Heritage Growth Partners LLC, a private family investment office, has recapitalized CAB Worldwide, a global engineering, manufacturing and supply chain management business.
CAB provides machined steel, iron and aluminum cast, forged and fabricated parts and assemblies to original equipment manufacturers and distributors. The recapitalization looks to support CAB’s operations, drive the expansion of capabilities and fund future acquisitions.
“In addition to patient capital, Heritage Growth brings strategic relationships and an operational mindset, which will help CAB realize its true potential,” states Terri Jondahl, chief executive officer of CAB. “We look forward to accelerating our growth organically as well as expanding the business through selective acquisitions that bolster our capabilities and broaden our reach.”
PNC Bank provided a senior secured debt facility in connection with the transaction. Kilpatrick Townsend & Stockton LLP served as legal advisor to CAB, Troutman Pepper Hamilton Sanders LLP served as legal advisor to Heritage Growth and Moore & Van Allen PPLC served as legal advisor to PNC Bank. Carr Riggs & Ingram, Tanner Ballew & Maloof, LivingHR, GZA and Nestell & Associates provided quality of earnings, insurance, HR, environmental and IT diligence support services, respectively, in connection with the recapitalization.