Interline Brands to be acquired
Interline Brands Inc. has entered into a definitive agreement to be acquired by affiliates of GS Capital Partners LP and P2 Capital Partners LLC.
The transaction is valued at approximately $1.1 billion, including the assumption of debt. The price of $25.50 per share represents a premium of approximately 42% relative to the company's closing stock price on May 25.
"This agreement provides excellent value to shareholders. This is also an exciting new chapter for Interline, one that we believe will bring broad benefits to all of our stakeholders," said Michael J. Grebe, Interline's chairman and chief executive officer. "We remain laser-focused on our goals and capabilities, and look forward to working with partners that have proven track records of investments in the distribution sector, as well as financial and operational expertise in global markets. Moreover, Interline has operated successfully in both public and private settings in the past. As we now look forward, GS Capital Partners and P2 Capital Partners have a shared vision of our value creation opportunities and the actions needed to realize them."
Interline intends to maintain its corporate headquarters in Jacksonville, Fla., as well as its distribution and sales footprint.
In addition to equity from funds managed by GS Capital Partners and P2 Capital Partners, it is anticipated that certain members of company management will invest a portion of their proceeds from the transaction.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
