© luchschen dreamstime.com Electronics Production | October 19, 2012
Simclar's North American assets sold
Balmoral Funds has acquired the assets of Simclar in Hialeah, Florida; Ozark, Missouri; and Matamoros, Mexico.
Balmoral has over 100 million USD of assets under management focused on investing in corporate carve-outs, restructurings and other special situations, according to its press release. Simclar, based in Scotland, filed for administration last year leaving creditors out of 12.2 million GBP, reported Mark Williamson for the Scotland Herald. Creditors and employees later took the company to court. The price Balmoral paid for the company's North American assets was not reported. The new company will now be known as Concurrent Manufacturing Solutions LLC. Balmoral plans to invest in capital equipment, facility improvements, process improvements and working capital, among other areas, the company said in a press release. Benjamin Teno will serve as Concurrent’s CEO. Edwin Negrón-Carballo will serve as CFO and Nathan Whipple will serve as Vice President of Sales and Marketing. Concurrent will locate its business headquarters in Hialeah, FL and operate facilities at the present locations of the acquired assets in Florida, Missouri, Texas and Matamoros, Mexico.