Deal Bolsters Pelican's Product Line and Expands Service Offerings
LOS ANGELES, Jan. 13, 2009 - The world's leading manufacturer of plastic injection molded protective cases, Pelican™ Products, Inc., today announced the acquisition of long-time competitor, Hardigg® Industries, the world's largest manufacturer of roto molded protective cases, based in South Deerfield, Mass. The transaction, valued at approximately $200 million, is believed to be the largest acquisition in the history of the protective case industry. Pelican Products was supported in the acquisition by the New York and San Francisco based private equity group Behrman Capital. "Despite the current economic downturn, Pelican Products has continued to grow its position as a global leader in the design and manufacturing of advanced lighting systems and virtually indestructible injection molded cases," said Lyndon Faulkner, president and CEO, Pelican Products, Inc. "The acquisition of Hardigg is testament to Pelican's commitment in driving growth of the company and its pledge to leading innovation in the industry. I am extremely excited to conclude this acquisition and to put two global organizations together combining their respective strengths." Collectively the new entity will employ more than 1,500 employees. Pelican Products will operate in 12 countries, have 22 offices globally and maintain six manufacturing locations throughout Europe and North America. It is well capitalized for future growth and will drive to a half billion dollars of revenue over the next few years.
The Hardigg brand name will continue to identify the company's high-end roto molded shipping cases, leveraging the brand recognition of Hardigg. Hardigg Industries is the world's largest manufacturer of roto molded shipping cases used by the military, consumers, public safety officers, the industrial sector, and other professionals. As the first company to manufacture an airtight, watertight and virtually indestructible protective container, Hardigg has been a leader in the design and manufacturing of roto molded protective transport cases since its founding in 1954 by James S. Hardigg. Hardigg also produces the Storm Case® line of injection molded protective cases.
"The reputation of the Hardigg brand and quality of its products, people and processes make it an ideal partner," added Faulkner. "By bringing together the world's largest roto molded case manufacturer with the world's largest injection molded case manufacturer, the greatest beneficiary is the customer. As a result of our new partnership, Pelican will offer customers an unrivaled product range, all from a single source." General Peter Pace USMC (Ret.), chairman of Pelican, commented, "The manufacturing strengths of Pelican and Hardigg create a strong combined selling model and market synergy. The acquisition enables us to enhance offerings to our core customers, including the military, while continuing to expand our footprint with other important customer segments."
Jamie Hardigg, chairman of Hardigg Industries, commented, "By joining the Pelican family we can offer more opportunities to employees, expand our product line and enhance our global reputation. We're excited that the combination of our companies creates a global industry leader well poised for continued growth." Jamie Hardigg plans to cease his day-to-day management responsibilities, but will serve as a member of the Board of Directors for Pelican Products. John Padian will continue to manage the Pelican organization as COO of Pelican Products and Bill Hamer will continue as COO of Hardigg Industries. Both will report to Lyndon Faulkner, president and CEO of the Pelican Corporation.