Actuant Corp. (ATU) Signs Agreement to Acquire Cortland Companies from Investor Group Cortec Group
Source: http://Blog.QualityStocks.net/?p=12566Posted on Wednesday, September 24th, 2008 | In Small & Micro Cap
Actuant Corporation (ATU), based in Butler, Wisconsin, is an industrial company with operations in more than 30 countries. Actuant businesses provide highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. The company employs more than 7,500 people worldwide, and since its creation through a spin-off in 2000 has grown its sales from $482M to over $1.6B and its market capitalization from $113M to $1.6B.
Actuant recently announced the signing of a definitive agreement to acquire the stock of the Cortland Companies from an investor group lead by Cortec Group. The Cortec Group acquires high value-added, middle-market manufacturing, distribution, healthcare, and proprietary service businesses. The company manages approximately $750M of committed capital which it uses to acquire platform companies with enterprise values of $30M to $250M as well as smaller follow-on acquisitions.
Cortland is a global designer, manufacturer and distributor of custom-engineered electro-mechanical cables and umbilicals, high performance synthetic ropes and value-added steel cable and assemblies. The majority of the Cortland businesses will operate within Actuant’s Industrial segment. The purchase of the stock is subject to customary regulatory approvals and closing conditions, and is expected to close within 30 days. Total consideration for the transaction is approximately $230M which will be funded from Actuant’s cash and revolving credit facility.
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Actuant Corp., Butler, Cortec Group, Cortland Companies, healthcare, hydraulic and electrical tools, Investor Group Cortec Group, motion control systems, Signs Agreement, Small & Micro Cap, steel cable, USD, Wisconsin
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