Cerberus-Led Investor Group Acquires Ownership of IWCO and Completes a $55 Million Capital Investment to Build on the Company’s Market-Leading Solutions Appoints Gary Masse as Chief Executive Officer
-IWCO Direct (“IWCO” or the “Company”), a leading provider of data-driven d*************** solutions, announced that it has completed a transaction supported by an investor group led by an affiliate of Cerberus Capital Management, L.P. (“Cerberus”), and has appointed Gary Masse as Chief Executive Officer.
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The Cerberus-led investor group has become IWCO’s owner and provided a significant capital investment to further strengthen the Company’s balance sheet, provide greater financial flexibility, and support its long-term strategic plan. In this next growth phase, IWCO is now one of the industry’s most well-capitalized companies and is positioned to expand its market-leading platform. With the support of its new investor group, the team will invest in new, innovative solutions, expand its capabilities, and execute strategic initiatives to help clients win in the marketplace.
“Over the course of its history, IWCO has consistently delivered industry-leading data-driven d*************** solutions to clients,” said Joseph Naccarato, Senior Managing Director for Cerberus. “Gary brings tremendous operational experience and we are excited for him to join the great team at IWCO. With his leadership and the Company’s strengthened foundation, IWCO will be able to drive its strategic growth while continuing to invest in its innovative capabilities.”
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Mr. Masse is a seasoned executive with a proven track record of growing and transforming businesses and significant expertise across industrial companies, including in the packaging industry. He joins IWCO from Stant Corporation, where he was CEO and led the strategic transformation of the business. Prior to Stant, Mr. Masse served as President and CEO of Coveris S.A., a $2.7 billion global plastics packaging and coating company formed through the integration of five separate businesses and several strategic acquisitions. Mr. Masse’s prior experiences include CEO of Precision Partners, Group President of Cooper Tools, and various managerial roles at Danaher Corporation and General Electric.
Mr. Masse commented: “I’m honored to join the dedicated and talented team at IWCO as we begin an exciting new chapter for the Company. IWCO has a market-leading platform that is supported by innovative technology and operational excellence. With this capital investment and new partnership, IWCO will be able to reach new heights by building on our advanced solutions to better serve our clients.”
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