Bahrain’s Investcorp has announced a partial sale of its investment in Werner Holding Company through a re-capitalization, which values the company at approximately $625 million.
This has enabled Investcorp to return approximately 60 percent of its clients’ original investment while retaining a majority interest in Werner post the re-capitalization, generating a good rate of return on the portion of the investment realized through the transaction. The new investment in Werner was made by an affiliate of Leonard Green & Partners, a US private equity investment firm, state a press release.
Investcorp and its investors acquired Werner in November 1997. This partial sale, after five and a half years, has not only provided good returns for Investcorp and its investors but is a substantial step towards full realization of this investment in due course. It follows the partial sale by Investcorp of the Neptune Technology Group, announced last month, and is continuing evidence of Investcorp’s ability to deliver returns to its clients against the backdrop of a challenging global economic environment.
US-based Werner is a provider of design, production, marketing and distribution of products, such as ladders, work platforms and scaffolds. The company manufactures over 1,000 different fiberglass, aluminum, and wood products and accessories. In addition to climbing products, Werner manufactures and sells aluminum extruded products and more complex fabricated components to the automotive, electronics, and architectural and construction industries. In 2002, Werner generated net sales of $520.4 million, EBITDA of $81.4 million and net income of $27.4 million.
Investcorp is a global investment group with offices in the Kingdom of Bahrain, London and New York. The firm has four lines of business: corporate investment, real estate investment, asset management and technology investment. It was established in 1982 and has since completed transactions with an aggregate value of approximately $20 billion. — (menareport.com)
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