|FOR IMMEDIATE RELEASE||
Chris Tofalli Public Relations, LLC
NEW YORK, NEW YORK — March 12, 2002 — Interdynamics, Inc., a Brooklyn, NY-based $64 million revenues manufacturer of specialty products for the automotive aftermarket, announced today that it received a significant investment by a group led by Arsenal Capital Partners LP, a New York City-based private equity firm.
Concurrent with the transaction, Interdynamics announced the appointment of Douglas A. Negrin as President and CEO of the company. Mr. Negrin was previously President of Medo Industries, a division of Pennzoil-Quaker State Corporation.
Interdynamics is a leading supplier to the automobile aftermarket with its largest product line consisting of chemicals, lubricants, tools and accessories for automobile air conditioning systems. The company also manufactures a wide range of other automotive products, including performance enhancers, leak detectors / leak sealers, air compressors and buffers, that are primarily sold through consumer retail channels, including mass merchants and automotive specialty stores.
"We are very excited to enter into this partnership with Arsenal Capital and believe that their operating expertise and financial resources will help strengthen our position as a leader in our markets," said Buddy Trachtenberg, who along with his brothers Jerry and Mickey, is an owner and founder of the business. "We also look forward to working with Doug, who is a highly accomplished executive in the automotive aftermarket and will help us continue our tradition of product innovation, market leadership and superior customer service," he added.
"Interdynamics has a 30-year history of growth, product leadership, and quality manufacturing," commented Terrence Mullen, a founder and Managing Director of Arsenal Capital Partners. "We are partnering with an excellent management team and are committing substantial resources to continue to drive growth, enhance key operating processes, and improve productivity. We are very excited about the future prospects of Interdynamics."
Doug Negrin added, "Interdynamics is a market leader that serves the same automotive aftermarket customers that I have been working with for the last ten years at Medo. I believe there are great opportunities to further expand our product offering, increase sales to existing customers and expand our channels of distribution. I am very enthusiastic about working with the talented team of people at the company."
Interdynamics remains a privately held company with a total capitalization of approximately $50 million post-transaction. The transaction was funded by Arsenal Capital Partners, Interdynamics management, and CapitalSource Finance LLC.
Arsenal Capital Partners is a New York-based private equity fund that makes control investments in manufacturing and business service companies that offer significant opportunities for growth and productivity gains. The firm invests where it has substantial prior experience and can provide access to broad operating and functional expertise that can support management teams in building long-term value.
CapitalSource is one of the leading commercial finance firms in the United States, excelling in situations that require extraordinary service, such as financing transactions that call for a high level of creativity, flexibility, insight or speed. CapitalSource makes senior and mezzanine loans ranging in size from $1-50 million, conducting lending activities through three highly focused business units: Corporate Finance, Healthcare Finance and Structured Finance. More information about CapitalSource is available at www.CapitalSource.com.
Interdynamics, Inc. is a $64 million revenues manufacturer of specialty products for the automotive aftermarket. The company's largest product line consists of chemicals, lubricants, tools and accessories for auto air conditioning systems. The company also manufactures a wide range of other automotive products, including performance enhancers, leak detectors / leak sealers, air compressors and buffers, that are primarily sold through consumer retail channels, including mass merchants and automotive specialty stores. More information about Interdynamics, Inc. is available at www.ID-USA.com.
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