Form Technologies, Inc. ("Form Technologies" or the "Company"), a global leader in the production of precision-engineered components, today announced that Ares Management funds ("Ares") have acquired a majority of the Company's common equity. In connection with the transaction, Form Technologies has substantially deleveraged its balance sheet and received approximately $304 million in new equity capital, comprising $154 million of common equity from investors including Ares, the D. E. Shaw group and Onex Credit, as well as $150 million of preferred equity from the D. E. Shaw group and Ripple Industries. The new capital is expected to support additional investment in Form Technologies' leading operational capabilities and accelerate the Company's commercial strategy.
With a robust global footprint of 32 facilities across 22 countries, Form Technologies has built strong commercial momentum through its ability to offer diversified casting services at scale, with key competencies in die casting, investment casting and metal injection molding. In recent years, the Company has invested significantly in its proprietary processes and engineering capabilities to support product design and manufacturing with a higher level of precision for its customers. Form Technologies has also implemented important enhancements to its commercial organization in that time and has accelerated the success of new customer programs, increasing the Company's customer count to nearly 2,000 organizations across key end markets, including automotive, aerospace, healthcare and enterprise technology.
"Over the past two years, we have undertaken a platform-wide strategic repositioning that has solidified Form Technologies as a global leader in precision-engineered parts," said David Angell, Chief Executive Officer of Form Technologies. "I am very proud of the work our team has done to deliver on our operational objectives while continuing to meet our customers' needs. We are excited to move forward with additional strategic support from Ares as we seek to build on our commercial momentum, expand our presence in key regions and drive long-term growth."
"Since our initial investment in 2021, we have observed the acceleration of Form Technologies' commercial success through its differentiated solutions-based offering and engineering excellence," said Aaron Rosen, Partner and Co-Head of Opportunistic Credit at Ares Management. "We believe that under David's leadership, Form Technologies is well-positioned to address the growing needs of its diversified customer base across key regions and sectors. We look forward to the exciting opportunities ahead as we support the team's goals for driving revenue growth and value creation."
Jefferies LLC served as financial advisor and Kirkland & Ellis LLP served as legal counsel to the Company. Evercore served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Ares.
