Fenway Partners Agrees to Sell Minority Interest in Harry Winston to Aber Diamond Corporation; Completes Successful Exit of Investment for Fenway.NEW YORK New York, state, United States 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 -- Fenway Partners, a leading middle market private equity firm, today announced that it has entered into an agreement to sell its remaining minority interest in Harry Winston Harry Winston (March 1, 1896 – December 8, 1978) was an American jeweller. He donated the Hope Diamond to the Smithsonian Institution in 1958 after owning it for a decade. to Aber Diamond Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : ABZ ABZ Asian Boyz (street gang in Long Beach, California) ABZ Aberdeen, Scotland, United Kingdom - Dyce (Airport Code) ABZ Al, Bill, and Zorn Manufacturing, Inc. , Nasdaq: ABER) for approximately $99 million. This transaction completes the successful exit of Fenway's original investment in Harry Winston. Peter Lamm, Chief Executive Officer of Fenway Partners, said, "We are extremely pleased with the outcome of our investment in Harry Winston and the success of the initiatives to enhance the business, which included developing and implementing a strategic growth plan, strengthening the senior management team, expanding the number of store locations and driving product innovation." Lamm continued, "The Company has doubled in size and significantly improved its financial performance over the course of our involvement. We have realized an attractive return on our investment in advance of the expected timeline. With the opportunities presented by its full integration into Aber, Harry Winston is poised to continue to grow and strengthen its franchise as one of the world's premier luxury brands." The transaction is expected to close by the end of September 2006. About Fenway Partners Fenway Partners, Inc. is a middle market private equity firm with offices in New York and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and $1.6 billion under management. Fenway invests in profitable businesses with significant upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar . Fenway companies typically have leading franchises and operate in two core industry segments, branded consumer products and transportation/logistics. With significant knowledge and success investing in these industries, Fenway has built a strong reputation for its hands-on approach to supporting its portfolio companies which include sporting goods Noun 1. sporting goods - sports equipment sold as a commodity commodity, trade good, good - articles of commerce sports equipment - equipment needed to participate in a particular sport manufacturer Easton Bell Sports, school yearbook and class ring manufacturer American Achievement, transportation and logistics provider Greatwide, and expedited ground transportation provider Panther Expedited Services. For further information about Fenway, please visit www.fenwaypartners.com. |
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