MANAGEMENT CAPITAL, LLC LEADS BUYOUT OF MASSACHUSETTS PACKAGING EQUIPMENT MANUFACTURER 
 

PROVIDENCE, R.I. and HYANNIS, Mass. (May 5, 2004): Management Capital LLC, a Providence-based investment firm that specializes in providing leadership and capital to middle-market companies, announces the acquisition of the Converting Technologies Division of DT Industries in Hyannis, Massachusetts by Sencorp, Inc. The announcement was made recently by Robert D. Manchester, a principal of Management Capital LLC.

Located in Hyannis, Mass., Sencorp is a manufacturer of thermoforming machines, packaging systems, lab sealers, tablet compression equipment, and builder of large-scale complex machines made to customer specification. The company employs
105 people. Working with Sencorp’s senior executives, Management Capital led the buyout of the Converting Technologies Division, providing equity and subordinated debt, negotiating the terms of the senior financing and negotiating the terms of the acquisition with DT Industries, Sencorp’s parent company.

“We believe that Sencorp’s management team is poised to take advantage of the opportunities in the end markets served to increase sales and expand profitability,” states Mr. Manchester. “Over the past few years, Sencorp has invested to improve the capabilities of its product lines for customers worldwide. Moreover, the company implemented a LEAN manufacturing initiative, making substantial gains in reducing inventory, improving product quality and cutting the time required to produce large thermoforming machines by 50%. From an operational standpoint, Sencorp was ideally suited for the acquisition and has the current capacity to grow substantially beyond its current size.”

The Converting Technologies Division of DT Industries was formed after the former DT Industries’ Armac, Sencorp and Stokes businesses were consolidated from thee separate facilities into the Hyannis location. Brian Urban, president of Converting Technologies since 2000, serves as Sencorp president and CEO.

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Established in 2003, Management Capital LLC is an investment firm providing leadership and capital to small and middle-market companies. The firm’s team of hands-on, experienced directors and senior executives works with a company’s management to initiate and seize growth opportunities and to invest equity capital for expansion, recapitalization or buyouts of companies undergoing periods of significant change and transition. The Management Capital team has provided over $275 million in risk capital to 80 portfolio companies. The company is located at 10 Dorrance Street, Suite 500, Providence, RI 02903; phone: (401) 621-8200; fax: (401) 621-8202; Web: www.mgtcapital.com

Sencorp, Inc. is headquartered at 400 Kidds Hill Road in Hyannis, MA 02601; phone (508) 771-9400; fax (508) 790-0002; Web: www.sencorp-inc.com