Avante Mezzanine Partners Announces Investment in Katahdin Industries

Los Angeles, California – Avante Mezzanine Partners announced today that it has made a subordinated debt and an equity investment in Katahdin Industries, Inc., the leading provider of high-tolerance coating applications and specialized metal-finishing technology and services to the medical device and industrial markets. The investment was used to finance the acquisition of Boyd Coatings Research Co., Inc., the most significant competitor of Katahdin’s subsidiary Precision Coating Company, Inc., and to fund the company’s growth, including expanding its automated coating capacity and opening a new facility in Costa Rica. The combined company will continue to be majority-owned by Katahdin’s long-term management team.

“The combination of Katahdin and Boyd creates a dominant fluoropolymer coating vendor in the global medical device and highly-engineered components markets,” said Natasha Fox, Managing Partner of Avante. “The combined company will provide the most comprehensive and advanced coating capabilities to meet the increasingly demanding technical and service requirements of its customers.”

“We came to Avante because of their excellent reputation as an investment partner as well as their prior experience in the medical device space,” said Tim Cabot, CEO and President of Katahdin. “We have tremendous opportunities ahead and I believe we are in the best position to successfully implement our growth strategy with the committed financial and strategic support of our new partner.”

“We are backing a proven and highly-committed management team, led by CEO and President Tim Cabot and President Bob DeAngelis,” added Ivelisse Rodriguez Simon, Partner of Avante. “We look forward to supporting them as Katahdin expands both domestically and internationally and continues to provide unmatched quality and service to its existing and future customers.”