Lincoln International Represents Hammond, Kennedy, Whitney & Company, Inc. in the Sale of Maine Industrial Tires Limited to GPX International Tire Corporation, a Sterling Investment Partners Portfolio Company
Chicago, IL April 18, 2006 - Lincoln International, a leading middle-market investment bank, today announced the sale of Maine Industrial Tires Limited (MITL), a leader in the design and manufacture of premium quality solid industrial tires, to GPX International Tire Corporation (GPX), one of the largest independent global providers of specialty tires for the agricultural, construction and transportation industries. MITL was a portfolio company of Hammond, Kennedy, Whitney & Company, Inc. (HKW), a private equity investment firm with offices in New York, Chicago and Indianapolis. GPX's investors consist of the company's management and Sterling Investment Partners (Sterling), a private equity investment firm headquartered in Westport, Connecticut.
MITL, through its Industrial Tires Limited (ITL) and Maine Rubber International (MRI) brands, is a technically-driven manufacturer of an extensive line of solid industrial tires for the material handling industry and other industrial markets. MITL's products are critical components used in a variety of material handling related equipment including forklift trucks, airline ground support vehicles, aerial platforms and construction machinery. In addition, MITL produces and markets a line of solid tires for use on skid steers and loaders. Approximately 80% of MITL's products are sold for aftermarket applications through its extensive dealer network.
GPX is one of the largest independent global providers of specialty "off-the-road" tires for the agricultural, construction, materials handling and transportation industries. GPX manufactures and distributes tires for use both for replacement products through aftermarket dealers as well as original equipment on new machinery. GPX benefits from a unique economic model in which low cost company-owned manufacturing capacity in Serbia is combined with low cost sourcing partnerships in China to offer flexibility while controlling capital expenditures and fixed costs. GPX will use its strong global distribution channel and global sourcing capabilities to further stimulate sales of MITL's flagship lines.
Lincoln International managed preparatory, marketing, negotiation and due diligence phases of the deal, working with all parties to finalize the transaction. "Lincoln International provided us with excellent service and strategic guidance throughout the entire transaction," said Terry Lindberg, president, MITL. "Their thorough research and understanding of our goals and objectives made this merger a seamless process for all parties."
About Maine Industrial Tires Limited
MITL is one of North American's leading manufacturers of solid industrial tires. Its products are used on a variety of material handling related equipment including forklift trucks, airline ground support vehicles, aerial platforms and construction machinery. MITL is now a wholly owned subsidiary of GPX.
About GPX International Tire Corporation
GPX's core business is providing branded specialty tires to over 1,000 active aftermarket dealers in North America and over 30 OEMs. GPX also leverages its foreign sourcing capabilities to provide contract manufacturing for certain major tire retailers, and distributes commercial and light truck tires in order to provide its dealers with a broader product line and one-stop shopping.
About Hammond, Kennedy, Whitney & Company, Inc.
HKW is a private equity firm founded in 1903 with offices in New York, Chicago and Indianapolis. Over the past 22 plus years, HKW has sponsored 25 platform management buy-outs of small middle market companies throughout North America. HKW currently manages a $100 million private equity fund known as HKW Capital Partners II. Further information about HKW and its companies is available on its website at www.hkwinc.com.
About Sterling Investment Partners
Sterling Investment Partners invests in companies with significant competitive strengths and growth potential. Founded in 1991, Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value of approximately $4.7 billion, representing over 50 companies. Sterling maintains a broad industry focus, including professional and business services, manufacturing, transportation and logistics, and technology-related businesses. The firm is headquartered in Westport, Connecticut. More information about Sterling can be found at www.sterlinglp.com.
About Lincoln International
Lincoln International specializes in merger and acquisition services and private capital raising for leading organizations involved in mid-market transactions. With offices in Chicago, Frankfurt, New York and Paris, and partner firms in Asia, Lincoln International has strong local knowledge of and contacts in the key global economies. The organization provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
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