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Palladium Equity Partners Announces Recapitalizations of Two Portfolio Companies


auto repair shop

NEW YORK--July 25, 2013: Palladium Equity Partners, LLC (together with its affiliates, "Palladium"), a private investment firm focused on investments in the U.S. Hispanic marketplace, today announced that it has completed the recapitalizations of two portfolio companies – ABRA Auto Body & Glass ("ABRA"), a leading national provider of vehicle damage repair services, and Teasdale Quality Foods, Inc. ("Teasdale"), a leading producer and marketer of canned and dehydrated beans and hominy in the United States – allowing it to distribute approximately $58 million to investors in Palladium Equity Partners III, L.P., while continuing to be the majority owner of both companies.

Marcos A. Rodriguez, Managing Member of Palladium, commented, "Both ABRA and Teasdale exemplify the characteristics that Palladium seeks in its investments: strong and experienced management teams, market-leading positions, and compelling opportunities for growth. We are greatly pleased with the success we have achieved in working with ABRA and Teasdale, both of which are experiencing significant growth, and we look forward to continuing to press forward with them on the significant opportunities we see for them in the months and years ahead."

The recapitalization of ABRA allowed for the return of approximately $24 million in capital to investors in Palladium Equity Partners III, representing 44% of invested capital. Since Palladium's initial investment in October 2011, ABRA has accelerated its national expansion plan by completing ten add-on acquisitions and increasing EBITDA by more than 80%.

Teasdale executed a $94.5 million senior secured credit facility and returned approximately $34 million to investors in Palladium Equity Partners III, representing a return of 1.1x invested capital in less than two years. Since Palladium's initial investment in September 2011, Teasdale has established a nationwide presence, entered new product categories and channels, and nearly tripled its EBITDA.