Industrial Rubber Products, Inc., Hibbing, MN, has agreed to be acquired by affiliates of Lime Rock Partners, a Westport, CT-based private equity firm focusing on the global energy industry, and Thompson Street Capital Partners, a St. Louis-based private equity firm focused on the manufacturing, distribution and services industries.
Industrial Rubber Products will be acquired for $16.50 per share in cash, representing a 49% premium to the average closing price of Industrial Rubber over the past 20 trading days. The plan still must be approved by shareholders.
Management of the company will continue in their current officer positions and retain a meaningful portion of their ownership.
Daniel Burkes, CEO of Industrial Rubber Products, said: The board …
Private Equity Firms Agree to Buy Industrial Rubber Products
Industrial Rubber Products, Inc., Hibbing, MN, has agreed to be acquired by affiliates of Lime Rock Partners, a Westport, CT-based private equity firm focusing on the global energy industry, and Thompson Street Capital Partners, a St. Louis-based private equity firm focused on the manufacturing, distribution and services industries.
Industrial Rubber Products will be acquired for $16.50 per share in cash, representing a 49% premium to the average closing price of Industrial Rubber over the past 20 trading days. The plan still must be approved by shareholders.
Management of the company will continue in their current officer positions and retain a meaningful portion of their ownership.
Daniel Burkes, CEO of Industrial Rubber Products, said: The board …
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