GS Capital Partners VI Fund, L.P and P2 Capital Partners, LLC Complete Acquisition of Interline Brands, Inc.
September 07 2012 - 4:00PM
Interline Brands, Inc. (NYSE:IBI) (the "Company" or "Interline")
today announced the completion of its acquisition by affiliates of
Goldman Sachs Capital Partners ("GS Capital Partners") and P2
Capital Partners, LLC ("P2 Capital Partners" or "P2").
The transaction was originally announced on May 29, 2012, and
was approved by the Company's stockholders at a special meeting of
the stockholders held on August 29, 2012. Under the terms of the
Merger Agreement, the Company's stockholders will receive $25.50
per share in cash.
"We are excited to begin this new chapter with partners that
have a shared vision of our value creation opportunities and the
actions needed to realize them," said Michael J. Grebe, Interline's
Chairman and Chief Executive Officer. "Interline employees remain
committed to delivering outstanding value and satisfaction to our
customers through our market-leading brands and world-class
distribution network."
The Company's common stock will be delisted from the New York
Stock Exchange. Interline will maintain its corporate headquarters
in Jacksonville, Florida, as well as its national distribution and
sales network.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal
advisor to the Company. Barclays Capital Inc. acted as financial
advisor to the Company. Fried, Frank, Harris, Shriver &
Jacobson LLP and Debevoise & Plimpton LLP acted as legal
advisors to GS Capital Partners and P2 Capital Partners,
respectively. Goldman Sachs acted as financial advisor to GS
Capital Partners and P2 Capital Partners.
About Interline
Interline is a leading distributor and direct marketer with
headquarters in Jacksonville, Florida. Interline provides
broad-line maintenance, repair and operations (MRO) products to a
diversified customer base of facilities maintenance professionals,
professional contractors, and specialty distributors primarily
throughout North America, Central America and the Caribbean. For
more information, visit the Company's website at
http://www.interlinebrands.com.
About GS Capital Partners
Since 1986, the Goldman Sachs Merchant Banking Division and its
predecessor business areas have raised 16 private equity and
principal debt investment funds aggregating over $82 billion of
capital (including leverage). A global leader in private corporate
equity investing, the GS Capital Partners family of funds focuses
on large, high quality companies with strong management and funding
acquisition or expansion across a range of industries and
geographies. Founded in 1869, Goldman Sachs is a leading global
investment banking, securities and investment management firm that
provides a wide range of financial services to a substantial and
diversified client base that includes corporations, financial
institutions, governments and high-net-worth individuals. For more
information, please visit www.gs.com/pia.
About P2 Capital Partners, LLC
P2 Capital Partners, LLC is a New York-based investment firm
that applies a private equity approach to investing in the public
market. P2 manages a concentrated portfolio of significant
ownership stakes in high quality public companies in which it is an
active shareholder focused on creating long-term value in
partnership with management. The firm will also lead private equity
transactions within its public portfolio. P2's limited partners
include leading public pension funds, corporate pension funds,
endowments, foundations, insurance companies, and high net worth
investors.
CAUTIONARY LANGUAGE CONCERNING FORWARD-LOOKING
STATEMENTS
Statements herein regarding the proposed transaction between
Parent, Merger Sub and the Company, future financial and operating
results, benefits and synergies of the transaction, future
opportunities for the combined company and any other statements
about future expectations constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements are based upon current beliefs and
expectations and are subject to significant risks and
uncertainties. There are a number of important factors that could
cause actual results or events to differ materially from those
indicated by such forward looking statements, including: the
ability to obtain governmental approvals of the transaction on the
proposed terms and schedule and the failure of the Company's
stockholders to approve the transaction. Additional factors that
may affect future results are contained in each company's filings
with the Securities and Exchange Commission ("SEC"), including each
company's Annual Report on Form 10-K for the year ended December
30, 2011, which are available at the SEC's Web site
http://www.sec.gov. The information set forth herein speaks only as
of the date hereof, and any intention or obligation to update any
forward looking statements as a result of developments occurring
after the date hereof is hereby disclaimed.
CONTACT: Interline
Lev Cela
Phone: 904-421-1441
GS Capital Partners
Andrea Raphael
Phone: 212-902-5400
P2 Capital Partners
Josh Paulson
Phone: 212-508-5507
Interline (NYSE:IBI)
Historical Stock Chart
From Jul 2024 to Aug 2024
Interline (NYSE:IBI)
Historical Stock Chart
From Aug 2023 to Aug 2024