International Graphics Incorporated (IGI) Announces Investment by its Equity Holders
SOUTH PLAINFIELD, N.J.-(Business Wire)-September 17, 2009 - IGI announced today the completion of an investment by its equity holders, Pouschine Cook Capital Partners II (Pouschine Cook) and Anchor Capital. The use of the proceeds is for general working capital.
Bud Philbrook, President and CEO of IGI said “The revised credit facility associated with this cash infusion is the culmination of extensive negotiations over the past several weeks. This became a necessary response to the unprecedented downturn in the economy and its impact on cash flow.” Bud further stated, “Significant actions taken at both R Tape and Custom Extrusion Technologies have reduced the Company’s breakeven point, and have stabilized our cash flows. The cash infusion now permits us to focus on growth and invest in our future in areas such as product development. We have a number of exciting new products well advanced in the pipeline. Additionally, we are continuing with a significant investment in a new ERP system, scheduled to “go live” in October, 2009. The ERP system will provide our people with data visibility that will foster improved customer service, and will ultimately result in efficiency gains across the Company.”
Mr. Philbrook went on to say “We want to thank our customers and suppliers who have supported us through this difficult process, we look forward to the renewed partnerships we forged as we enter a new period of growth for R Tape and Custom Extrusion Technologies.”
John Pouschine, Managing Director of Pouschine Cook and Chairman of IGI, said “We appreciate the support of our lenders as the business gets through the tough economic climate.”
The lender syndicate includes Churchill Financial, Roynat Capital and Orix Finance.
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R Tape, is a leading provider of tapes and films for the sign, screen print and digital printing industry. Since 1980, R Tape Corporation, headquartered in South Plainfield, NJ, has been devoted to meeting the needs of the fast-growing, competitive sign, screen print and digital printing industry with the most cutting-edge technology and outstanding customer service.
Since 1973, Custom Extrusion Technologies (CET) has created dazzling special-effect films that attract attention, enhance corporate identity and merchandise products. Our films are used in a variety of applications, such as: Packaging, POP Displays, Nameplates & labels, Theatrical lighting, Signage & Screen Printing, Book & Album Covers and Toys. In addition to extruding vinyl (PVC) films, CET also extrudes other resins, such as: Polycarbonate, Co-Polyester, Polyethylene, Polypropylene and Acrylic.
Pouschine Cook Capital Management, LLC is a New York City-based private equity firm that actively invests in proven middle-market companies ranging from $20-250 million in revenue. The focus is on founder- and family-owned companies and corporate divestitures that have - or are poised to achieve - a leading position in their niche or industry.
© International Graphics Incorporated, September 2009
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