Battenfeld Gloucester: Management Buyout
Battenfeld Gloucester Engineering has been sold via a management buyout and has been renamed Gloucester Engineering Co. INC. The transaction has been closed on October 30, 2007.
Gloucester Engineering Management was looking for an investor familiar with the polymer web extrusion industry that was committed to grow the business and to expand its leadership in its core film product segments. Lead investor, Mousam Ventures, is focussed on investing in high tech growth companies.
John Sharood and Dick Murphy from Mousam Ventures join Gloucester Engineering as Chairman and Vice Chairman. Former CEO of Battenfeld Gloucester Engineering, Carl Johnson, is President of the new company. All senior managers of the company are investors in the MBO.
Former parent company of Battenfeld Gloucester, German holding company SMS GmbH, has sold the business as part of its strategic decision to concentrate on its core business of steel mill equipment.
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