Apax Partners Completes Acquisition of CONTECH; CONTECH Realigns for Improved Customer Service and Growth.WEST CHESTER, Ohio West Chester, Ohio, can refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- CONTECH Construction Products Inc., a leading civil engineering site solutions products and services company, and funds advised by Apax Partners Worldwide, one of the world's leading private equity investment groups, today announced that Apax Partners Worldwide have completed their acquisition of a majority ownership interest in CONTECH. The transaction had a total enterprise valuation of more than $1 billion. "This is a very exciting time for us. Apax Partners brings strong financial resources and a well-established international presence to CONTECH. We welcome their expertise as we identify value-creating, add-on acquisitions to grow our business and provide our customers with solutions that will meet their needs and add dollars to their bottom line," said Patrick Harlow, chairman and chief executive officer of CONTECH Construction Products Inc. David Kim Dr. David Kim (born November 7, 1969) is a physician and orthopedic surgeon who specializes in sports medicine, arthroscopy and shoulder reconstructive surgery. His office is located in Huntington Beach, California at the Huntington Beach Orthopedics and Sports Medicine practice. , partner of Apax Partners, commented, "Apax Partners is fortunate to have the opportunity to partner with CONTECH's unusually talented management team. We look forward to working together as they continue to grow this outstanding company organically and through acquisitions." In addition, CONTECH has announced a market focused realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of its business. The new organization will consist of four operating divisions: Environmental Stormwater Solutions, Bridge Solutions, Earth Stabilization Solutions, and Drainage Solutions as well as a new national sales organization--CONTECH Sales, which will be responsible for selling all of the company's products. The organizational realignment will enable CONTECH to better serve its customers and more effectively accommodate expected rapid future growth. "The breadth of CONTECH's product offering has grown significantly in the past five years," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Godfrey Little, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of CONTECH. "That growth requires that we now realign re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. our business to ensure we maintain the proper marketing and customer focus. It will enable our engineering and commercial resources to be experts in the areas most important to our customers. Whether it's a CON/SPAN bridge, a Vortechs stormwater treatment unit, or a Tensar geogrid, the realignment will provide our customers with a very clear, single-source contact and assure that our market-focused organization is providing the best in cutting edge products, technology, and cost effective solutions." Ohio-based CONTECH is a recognized industry leader in the design, manufacture and distribution of specialty construction products sold to the civil engineering infrastructure sector of the heavy construction industry. The company's sales are approximately $750 million and have grown at a double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" rate over the last 5 years. The realignment positions the company to continue its impressive performance and offer additional customer value. Acquisition Notes As previously announced, Harlow and the executive management team will continue to serve in their current capacities at CONTECH. Their investment in the recapitalized company will give them a significant minority ownership interest. Wachovia Securities Wachovia Securities, located in Richmond, Virginia (soon to be moved to St. Louis), is the third largest brokerage firm in the United States as of 2006 with $689 billion retail client assets under management. It is a subsidiary of Wachovia Corporation. provided advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to Apax Partners and also led the senior financing for the transaction. Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Mezzanine Partners led the mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the for the transaction. About CONTECH Headquartered in West Chester West Chester, borough (1990 pop. 18,041), seat of Chester co., SE Pa., W of Philadelphia; inc. 1799. Primarily residential, West Chester was long the trade and processing center for an agricultural region that is now mainly suburbs. , OH, CONTECH is an industry leader and the only nationwide manufacturer in the emerging and expanding stormwater, bridge, drainage and earth stabilization markets. CONTECH's expansive offering includes well-known products such as: Vortechs, StormFilter, Enviropod and Optimizer underground stormwater management systems; Continental, CON/SPAN, Steadfast and BEBO bridges; Keystone Retaining Walls; and Armorflex and A-Jacks hard armor. CONTECH has more than 1800 employees nationwide and offices in every major U.S. city. Additional information on CONTECH is available at www.contech-cpi.com . About Apax Partners Apax Partners is one of the world's leading private equity investment groups. It operates across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe and Israel and has more than 30 years of investing experience. Funds under the management or advice of Apax Partners total $20 billion around the world. These Funds provide long-term equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to build and strengthen world-class companies. The Funds pursue a multi-stage equity investment strategy, investing in buyouts, growth capital and late venture. Apax Partners Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services. Apax Partners' investments in the building products industry include Norcraft Cabinets, RSI (Repetitive Strain Injury) Ailments of the hands, neck, back and eyes due to computer use. The remedy for RSI is frequent breaks which should include stretching or yoga postures. Home Products, and Empire Pacific Windows. For additional information, see: www.apax.com Contacts: Laura Brightsen Kellie Grob, APR Director of Marketing Director, Marketing Communications Apax Partners, L.P. CONTECH Construction Products Inc. 445 Park Ave. 9025 Centre Pointe Dr., Suite 400 New York, NY 10022 West Chester, OH 45069 212-419-2461 513-645-7182 laura.brightsen@apax.com grobk@contech-cpi.com -- New business division descriptions and executive photos available upon request.
CONTECH Organizational Realignment
Business Divisions
Environmental Stormwater Solutions
Rick Stepien, President
Responsibility for Stormwater 360 produced stormwater treatment
products, all detention/retention products and any partner supplied
stormwater management or treatment solutions.
Bridge Solutions
Tim Beach, President
Responsibility for all bridge products and licensee relationships.
Encompasses BEBO, BridgeTek, CON/SPAN, Continental, Steadfast,
SuperSpan, Multi-Plate and other related product lines.
Earth Stabilization Solutions
Bill Dawson, President
Responsibility for erosion control and soil stabilization solutions
including Keystone Retaining Wall Systems, Armortec products,
geotextiles, geosynthetics and all other partner supplied earth
stabilization products.
Drainage Solutions
Joe Cutillo, President
Responsibility for all pipe products, metal and plastic. Will provide
corporate-wide support and coordination for capital projects, process
improvement and quality systems, and safety, health and environmental
affairs.
CONTECH National Sales
Steve Spanagel, President
Responsibility for the sale and distribution of all CONTECH products,
corporate marketing communications and commercial risk management.
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