November 4, 2004
Plymouth, MA-Pixley Richards Inc., a well-known Plymouth Massachusetts based, privately held, 40-year-old precision insert injection molder and sub assembler; has been acquired by the Patriot Management Group. PMG acquired the business from its previous owners, The Fenway Group, who held Pixley Richards for more than ten years. The transaction was completed on October 4th, 2004 for an undisclosed price. The business will remain privately held.
The Fenway Group engaged CANEC Inteational Ltd of Toronto, Canada to market the business to parties interested in such an acquisition and who might be familiar with the industries to which Pixley Richards, Inc currently provides its services. Jocelyn Bertheau, the M&A specialist promoting the sale for the Fenway Group, stated, " Pixley Richards Inc. has many positive things to offer a potential suitor, it has a long positive history during which it eaed a solid reputation and created a strong future position for itself. The Fenway Group was interested in suitors who exhibited a penchant for maintaining the integrity of the business, the employees and its most valuable customer base". Charles F. Claeys of Nixon Peabody LLP represented Fenway Group in the transaction.
Reviews by several suitors, while very positive, culminated in the eventual sale of Pixley Richards, Inc. to the Patriot Management Group, a partnership formed by the four existing senior managers of Pixley Richards, Inc. This management team, who collectively has over 100 years of industry experience and 60 years with Pixley Richards, Inc., proved in the end, the best option for the Fenway Group. The management team, formed by Ian MacLeod, Jonathan Soucy, Steven McMenamin and Rick LaViolette, represented the four primary functions of the business and were in the best position to provide for the future of PRI.
Canec Inteational acted as M&A advisors to The Fenway Group. The Patriot Management Group based in New England, utilized the existing financial services of the Boston, MA division of Congress Financial Corporation, and Massachusetts Capitol Resource Corporation of Boston, MA as well as Jaeger-Smith of Boston, MA for legal counsel.