CHATSWORTH, Calif. — Pipedream Products CEO Nick Orlandino has issued an open letter announcing the “strategic partnership” with a private equity firm to enable further expansion of the manufacturer’s domestic operations and growth overseas.
In March, Orlandino addressed rumors of the company’s sale, stating that while the company had explored options, its management would remain intact for the foreseeable future.
Today, Orlandino issued the following open letter:
Over the last year now, Pipedream has been exploring various options to improve the future of our company. I am pleased to announce that an agreement has been reached to bring in a strategic partner to help take Pipedream to the next level. I am personally very excited to make Pipedream the first novelty manufacturer to bring in a private equity firm to help our global expansion. Our new partner will give us the resources and professional guidance to expand our domestic operations and continue our expansion overseas.
I will remain CEO, Chairman of the Board and Managing Partner and I personally have increased my stake in the company. All of our staff will remain with the company, and I will be adding more senior executives to help us move forward with our expansion plans.
As always, the entire Pipedream team is energized by the latest developments and are super excited to get the ball rolling. Our 3 year plan will be very aggressive in all aspects of our business.
We hope that you are as excited as we are as the future looks bright and Pipedream will continue to lead the way in the novelty industry!
If you have any questions or concerns, please do not hesitate to contact me.
CEO / Chairman of the Board / Managing Partner