Injection molding: Investor, management take over South Carolina molder PSIInjection molding: Investor, management take over South Carolina molder PSI
Gladstone Investment Corp. and members of the molder's management have acquired injection molder Precision Southeast Inc. Gladstone's investment totaled $10.8 million, consisting of senior debt and equity, and it is now the company's majority owner, according to Harry Ussery, PSI's president.
January 5, 2011
Precision Southeast Inc. has two facilities in South Carolina, one each in Myrtle Beach and in Marion, as well as an office in Greenville, SC. The processor injection molds products for the filtration, consumer, automotive and industrial markets. The company has 29 molding machines in Myrtle Beach and another 19 in Marion. Its 2010 sales were about $19 million and it employs about 165, according to Ussery in reply to a query from Plasticstoday.com.
In a statement on the acquisition, Dave Dullum, Gladstone Investment's president, commented, "PSI weathered the economic downturn and is positioned to grow by expansion within its existing customer base and through new business development efforts." Publicly traded Gladstone invests in small-to mid-sized U.S. businesses,
Added Ussery, "Our partnership with Gladstone Investment offers PSI the opportunity for accelerated growth. We have rebounded well from 2009, and sales in 2010 are expected to increase by more than 30%. The investment by Gladstone Investment in PSI will help fuel our growth in the years to come." Ussery has been a shareholder in the company since 1991 along with two partners, who now have sold their stakes in the firm. He said he would prefer not to name the managers who have acquired a stake in the company but allowed that he is one of them.
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