Harvest Partners to Sell Communications Supply Corporation to WESCO International, Inc.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 -- Harvest Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a New York-based private equity investment firm specializing in management buyouts and growth financings of middle-market companies ("Harvest Partners"), announced today that it has signed a definitive agreement to sell Communications Supply Corporation ("CSC"), a leading U.S. distributor of low voltage Low voltage is an electrical engineering term that broadly identifies safety considerations of an electricity supply system based on the voltage used. While different definitions exist for the exact voltage range covered by "low voltage", the most commonly used ones include "mains network infrastructure and industrial wire and cable products based in Carol Stream, Illinois Carol Stream is a village in DuPage County, Illinois, United States. Incorporated on January 5, 1959, and named after the developer's daughter, Carol Stream had a population of 40,438 as of the 2000 US census. Pre-History A veteran of the War of 1812, Anning S. , to WESCO International, Inc. (NYSE NYSE See: New York Stock Exchange : WCC WCC n abbr (= World Council of Churches) → COE m (Conseil œcuménique des Églises) WCC n abbr (= World Council of Churches) → Weltkirchenrat m ) ("WESCO WESCO West Coast Shoe Company (manufacturer of motorcycle boots) WESCO Westinghouse Electric Supply Company "). The transaction is expected to close in early November. Harvest acquired CSC, in conjunction with CSC's management team, in May 2004. With 32 locations throughout the United States, CSC provides its Private Network, Government, Low Voltage, Industrial and Service Provider customers with immediate access to products from its national inventory and promises delivery of in-stock items within twenty-four hours. In the past twenty-eight months, CSC has grown its business organically, increasing EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become and reducing debt. In addition, CSC completed two strategic acquisitions, which strengthened CSC's product offering and footprint. "In the past two and a half years, we have worked closely with CSC's management team to help build their business. The Company has been firing on all cylinders. Our two tuck-in acquisitions, combined with strong organic growth, have helped us achieve our goal of building CSC's distribution business into a world class enterprise," said Steve Eisenstein, Senior Managing Director at Harvest. Michael DeFlorio, a Managing Director at Harvest added, "We have enjoyed working with Steve Riordan and the rest of the CSC management team and believe the acquisition is a win-win situation for WESCO, CSC and Harvest Partners." Steve Riordan, President and Chief Executive Officer of CSC, commented, "I am excited about the future prospects for WESCO as a result of the combination of WESCO and CSC. This transaction will create one of the most dynamic distributors in North America. Significant benefits will accrue to the CSC sales organization of more than 300 professionals, including access to the WESCO National Distribution Network and numerous Fortune 500 strategic customer relationships." About Harvest Partners Founded in 1981, Harvest Partners is a New York-based private equity investment firm, pursuing management buyouts and growth financings of middle-market businesses. Focused on specialty services, consumer, manufacturing and value-added distribution businesses, Harvest Partners has over 25 years of experience investing in domestic as well as multinational companies. For more information on Harvest Partners, please visit the web site at www.harvpart.com. |
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