April 2015
Windjammer Exits Investment in Protective Industries, Inc. (Caplugs)

Windjammer Capital Investors is pleased to announce the successful exit of its investment in Protective Industries, Inc. (“Caplugs” or the “Company”) in a sale to Berwind Consolidated Holdings, Inc.  Terms of the transaction were not disclosed. 

Founded in 1948, with headquarters in Buffalo, NY, Caplugs is a leading manufacturer of plastic protection products. The Company’s low-cost-to-value, highly engineered products include a wide range of molded and extruded caps, plugs, masking, and other application specific solutions that are critical for protecting customers’ higher cost components and finished goods. The Company serves its diverse, global customer base from facilities in North America and China. Caplugs’ products are primarily consumed in use during customers’ manufacturing processes or while transporting and/or storing products, creating a highly recurring revenue base. (


In May of 2011, Windjammer partnered with management and certain other investors to acquire Caplugs.  During the firm’s ownership period, revenues and EBITDA more than doubled. The Company achieved these financial results through a number of initiatives both organic and M&A related.

Greg Bondick, Managing Director of Windjammer, commented, “From the beginning of our investment in Caplugs we knew there were a number of acquisition targets to pursue. Through our disciplined M&A approach we were able to augment the platform’s business through four acquisitions which increased the Company’s product breadth, geographic reach and positioned the Company to take share in high growth markets. This M&A plan was complemented by a series of organic market initiatives that added significant earnings momentum as well, such as the implementation of a New Product Development program, a reorganization of the sales and marketing functions, and the construction of a purpose built Chinese manufacturing facility.”

“Caplugs’ CEO joined the company shortly before our investment, and in partnership with him the culture of the business was transformed during our ownership” said Costa Littas, Managing Principal of Windjammer. “Many of the critical functional leadership positions were upgraded and the management team was able to leverage its existing world class manufacturing position as it created a successful sales and marketing driven organization.”


Houlihan Lokey acted as Caplugs’ financial advisor, and Choate Hall & Stewart LLP provided legal counsel.

About Windjammer

Windjammer Capital is a national private equity investment firm, based in Newport Beach, CA and Waltham, MA that invests control equity in middle‐market businesses and in partnership with management. Windjammer manages over $2 billion of committed capital with respect to its control equity investment strategy, and since its founding in 1990, has completed over 50 platform acquisitions and over 100 strategic add‐ons. The firm targets investments in companies that are leaders in attractive niche markets and share several of the following characteristics: significant and defensible market positions; differentiated products and services; strong management teams; scalable business models; identifiable growth opportunities; and consistent financial performance.

If you would like more information or have any questions related to this transaction, please contact Greg Bondick (781-530-9121).