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KPS firm acquires CWS Industries in Canada.

MANews-(C)2009-2012

25 July 2012 a[euro]" US private equity funds manager KPS Capital Partners LP said today its portfolio firm International Equipment Solutions LLC (IES) had bought Canadian heavy equipment attachments maker CWS Industries (Mfg) Corp.

The financial terms of the deal were not given.

This transaction represents IESa[euro](tm) fourth acquisition since its inception in September 2011. Its three previous purchases are engineered attachment tools provider Paladin Brands Holding Inc, steel cabs producer Crenlo LLC and Brazilian cab enclosures maker Siac do Brasil Ltda.

The takeover of CWS is part of IESa[euro](tm) globalisation and diversification, its CEO Stephen Andrews said. He added that the transaction improves the companya[euro](tm)s footprint with dealers in Canada and the US Pacific Northwest and also provides it with the chance to make use of sales relationships in South America, Russia and Asia.

Based in Surrey, British Columbia, CWS manufactures attachments, cabs and conversions for heavy equipment used in the mining, oil and gas, forestry, agriculture, construction and other end markets. The firm has about 140 employees at its two facilities in Surrey and Edmonton, Alberta.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Goodmans LLP consulted the buyers, while a syndicate of institutional investors agented by Regiment Capital Advisors LP and PNC Bank NA provided funding for the acquisition.Country: CanadaSector: Machinery/EngineeringTarget: CWS Industries (Mfg) CorpBuyer: KPS Capital Partners LP, International Equipment Solutions LLC (IES)Type: Corporate acquisitionFinancing: DebtStatus: ClosedBuyer advisor: Goodmans LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP

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Publication:M & A Navigator
Date:Jul 25, 2012
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