Warburg Pincus acquires ice business of Enodis from Manitowoc Company

Wed. May 20, 2009; Posted: 02:26 PM

May 20, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- ENO | Quote | Chart | News | PowerRating -- Braveheart Acquisition, Inc., a Delaware corporation formed by Warburg Pincus Private Equity X, L.P., has acquired the ice business of Enodis Plc from The Manitowoc Company, Inc.

Manitowoc is a US-based manufacturer of lifting equipment. Enodis is a UK-based manufacturer of food and beverage equipment. Warburg Pincus Private Equity is a US-based fund managed by the private equity firm Warburg Pincus LLC.

Announcement (March 26, 2009):

Braveheart has entered into an agreement with Manitowoc to acquire the ice business of Enodis for approximately $160 million.

Under the terms of the agreement, Manitowoc, through its wholly-owned subsidiaries, will sell and transfer to Braveheart all of the outstanding equity securities of Scotsman Group LLC, CastelMAC S.p.A., Frimont S.p.A., and certain real property of another Manitowoc subsidiary that is used in the ice business.

Manitowoc is required to divest the ice business in connection with the US Department of Justice's and the European Commission's clearance of Manitowoc's acquisition of Enodis, which was completed on October 27, 2008.

Deutsche Bank Securities, Inc. and J.P. Morgan Securities, Inc. are acting as financial advisors to Manitowoc on this transaction.

Deal Value (US$ Million) 160
Deal Type                Private Equity
Sub-Category             None
Deal Status              Completed: 2009-05-15

Deal Participants

Target 1 (Company) The Manitowoc Company, Inc. - Ice Business Assets
Target 2 (Company) Frimont S.p.A.
Target 3 (Company) CastelMAC S.p.A.
Target 4 (Company) Scotsman Group, LLC
Vendor (Company)   The Manitowoc Company, Inc.

Deal Rationale

The Manitowoc intends to use the after-tax net proceeds of approximately $150 million to reduce a portion of the debt incurred in November 2008 to fund the Enodis acquisition,

For full details for ENO click here.

More News: Market Updates | Stock Alerts | All Trading News | Stock Index

Archives

Feedback

Email Article Link

Close X

RELATED SITES

Please call 1-213-955-5858 ext. 1

Tax Relief Bank Levy Wage Garnishment

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.