more information, please visit: www.cabww.com.
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
For information about PNC, please visit www.pnc.com.
About Heritage Growth Partners LLC
Founded in 2014, Heritage Growth Partners LLC is an Atlanta, GA-based private, family investment office focused on making non-control growth equity investments and working in partnership with management to accelerate growth and create long-term value. Heritage Growth takes a collaborative approach to investing, with the goal of building true partnerships with management that are enhanced by its patient and flexible family capital and its ongoing strategic, financial and operational support. Heritage Growth is guided by its core values of Mutual Respect, Integrity, Trust, Excellence and Servant Leadership.
For more information, please visit: www.heritagegrowth.com.
SOURCE CAB Worldwide LLC