Palladium Equity Partners Makes $10 Million Commitment to Starfire Systems
NEW YORK and MALTA, N.Y., July 11 -- Palladium Equity Partners, LLC, a New York-based private equity firm, and Starfire Systems, Inc., a leading global developer and manufacturer of nanostructured advanced ceramic materials and finished products, today announced that Palladium has committed to invest up to $10 million in Starfire through the acquisition of preferred stock in a private placement. Palladium's investment will provide growth capital for Starfire and the private equity firm will be Starfire's largest institutional investor.
Peter A. Joseph, a Managing Director of Palladium, said, "Starfire's nanostructured advanced ceramics position the Company to benefit from trends in the aerospace, automotive, electronics, energy and other manufacturing industries where advanced materials are central to growth and innovation. Under the leadership of Richard Saburro, Starfire's President, and his team, the Company has emerged as a provider of adaptable, light-weight ceramic products that have superior strength and durability. Starfire products offer innovative alternatives to conventional materials, enabling customers to realize reduced costs with more flexible design capability. We are delighted to make this commitment in support of the growth and success of an excellent New York-based company."
Starfire Systems develops and manufactures performance materials and products for electronics, transportation, aerospace, and other key industries. Starfire's products are manufactured with proprietary ceramic-forming polymers that yield nanostructured ceramics with superior properties and lower cost compared to advanced ceramics produced with conventional methods. Products developed by Starfire are currently used in applications from ultra light- weight brake rotors for performance motorcycles to the NASA Space Shuttle's heat shield repair kit.
Starfire Systems is located in the Saratoga Technology + Energy Park (STEP), Malta, NY, a 280-acre site dedicated to the support and development of clean energy and environmental technology companies in the heart of New York's Tech Valley. STEP is owned and sponsored by the New York State Energy Research and Development Authority (NYSERDA), a public benefit corporation of the State of New York.
Starfire President and CEO, Richard Saburro, said, "Palladium brings both capital and manufacturing experience to Starfire at a crucial time as we expand our operations in a new facility and introduce groundbreaking new products to the industries we serve. Palladium will be a valuable addition to our team at STEP which, under the leadership of NYSERDA, has provided strong support for Starfire's growth and development. We look forward to working with Palladium, NYSERDA and STEP as we continue to develop a leadership position in the advanced ceramics industry, worldwide."
NYSERDA President and CEO, Paul D. Tonko, said, "Starfire is a prime example of a small company achieving growth and success through public and private partnerships, and we at NYSERDA are extremely pleased to see Starfire receive such great support from Palladium. The investment will help Starfire continue to succeed and complement the Governor's efforts to promote the manufacturing of clean energy and environmentally friendly technologies and enhance economic development in upstate New York."
About Starfire Systems
Starfire Systems, Inc. is the leading global developer and manufacturer of break-through nanostructured ceramic materials and finished products. Our patented pre-ceramic polymer technology simplifies the production of nanostructured silicon carbide (SiC) fiber-reinforced composites, monoliths, and coatings. For the first time, the design and cost advantages long associated with polymer-based plastics are combined with the superior performance properties of leading edge ceramics. This translates into new materials options that are both light-weight and tough while critical performance characteristics for hardness and thermal stability are maintained. Starfire is pioneering nanostructured ceramics in key markets for transportation, aerospace, electronics, and others. Our clients are forward thinking companies who recognize that new materials solutions are vital to enhance the capabilities of their products and ensure the future success of their companies. For more information on Starfire and its enabling technologies and products, visit http://www.starfiresystems.com/.
About Palladium Equity Partners
Palladium Equity Partners, LLC (www.palladiumequity.com) is an investment firm targeting companies in financial and business services, consumer/retail, food/restaurants, healthcare, manufacturing, and media. Palladium has a particular focus on companies that are well-positioned to capitalize on the fast-growing U.S. Hispanic market. The principals of Palladium have invested over $2.5 billion of equity in more than 50 portfolio companies over the last two decades. Formed in 1997, Palladium currently has capital under management in excess of $750 million.
Palladium Equity Partners David Lilly / Laura Walters Kekst and Company 212-521-4800