Cyprium Partners, a non-control private equity firm, announced its new subordinated debt investment in Paper Machinery Corporation (PMC). The capital was used to facilitate an acquisition of the business by a newly formed Employee Stock Ownership Plan (ESOP) from the Baumgartner family. The selling shareholders, Donald Baumgartner and John Baumgartner, will continue to serve on the company’s Board of Directors.
Dan Kessler, a Partner at Cyprium, stated: “This is a tremendous opportunity for the more than 250 employees of PMC who have been rewarded for their years of dedication with ownership in the Company. We look forward to working with the senior management team of Luca Dellomodarme, Scott Koehler and Michael Kazmierski to continue PMC’s success.”
Founded in 1947 and headquartered in Milwaukee, Wisconsin, PMC is a manufacturer of complex, high-speed forming machines and ancillary equipment utilized by paper and packaging companies to produce paper cups, paperboard canisters, and custom paperboard packages.
