Lincoln International Represents CC Industries, Inc., in the Sale of Bush Hog LLC to Alamo Group Inc.
CHICAGO, October 22, 2009 - Lincoln International, a global middle-market investment bank, today announced that the majority of the assets of Bush Hog LLC ("Bush Hog" or the "Company"), a portfolio company of CC Industries, Inc. ("CCI"), have been acquired by Alamo Group Inc. (NYSE: ALG) ("Alamo Group”). The purchase consideration is 1.7 million shares of Alamo Group Inc. common stock, which represents approximately 14.5% of the outstanding common stock of Alamo Group. The purchase includes substantially all of the ongoing business of Bush Hog, including the Bush Hog brand name and all related product names and trademarks. The transaction had previously been announced on September 4, 2009.
Based in Selma, Alabama, Bush Hog is a leader in the design, manufacture, distribution and service of rotary cutters and other agricultural implements and equipment. With over 50 years in the agricultural equipment market, Bush Hog has established a strong brand name and is recognized for the sturdy construction, durability and reliability of its products, which are sold across North America through a network of independent dealers and distributors. Bush Hog had fiscal 2008 revenue of $160 million.
Lincoln International worked closely with CC Industries and Bush Hog throughout the sale process, from initially evaluating strategic alternatives to identifying and contacting potential acquirers to assisting with negotiating terms of the transaction.
About Bush Hog
Bush Hog designs, manufactures, distributes and services a variety of agricultural implements, including rotary cutters, finishing mowers, zero turn mowers, front-end loaders, backhoes, landscape equipment and a variety of other implements. The Company is headquartered in Selma, Alabama.
About CC Industries
Headquartered in Chicago, CC Industries is the holding and management company for the Crown family's privately held operating companies, which include Great Dane Limited Partnership, Gillig LLC and Provisur Technologies, Inc.
About Alamo Group
Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for right-of-way maintenance and agriculture. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, pothole patchers, excavators, vacuum trucks, agricultural implements and related after market parts and services. The Company, founded in 1969, has over 2,215 employees and operates seventeen plants in North America and Europe as of June 30, 2009. The corporate offices of Alamo Group Inc. are located in Seguin, Texas and the headquarters for the Company's European operations are located in Salford Priors, England.
About Lincoln International
Lincoln International specializes in merger and acquisition services, debt advisory services, UK pension advisory services and providing fairness opinions and valuations for leading organizations involved in mid-market transactions. With offices in Chicago, Frankfurt, London, Los Angeles, Madrid, New York, Paris, Tokyo and Vienna, and strategic partnerships with China Everbright in China and ICICI Securities, Inc. in India, Lincoln International has strong local knowledge 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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