Norwest Mezzanine Partners Invests $40 Million in Norwesco
October 07, 2008
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP), a leading middle market mezzanine investor, today announced that it has invested $40.6 million in subordinated debt and equity to support Olympus Partners’ acquisition ofNorwesco Inc. (“Norwesco” or the “Company”), a leading manufacturer and plastics rotational molder. Investing in support of transactions initiated by private equity firms has been the focus of NMP’s investment strategy since its inception eight years ago.
Founded in 1939, Norwesco is the largest manufacturer and supplier of polyethylene tanks and the fourth largest plastics rotational molder in North America. With 17 plants currently in operation, the Company designs, manufacturers, and markets a broad assortment of polyethylene tanks for agricultural, water, closed-top industrial, and below-ground septic applications. Norwesco also sells a line of valves, couplers, and adapters for use with its tanks.
“We are pleased to have the opportunity to partner with Olympus on this investment. Our knowledge of Norwesco, our history of working with the management team, and our ability to create a flexible transaction structure helped us to execute this deal quickly and efficiently,” stated John Hogan, NMP Partner.
“Having yet another opportunity to support the continued growth of Norwesco is also significant for our firm,” Hogan continued. This investment by NMP marks the third time in the last 20 years that Norwesco has been a portfolio company of the Norwest family of funds.
Norwesco is headquartered in St. Bonifacius, Minnesota. For more information, please visit www.norwesco.com.
About Olympus Partners
Olympus Partners is a Stamford, CT-based private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including healthcare services, financial services, consumer products, and business services. Olympus manages in excess of $3 billion on behalf of corporate pension funds, endowment funds, and state-sponsored retirement programs. For more information, please visit www.olympuspartners.com.