Brite-Line Technologies Receives New Equity Investment
05 September 2006
Canton, MA and Denver, CO, September 5, 2006 - Brite-Line Technologies, Inc., a wholly owned subsidiary of the Plymouth Rubber Co., Inc., announced today that along with Plymouth Rubber, it has received a substantial new equity investment from Chrysalis Capital Partners, LP, a private equity firm, and opened a new credit facility provided by Wells Fargo Business Credit.
Brite-Line manufactures high performance reflective highway pavement marking tapes and materials used in road construction projects worldwide. Plymouth Rubber manufactures high quality vinyl and rubber tapes and materials used in the automotive, electrical and other industries.
"This investment by Chrysalis represents a tremendous opportunity for Brite-Line to significantly strengthen our proven manufacturing and product development collaboration with Plymouth and allows us to continue to reinforce and expand our already successful sales, marketing and customer service programs," said Kevin White, Brite-Line's General Manager and Chief Operating Officer. "We see today as marking a new beginning for our company which we are confident will produce both immediate and long term benefits for all of our stakeholders, including our customers, suppliers and employees."
"This transaction is a solid fit for our investment rationale," said Greg Segall, Managing Partner of Chrysalis. "We quickly recognized the strong underlying business at Plymouth Rubber and Brite-Line and look forward to working with management as they continue to execute on their business plan."
The businesses will continue to operate under the Brite-Line Technologies and Plymouth Rubber names, and the current management team - led by Maurice J. Hamilburg, President and CEO - will run the companies.
