TrakTec Acquires Assets of Tracking Technology
For Immediate Release:
September 2011 – PORTLAND, MAINE, USA
Traktec’s Founder and Owner, Mike Caron, announces the recently completed asset sale of Tracking Technologies LLC to Traktec LLC (“Traktec”), an ANANIA & Associates Investment Company LLC (“AAI”) portfolio company.
Michael Caron, with over 30 years of experience in the “pressure sensitive” label industry, whose career began with S.D. Warren Paper Company, retains a stake in the new company and will remain active as Chief Technology Officer, focusing on new product development and technical sales. Traktec is a leading provider of premium pressure sensitive labels for wholesale, retail and consumer based applications and located in Southern Maine.
ANANIA & Associates Investment Company (www.anania.biz) is a private investment group, headquartered in Portland, Maine focusing on small manufacturing companies. AAI currently owns seven other manufacturing companies and its Fund Manager has an extensive corporate structure overseeing each portfolio operating company and assisting them in their growth.
“I was very pleased to find a local group that understood my vision for the future of Traktec and who has the financial resources, manufacturing operating experience and corporate infrastructure to make it happen,” said Former Owner Mike Caron. “AAI has already made significant investment in new equipment, moving the plant and hiring Jeffrey Sutton as the new CEO, all of which provide a solid base for the company”.
CEO, Jeffrey Sutton added, “I am very pleased to join TrakTec and take the lead in implementing Mike’s vision with the backing of a dynamic group such as AAI. Our focus is twofold, first to make the best quality product available and second, but just as important, to provide outstanding customer service. I think our customer base will be very happy with the outcome as a result of these changes and new implementations.”
“We are very excited about partnering with Mike, Jeff and the rest of the Traktec team to assist them in growing the company into one of the recognized leaders in the industry. Mike’s knowledge of the coatings side of the business and understanding of some breakthrough technology, forms the basis for our new platform company”, commented Peter V. Anania, Chairman of AAI.
“When combined with AAI’s financial and administrative support the results is a strong team focused on growth. AAI has deployed significant capital in Traktec, to invest in both equipment and human resources. Our first investments will focus on adding capabilities such as enhanced four‐color process printing and the installation of a state‐of‐the‐art integrated manufacturing line, which will help the company deliver the best value to its customers.”
In addition to being investors, the AAI group, are also operators. They take a long view of each investment providing patient capital and corporate infrastructure, which supports high growth potential companies like Traktec.