Gloucester Engineering Co. Inc. (“GEC”), a portfolio company of Blue Wolf Capital Fund II, L.P., has acquired Pearl Technologies Inc. (“Pearl”) of Savannah, New York. Pearl engineers and manufactures consumable parts for converting and extrusion capital equipment that improve performance and reduce operating costs. Since 1985, Pearl has provided customers with customized aftermarket products such as punches and wicket attachments for converting equipment. Additionally, it offers customized performance enhancements built with low friction surface technology for extrusion equipment such as collapsing frames, liquid chilled bubble cages, pre-nip chillers, turning bars and advanced gusset boards.
Headquartered in Gloucester, MA, GEC is a leading designer and manufacturer of advanced engineered equipment for the plastic extrusion industry. GEC’s equipment is used to produce sophisticated plastic film, sheet and foam for a multitude of applications around the world. The acquisition of Pearl further demonstrates GEC’s commitment to product leadership, innovation and aftermarket support and service. Pearl has a valuable portfolio of patented intellectual property that GEC will build upon and defend. GEC has invigorated its own research and development program, which recently issued 2 new patents and has several others pending or under review. Pearl’s technologies complement those of GEC and ensure the combined company will continue to build innovative systems and provide superior aftermarket support for GEC’s significant global installed base, estimated to consist of more than $2 billion in operating assets.
Mark Steele, CEO of Gloucester Engineering, said, “We are excited to have Bob Tewksbury and the entire Pearl team join Gloucester. Over the past 27 years, Pearl has produced innovative and successful products that simultaneously improve performance and reduce maintenance costs of converting and extrusion capital equipment. Pearl has consistently led with technically superior products and provided excellent service through its focus on design, engineering, customer service and product quality. Pearl’s products accelerate our growth in attractive aftermarket segments and extends GEC’s product reach further into converting, all of which will result in a more expansive product offering and improved customer service. GEC is focused on innovation and product leadership and will continue to target companies, like Pearl, that have strong positions in attractive segments of the market. Customers that want to enhance their business through innovation will look to Gloucester Engineering and Pearl as important partners that can provide them with higher yields, lower costs, increased revenue, and greater profit.”
Bob Tewksbury, CEO of Pearl Technologies, is a seasoned industry executive with 22 years of experience in flexible packaging and blown film. Under his leadership, Pearl has become a recognized leader in consumable converting and extrusion products. Bob will continue to lead Pearl Technologies and will work closely with GEC. “We are excited to be partnering with Gloucester Engineering. Gloucester’s experience, leadership position in plastic extrusion machinery, global reach, and financial backing will provide added sources of creativity, distribution and service to continue our growth and innovation. Access to GEC’s significant global network will accelerate our growth, particularly in extrusion and international markets.”
About Pearl Technologies Inc.
Pearl engineers and manufactures consumable parts for converting and extrusion capital equipment. Converting products include a wide variety of punches, slitters and perforators. In addition to punching attachments for wicketing, handle holes, hanger holes and venting attachments, Pearl is known for custom-made attachments, which are sold to various end users in the medical and food packaging industries. Extrusion products are primarily used in the blown film industry and include products such as gusset boards, bubble guides, bubble cages, and retrofit side guides, most of which are custom-made. For blown film extrusion processes, Pearl’s products are proven to improve film quality at higher outputs while reducing maintenance. Pearl was founded in 1985 by since retired founder Earl T. Pottorff and is located in Savannah, New York.
About Gloucester Engineering Co. Inc.
Since its inception in 1961, Gloucester Engineering Co. Inc. has been a global leader in advancing quality and production limits in the plastics extrusion and converting market. GEC offers a range of innovative system and component solutions, for both new lines and retrofits, that provide customers a competitive edge in applications that include blown and cast film extrusion, foam and sheet extrusion, bag making and extrusion coating equipment. GEC manufactures its equipment from its headquarters in Gloucester, MA USA, and through its joint venture company in Damman, India, Kabra Gloucester Engineering.
About Blue Wolf
Blue Wolf Capital Partners LLC is a private equity firm that invests in companies in which effective management of relationships with complex constituencies, such as government and labor, can change organizations and create value. For additional information, please visit www.blue-wolf.com.