Panolam Industries Names Vincent Miceli Chief Financial Officer
5/9/2006
For additional information:
Panolam Industries
David Bell
(203) 925-1556
david_bell@panolam.com
Genstar Capital
Chris Tofalli
(914) 834-4334
ctofalli@gencap.com
The Sterling Group, L.P.
Kelly Boots
(713) 877-8257
kboots@sterling-group.com
SHELTON, Conn. —May 9, 2006—Panolam Industries International, Inc., the North American market leader and innovator in the decorative laminate panel industry, today announced that it has appointed Vincent Miceli as the company’s chief financial officer, effective May 9, 2006. Mr. Miceli will be responsible for the company’s overall financial direction and will report to Robert J. Muller, Jr., Panolam’s chairman, chief executive officer and president.
“We are pleased to welcome Vincent to Panolam’s management team,” said Muller. “His financial acumen and strategic judgment will be instrumental as we continue to enhance the efficiency and effectiveness of our operations following our recent acquisition of Nevamar Company.”
During his 26-year career, Mr. Miceli has held senior financial management positions in the manufacturing and healthcare industries. Prior to joining Panolam, Mr. Miceli served as chief financial officer and controller of Opticare Health Systems, Inc. (AMEX: OPT), an eye care services company based in Waterbury, Conn. Prior to Opticare, Mr. Miceli held senior finance positions with Amphenol Corporation (NYSE: APH), an international manufacturer and distributor of interconnect products. A certified public accountant, Mr. Miceli earned a bachelor of science in accounting from Quinnipiac College and a master of business administration in finance from the University of Hartford.
“Panolam’s leadership team has done an exceptional job expanding the company’s product line while providing top-notch service to customers worldwide,” said Miceli. “I am very excited to join Panolam and look forward to using my skills and experience at several publicly traded companies to direct all finance functions and to contribute to Panolam’s growth.”
On March 1 of this year, Panolam finalized its acquisition of all the outstanding equity securities of Nevamar Holdco, LLC, the parent of Nevamar Company, LLC, a leading manufacturer of decorative surface products. Additionally, Panolam recently announced a major $20 million expansion of its industrial laminates plant in Morristown, Tenn.
Panolam is a portfolio company of private equity firms Genstar Capital, LLC and The Sterling Group, L.P.
About Panolam Industries International, Inc.
Panolam Industries (www.panolam.com) is a market leader and innovator in the decorative laminate industry. The company’s products, which are marketed under the widely recognized Panolam((R)) and Pionite((R)) brand names, are used in a wide variety of residential and commercial indoor surfacing applications, including kitchen and bath cabinets, furniture, store fixtures, case goods, and other applications. High pressure laminates (HPL), thermally-fused melamine (TFM), fiber reinforced laminate (FRL), Leatherlam®, Conolite® aircraft laminates, and Panolam’s engineered laminates are utilized as durable and economical alternatives for natural surfacing materials such as wood, stone and ceramic. A typical customer or end-user of decorative overlays might utilize TFM, HPL, FRL or Leatherlam® for different surfaces of the same project. As a vertically integrated manufacturer, Panolam produces decorative surfaces that offer unparalleled quality, variety and flexibility to customers worldwide.
About Genstar Capital, LLC
Based in San Francisco, Genstar Capital (www.gencap.com) is a private equity investment firm that makes leveraged investments in quality middle-market companies. Genstar Capital works in partnership with management to transform its portfolio companies into industry-leading businesses. With more than $900 million of committed capital under management and significant experience investing in businesses, Genstar focuses on selected segments of the life sciences, business services, and industrial technology sectors.
About The Sterling Group, L.P.
The Sterling Group (www.sterling-group.com) is a private equity investment firm founded in 1982 that targets controlling interests in leveraged buyout investments in basic manufacturing, industrial services and distribution companies. Sterling partners with management teams to acquire companies where it has identified specific opportunities to grow and improve the business. Sterling has sponsored the buyouts of over 30 portfolio companies and numerous add-on acquisitions for more $7 billion in total transaction value. Sterling’s current fund, Sterling Group Partners II, L.P. has $470 million of committed capital.