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January 07, 2010

Paine’s WireCo Ties Up New Add-On

By Daniel Hausmann

When WireCo WorldGroup executives needed a component for a new hush-hush product around summertime, they called upon synthetic high-tension rope maker Phillystran Inc. By late summer they had a potential acquisition on their hands.

WireCo, backed by Paine & Partners LLC, acquired Phillystran for an undisclosed sum from owner W. Wynne Wister, who is staying on as a senior vice president with WireCo. The deal did not require a new equity infusion from Paine or new debt, WireCo Chief Executive Ira Glazer said.

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