May 12, 2006
American Securities Announces Sale of Cambridge International
American Securities Capital Partners, LLC announced today it has agreed to sell Cambridge International, Inc. (Cambridge), the largest woven metal belt manufacturer in the world, to Sterling Investment Partners of Westport, Connecticut, for an undisclosed sum. Cambridge has a succession of patented belt designs and technologies for servicing industries throughout the globe including farming, food processing, packaging, electronics, building products and automotive production. Most recently, Cambridge has become a pioneer in the application of woven metal belts to the interior design, engineering and architecture fields, an innovation with which American Securities has been closely involved.
"Since we began our partnership with Cambridge in July of 2000, American Securities has worked closely with the management team to help them transform the Company into a highly effective, client service organization, as well as to further enhance the Company's strength in innovation," recalled Paul Rossetti, Managing Director of American Securities. "For example, we provided Cambridge with resources integral to the development of the decorative mesh product line, which is becoming an engine for strong growth. Today, Cambridge is more efficient and more profitable than it has been in its long history."
"When American Securities became our investors and our partners six years ago, we forged a common vision for the long-term growth and market expansion of our Company," explained William H. Colson, President and Chief Executive Officer of Cambridge. "The partners at American Securities supported us with analytical skills, experience and a focus on the long term. Today, we are not only a stronger company, but we are well-positioned to execute the next stage in our growth plan by extending belt applications into new markets, as well as continuing our pioneering design work."
Originally founded in 1915 as Cambridge Wire Cloth Company, the current company, Cambridge International, Inc., which is headquartered in Cambridge, MD., was formed in 1998 by the merger of Cambridge, Inc. with Maryland Wire Belts, Inc., an event that transformed Cambridge into the dominant provider of woven metal belts to industries throughout the United States. Today, the Company serves domestic and international markets with locations in Cambridge, MD; Modesto, CA; Mexico and Brazil. The Company also has representatives in Europe and Asia.
Legal counsel to Cambridge in this transaction is Kaye Scholer. Their lead investment bank is The Bigelow Company, LLC.
