Thermadyne Holdings Corporation Announces Completion of Acquisition by Irving Place Capital
03 Dezember 2010 - 6:06PM
Thermadyne Holdings Corporation (Nasdaq:THMD), a leading global
manufacturer and marketer of metal cutting and welding products and
accessories, announces the completion of its acquisition by Irving
Place Capital ("IPC"), a middle-market private equity firm. The
transaction was previously announced on October 5, 2010. The
transaction was approved by a vote of Thermadyne's shareholders on
December 2, 2010.
Under the terms of the transaction, Thermadyne shareholders will
receive $15.00 in cash for each share of Thermadyne's common stock.
The company's common stock will cease trading on the NASDAQ
exchange and will be delisted.
Thermadyne's executive leadership team, including President
Martin Quinn, Chief Operating Officer Terry Downes, Chief Financial
Officer Steve Schumm, and Executive Vice President of Global
Operations Terry Moody, is continuing with and investing in the
company.
The company also announced that Mike McLain has joined
Thermadyne as Executive Chairman of the board of
directors. Prior to assuming this role, Mr. McLain spent more
than 10 years in the industrial products industry, serving as
President, CEO, Director and Chairman of Aearo Technologies, Inc.
and more than 20 years in the consumer products industry, including
serving as President and CEO of DowBrands, Inc.
"With our strong brands and recent new product introductions, we
have exciting potential to build on and grow our market presence,"
said Mr. Quinn. "With Mike McLain and Irving Place Capital on
our team, I believe we can further enhance that potential and
accelerate the company's success in the global cutting and welding
products market."
Mr. McLain commented, "Thermadyne has demonstrated impressive
performance in the global marketplace. I am excited to work
with the company's talented management team to execute our
strategic objectives, expand the business, and grow with our
customers."
About Thermadyne
Thermadyne, headquartered in St. Louis, Missouri, is a leading
global manufacturer and marketer of metal cutting and welding
products and accessories under a variety of leading premium brand
names including Victor®, Tweco® / Arcair®, Thermal Dynamics®,
Thermal Arc®, Stoody®, TurboTorch®, Firepower® and Cigweld®.
For more information about Thermadyne, its products, and its
services, visit the company's website at www.thermadyne.com.
The Thermadyne Holdings Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4937
About Irving Place Capital
Irving Place Capital invests private equity capital in
compelling buyouts, recapitalizations and growth capital
opportunities alongside superior management teams. Irving
Place Capital focuses on making control or entrepreneur-driven
investments. Since its formation in 1997, Irving Place
Capital has been an investor in more than 50 companies and has
raised over $4 billion of capital, including its current $2.7
billion institutional fund. More information about Irving
Place Capital is available at www.irvingplacecapital.com.
CONTACT: Thermadyne Holdings Corporation
Media Contact
Debbie Bockius
636-728-3031
Brunswick Group
For Irving Place Capital:
Media Contacts
Mary Zimmerman
Christina Stenson
212-333-3810
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