New York, NY – Alleghany Capital Corporation has formed a wholly-owned subsidiary, Piedmont Manufacturing Group, LLC, to acquire Wilbert, Inc., a provider of injection molded and thermoformed parts and multi-component assemblies for original equipment manufacturer (OEM) customers in a range of end-markets. Operating out of three facilities in the southeast and one in the midwest United States, WPS provides OEM customers in the industrial, commercial, transportation, recreational, medical and other industries with a full range of product design and engineering, injection molding, thermoforming, painting, assembly, logistics and inventory management capabilities.
David Van Geyzel, president and chief executive officer of Alleghany Capital, commented, “We are pleased to announce the formation of Piedmont Manufacturing as our eighth platform company and are excited about its acquisition of WPS. We look forward to supporting Greg Botner, president and chief executive officer of WPS, and his dedicated team of over 600 employees as they continue to provide their customers with essential components and services for products that consumers use every day. Consistent with our quasi-autonomous operating model, Greg and his senior management team will continue to lead the company post-closing and the transaction will not impact WPS’s day-to-day operations.”
Udi Toledano, chairman of Alleghany Capital, added, “Although WPS has a shared history with and remains a supplier to Wilbert Funeral Services, Inc., an Alleghany Capital portfolio company, the two businesses are distinct, with very different capabilities and customers. As a result, there are no plans to combine WPS and WFSI, which is reflected in the formation of Piedmont Manufacturing as our fifth platform company in Alleghany Capital’s Industrial segment.”
Greg Botner, president and chief executive officer of WPS, stated, “We are delighted to partner with Alleghany Capital to build Piedmont Manufacturing into the leading industry platform for value-added products, services and technology. We are committed to delivering outstanding results to our customers, and this partnership will enhance our ability to further expand our customer base and provide our dedicated employees with even greater opportunities for growth and advancement.”
Rob Hulick, principal at Alleghany Capital, remarked, “We are pleased to welcome WPS into the Alleghany Capital family and are eager to provide the company and its employees with the benefits of our unique model. Leveraging Alleghany Capital’s long-term investment horizon, quasi-autonomous operating model and access to Alleghany Corporation’s resources, we believe WPS should be well positioned to expand on its current market position. As with our other portfolio companies, Alleghany Capital expects to provide the company with the resources and follow-on capital to invest in organic initiatives and add-on acquisitions.”