Contech Announces New Ownership Structure, Corporate Name Change

Formerly Contech Construction Products Inc., Contech Engineered Solutions LLC has announced several new developments aiming to position the company for the future.

The company has new ownership in place. Equity investors include Anchorage Capital Group LLC, Littlejohn & Co. LLC, Tennenbaum Capital Partners LLC and Farallon Capital Management LLC. These investors have worked with Contech, its equity partners and its senior leaders to recapitalize and secure long-term financning.

As a result of growth in new markets and geographies, and the build-out of product lines for the residential, commercial and infrastructure markets, the company has also changed its corporate name from Contech Construction Products Inc. to Contech Engineered Solutions LLC, effective immediately.

"We believe this new name more accurately reflects who we are today. We do more than just provide construction products – we provide innovative engineering and site solutions for world-class customers," said Ron Keating, Contech president and CEO. "We're also pleased with our new owners and we look forward to working with them as we expand Contech's leading global market position. We anticipate a successful 2012 and are excited about the many opportunities we see in our target markets.”

Contech also announced that it secured new long-term financing and entered into a new credit facility with Wells Fargo Bank N.A. in the aggregate principal amount of $125 million, as well as a revolving loan commitment of up to $100 million. As part of the new financing agreements, new ownership structure and the company's ongoing capital improvement initiatives, Contech has successfully removed 100% of its past revolving and term loan obligations.

Source: Contech Engineered Solutions LLC