Genstar Portfolio Company Altra Holdings, Inc. to Acquire TB Wood's Corporation for More than $120 Million
22 February 2007 - 6:43AM
PR Newswire (US)
Transaction Combines Two Leading Power Transmission Companies SAN
FRANCISCO, Feb. 21 /PRNewswire/ -- Genstar Capital portfolio
company Altra Holdings, Inc. (NASDAQ:AIMC) has entered into a
definitive agreement to acquire TB Wood's Corporation (NASDAQ:TBWC)
for $24.80 per share in cash, combining two leading players in the
power transmission sector. Genstar, a middle market private equity
firm that focuses on investments in selected segments of the
industrial technology, life sciences, healthcare services, and
business services sectors, led the successful initial public
offering of Altra in December and continues to hold an approximate
30% stake in the company. Altra is a leading multinational
designer, producer and marketer of a wide range of
electromechanical power transmission products. TB Wood's is an
established designer, manufacturer and marketer of electronic and
mechanical industrial power transmission products, which are sold
to North American and international manufacturers and users of
industrial equipment. The transaction is expected to close in the
second quarter of 2007. "TB Wood's is a great fit with the existing
Altra platforms and meets our disciplined acquisition philosophy
perfectly," said Michael L. Hurt, Chairman and CEO of Altra. "The
acquisition of TB Wood's broadens our growing coupling product line
and adds engineered belted drive systems as well as adjustable
speed electronic drives and systems to our product portfolio."
Genstar Chairman and Managing Director Jean-Pierre L. Conte said,
"The combination of these two companies creates a leader in the
power transmission industry. We are pleased to see Altra continue
its strategic growth strategy and fulfill our vision for the
company to enhance its brands and product offerings. We are
confident that Mike and his team will effectively integrate these
two companies and expand its global operations." Genstar created
Altra in 2004 with the acquisition of Colfax Power Transmission
Group and its subsequent combination with Kilian Manufacturing
Corporation. Since then Genstar has helped management with add-on
acquisitions, including the 2006 acquisitions of the Hay Hall
Group, a UK- based manufacturer of mechanical power transmission
products and Bear Linear, a manufacturer of high value-added linear
actuators for mobile off-highway and industrial applications. About
Genstar Capital, LLC Based in San Francisco, Genstar Capital
(http://www.gencap.com/) is a private equity investment firm that
makes leveraged investments in quality middle-market companies.
Genstar Capital works in partnership with management to transform
its portfolio companies into industry-leading businesses. With more
than $900 million of committed capital under management and
significant experience investing in businesses, Genstar focuses on
selected segments of the industrial technology, life sciences,
healthcare services and business services sectors. About Altra
Industrial Motion Altra is a leading multinational designer,
producer and marketer of a wide range of electromechanical power
transmission products. The company brings together strong brands
covering over 35 product lines with production facilities in six
countries and sales coverage in over 70 countries. Our leading
brands include Boston Gear, Warner Electric, Formsprag Clutch,
Ameridrives Couplings, Industrial Clutch, Kilian Manufacturing,
Marland Clutch, Nuttall Gear, Stieber Clutch, Wichita Clutch,
Twiflex Limited, Bibby Transmissions, Matrix International, Inertia
Dynamics, Huco Dynatork and Warner Linear. About TB Wood's
Corporation TB Wood's is an established designer, manufacturer and
marketer of electronic and mechanical industrial power transmission
products, which are sold to North American and international
manufacturers and users of industrial equipment. Headquartered in
Chambersburg, Pennsylvania, the company operates production and
sales facilities in the United States, Canada, Mexico, Germany,
Italy and India. DATASOURCE: Genstar Capital CONTACT: Chris
Tofalli, +1-914-834-4334, for Genstar Capital Web site:
http://www.gencap.com/
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