Penda Corp. revealed that it had acquired The Fabri-Form Co. of Ohio. The financial details of the transaction, however, were not revealed. Penda Corp. is controlled by private equity firms Resilience Capital Partners and Littlejohn & Co.
The takeover is the second of a rival by Penda ever since it became majority-owned by Cleveland, Ohio-based Resilience Capital Partners at little over six years ago. Penda first bought Durakon Industries of Michigan in 2009. Resilience Capital Partners representative Ulf Buergel said that after the acquisition of Fabri-Form Co., Resilience and the other private equity group, Littlejohn & Co. of Connecticut, will maintain controll over Penda Corp.
The transaction provides Penda an expanded customer base, which has been intensely dependent on the cyclical auto sector for its sales performance. Chief executive and president of Penda Corp. Jack Slinger said that with Fabri-Form Co.'s exposure to the heavy truck and material handling industries, Penda would also be able to penetrate these markets as well.
Join the Conversation