MVP News
Meridian Venture Partners Supports Growth Strategy of Portfolio Company Praxis
11/20/2005
Radnor, Pennsylvania - November 20, 2005 - Meridian Venture Partners today announced that it has provided capital to support the acquisition activities of The Praxis Companies, LLC, a leading manufacturer of fiberglass, acrylic, and solid surface bathware. Meridian Venture Partners, which led the transaction, provided funding for the acquisitions in partnership with Summer Street Capital Partners, HSBC Capital (USA) Inc. and management. Praxis has been an MVP portfolio company since July 2003.
In October, Praxis purchased the assets of American Whirlpool Products, Inc., a Florida-based manufacturer of luxury acrylic, jetted bathtubs, and acrylic shower bases. In addition, Praxis acquired Crane Plumbing, LLC’s New Castle, Pennsylvania and Ottumwa, Iowa fiberglass bathware manufacturing facilities in November. The acquisitions will augment Praxis’ product line, adding high-end showroom bath products to the product catalog while positioning the company as a national provider of top quality bathing fixtures.
"Both acquisitions fit perfectly into our strategic growth plan while adding high-end, quality bathware product lines to our existing portfolio of products," said Rick Stonecipher, President and CEO of The Praxis Companies. "The financing provided by Meridian Venture Partners, Summer Street Capital and HSBC Capital has allowed Praxis to continue to grow on a national scale."
"We are pleased with the continued progress at Praxis," said David Pegg, Vice President of Meridian Venture Partners. "As we have worked with Rick Stonecipher and his team for the past 2-3 years, we have been consistently very impressed with their knowledge of the business, visionary leadership, and ability to execute on their business plan. It is a pleasure to work with such a diligent and talented team and to provide additional capital in support of a successful growth strategy."
About Meridian Venture Partners
Meridian Venture Partners (www.meridianventures.com) is a leading private equity investment firm that provides financing for acquisitions, buyouts, expansion capital, and recapitalizations of middle market companies with $10 to $100 million of revenues. MVP leverages its professionals’ expertise and its capital by partnering with accomplished management teams to build successful companies. Employing a sector-diversified portfolio strategy since its founding in 1987, MVP’s portfolio companies represent diverse industries including aviation, business services, manufacturing and distribution, specialty retailing, publishing and media, financial services and healthcare.
11/20/2005
Radnor, Pennsylvania - November 20, 2005 - Meridian Venture Partners today announced that it has provided capital to support the acquisition activities of The Praxis Companies, LLC, a leading manufacturer of fiberglass, acrylic, and solid surface bathware. Meridian Venture Partners, which led the transaction, provided funding for the acquisitions in partnership with Summer Street Capital Partners, HSBC Capital (USA) Inc. and management. Praxis has been an MVP portfolio company since July 2003.
In October, Praxis purchased the assets of American Whirlpool Products, Inc., a Florida-based manufacturer of luxury acrylic, jetted bathtubs, and acrylic shower bases. In addition, Praxis acquired Crane Plumbing, LLC’s New Castle, Pennsylvania and Ottumwa, Iowa fiberglass bathware manufacturing facilities in November. The acquisitions will augment Praxis’ product line, adding high-end showroom bath products to the product catalog while positioning the company as a national provider of top quality bathing fixtures.
"Both acquisitions fit perfectly into our strategic growth plan while adding high-end, quality bathware product lines to our existing portfolio of products," said Rick Stonecipher, President and CEO of The Praxis Companies. "The financing provided by Meridian Venture Partners, Summer Street Capital and HSBC Capital has allowed Praxis to continue to grow on a national scale."
"We are pleased with the continued progress at Praxis," said David Pegg, Vice President of Meridian Venture Partners. "As we have worked with Rick Stonecipher and his team for the past 2-3 years, we have been consistently very impressed with their knowledge of the business, visionary leadership, and ability to execute on their business plan. It is a pleasure to work with such a diligent and talented team and to provide additional capital in support of a successful growth strategy."
About Meridian Venture Partners
Meridian Venture Partners (www.meridianventures.com) is a leading private equity investment firm that provides financing for acquisitions, buyouts, expansion capital, and recapitalizations of middle market companies with $10 to $100 million of revenues. MVP leverages its professionals’ expertise and its capital by partnering with accomplished management teams to build successful companies. Employing a sector-diversified portfolio strategy since its founding in 1987, MVP’s portfolio companies represent diverse industries including aviation, business services, manufacturing and distribution, specialty retailing, publishing and media, financial services and healthcare.