Investcorp receives US $65M for partial sale of Werner

Investcorp, the Bahrain listed investment group, announced a partial sale (May 19) of its investment in Werner Holding Company through a re-capitalization, which values the company at approximately US $625 million.

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By  Massoud Derhally Published  May 25, 2003

Investcorp, the Bahrain listed investment group, announced a partial sale (May 19) of its investment in Werner Holding Company through a re-capitalization, which values the company at approximately US $625 million.

The company says this has enabled it to return approximately 60% of its clients’ original investment while retaining a majority interest in Werner post the re-capitalization. The new investment in Werner was made by an affiliate of Leonard Green & Partners, a leading US private equity investment firm.

Investcorp and its investors acquired Werner in November 1997. This partial sale, after five and a half years and follows the partial sale by Investcorp of Neptune Technology Group in April.

“This new investment is testimony to the tremendous value the management team and employees of Werner have created during our partnership,” said Salman Abassi, general manager of the firm’s Bahrain office and member of its management committee. “The company has increased market share while its continuous improvement programs have improved operating efficiencies and generated significant cash flow. We are pleased to enter into partnership with LGP to support Werner’s future growth.”

Werner is a US industry leader in the design, production, marketing and distribution of products, such as ladders, work platforms and scaffolds. The Company manufactures over 1,000 different fibreglass, aluminium, and wood products and accessories. In addition to climbing products, Werner manufactures and sells aluminium 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.

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