Norwest Mezzanine Partners Invests in PLZ Aeroscience
September 13, 2011
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP) today announced that it has invested $29.1 million in subordinated debt and equity to support Olympus Partners’ recapitalization of PLZ Aeroscience Corporation (“PLZ”), the leading manufacturer and marketer of specialty aerosol products in the U.S.
Headquartered in St. Clair, Missouri, PLZ formulates blends, fills and packages more than 1,100 branded and private label consumable, staple products, including cleaning agents, disinfectants, air fresheners, polishes, adhesives, lubricants, insecticides and other industrial aerosol products. PLZ has built a reputation for research and development expertise, superior customer inventory management and unmatched engineering excellence that allows it to compete in both the short and high-run segments.
“PLZ is a well-run company with a long history of providing customers with innovative products,” stated John Hogan, a partner at NMP. “We look forward to working together with the Olympus team to support PlZ’s continued positive momentum.”
Manu Bettegowda, a partner at Olympus Partners, stated, “NMP continues to be a strong investment partner for us, creating flexible capital structures and offering transaction support that provides win-win solutions for all parties involved.”
Founded in 1988, Olympus Partners is a Stamford, Connecticut-based private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion.