Wayne, PA – January 20, 2011 – Guardian Capital Partners (“GCP”) announced that on January 4, 2011 it acquired a controlling interest in PPI-Time Zero, Inc. (“PPI” or the “Company”).
Headquartered in Paterson, New Jersey, PPI (www.ppi-timezero.com) is a leading electronics manufacturing services (“EMS”) company which provides contract manufacturing of highly reliable components to the aerospace, defense, medical and industrial electronics industries. With 40 years of service within the EMS industry, PPI is known for its superior quality manufacturing of mission-critical products in the low-to-medium volume production environment.
Dana M. Pittman, CEO of PPI, said, “We are very pleased to have established a partnership with Guardian Capital Partners and are looking forward to working with them in support of PPI-Time Zero’s continued growth.” The company is coming off another strong year of performance driven by successfully executing its organic growth strategy with a focused set of customers and niche market segments. Pittman added, “PPI is well positioned to continue its strong performance. Together with Guardian’s guidance and resources, we will be able to accelerate our initiatives with a new facility expansion, improved logistics and value-added process installation.”
Peter Haabestad, Managing Partner of GCP and lead for the PPI transaction said, “We were impressed with the Company’s accomplishments over the last five years and with its potential for continued future growth. Under the leadership of Dana Pittman and his capable team, PPI-Time Zero has established a reputation for providing high quality, fully tested box build EMS assemblies in an expanding market. This approach has connected with the customer base and has facilitated organic growth with new sales to other divisions of existing customer accounts. We are excited to partner with Dana on this investment. He is a proven highly-effective CEO.”
The law firm Stevens & Lee advised Guardian Capital Partners. Fox Chase Bank provided senior debt financing for the transaction. Patriot Capital provided additional financing and minority equity. The management team of PPI also co-invested equity alongside GCP.
For more information about the transaction, contact Peter Haabestad at Guardian Capital Partners.