Lincoln International Represents American Standard Companies in Its Sale of Venesta, for a purchase price of $165 million
Part of its European Bath and Kitchen Business is Sold to RS Building Products
CHICAGO, March 30, 2007 - Lincoln International, a leading mid-market investment bank, served as the exclusive financial advisor to American Standard Companies Inc. (NYSE: ASD) in the completed sale of American Standard's Venesta business in the U.K. to RS Building Products for approximately $165 million. The sale represents an after-tax gain of about $50 million for American Standard.
Venesta, with 2006 sales of approximately $62 million, is a leading supplier of specialized commercial washroom products in both the U.K. and Ireland, and is a significant contributor to American Standard's $2.4 billion Bath and Kitchen business. It designs and manufactures a comprehensive range of washroom cubicles, ducting, vanities, lockers, benches and accessories.
"We're pleased with the Venesta sale as part of our overall plan to sell the Bath and Kitchen business," said Fred Poses, chairman and CEO of American Standard Companies. "Venesta's products are unique within our Bath and Kitchen business, so we believe this business and its people will have greater growth opportunities as part of RS Building Products."
Earlier this year, American Standard announced its intention to sell its global Bath and Kitchen business by early fall as part of a plan to separate American Standard into three stand-alone companies. Venesta and the entire Bath and Kitchen business will be reported as discontinued operations in American Standard's quarterly earnings announcement on April 19.
Lincoln International continues to deepen its focus and expertise in the building and construction industry, as this transaction brings the firm's total to 17 successfully completed transactions since 2005. Furthermore, this transaction represents the fifth successfully completed transaction for Lincoln International in the U.K. in the last 18 months.
About American Standard Companies
American Standard Companies Inc. is an $11.2 billion global manufacturer with market-leading positions in three businesses: air conditioning systems and services, sold under the Trane® and American Standard® brands for commercial, institutional and residential buildings; bath and kitchen products, sold under such brands as American Standard® and Ideal Standard®; and vehicle control systems, including electronic braking and air suspension systems, sold under the WABCO® name to the world's leading manufacturers of heavy-duty trucks, buses, SUVs and luxury cars. The company employs approximately 62,000 people and has manufacturing operations in 28 countries. American Standard is included in both the S&P 500 and the Dow Jones Sustainability North America Index, which recognizes the top 20 percent of leaders in corporate sustainability in North America.
About RS Building Products
RS Building Products Ltd. designs, manufactures and installs both traditional washroom systems and ready-plumbed modular systems. Based in Buntingford in Hertfordshire, U.K., it was formed in November 2006 by the management buy-in of Amwell Systems and Twyford Bushboard, two leading U.K. washroom product suppliers. RS Building Products is run by Martin Rees and Jon Sherry, both of whom were leaders of Venesta prior to its acquisition by American Standard Companies in 1999.
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, Los Angeles, New York, and Paris, and strategic partnerships with China Everbright and other partner firms in Asia, 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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