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JPMorgan Partners Announces Acquistion of Safety-Kleen Europe Ltd.July 12, 2004 -- JPMorgan Partners ("JPMP"), the private equity arm of JPMorgan Chase & Co. (NYSE: JPM), announced today that they have signed a definitive agreement under which JPMP will acquire Safety-Kleen Europe Ltd. from Electra Partners. The acquisition is valued at £273.5 million ($506 million), with JPMP acquiring the majority of the company. The senior team will roll-over a substantial proportion of their shareholding and will continue to lead the business. Based in Isleworth, England, Safetykleen is Europe's leading service provider for solvent and aqueous-based parts washers, spray gun cleaners and brake cleaners, servicing both automotive and general industrial customers. Through rapid organic growth and geographical expansion, Safetykleen has consistently grown revenue and profitability over the last 12 years. Today, the company services and continues to grow an installed base of 115,000 company-owned machines at the premises of 100,000 customers across 12 European Countries. "We are very proud of what we have accomplished at Safetykleen Europe over the last five years. Our strong organic growth has been driven by 1,200 dedicated Safteykleen people delivering services every day to customers throughout our network. We look forward, with great confidence, to Safetykleen's future growth and success in partnership with JPMorgan Partners, a private equity firm which shares our vision for the business and which can help us develop through access to its global network, capital base and financial expertise." said Hyman Bielsky, Safetykleen CEO. "Safetykleen is a first class company with a first class management. JPMorgan Partners is delighted to have the opportunity to partner with this team and to support them in taking the company to its next stage of development. The business is ideally positioned for strong future growth and profitability, through further penetration of the industrial market and continued geographic expansion," said Tom Walker, Partner at JPMP. ING Barings served as financial adviser to JPMP with respect to this acquisition. Completion of the transaction, which is subject to normal merger clearances, is expected to occur in August 2004. *This information is not intended as an offer or solicitation for the purpose or sale of any financial instrument. JPMorgan Partners, LLC is a Registered Investment Adviser with Securities and Exchange Commission ("SEC"). Back to Press Releases |
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The historical information presented may reflect the activities of the professionals of CCMP Capital Advisors, LLC (together with its affiliates, “CCMP Capital”) while they were members of J.P. Morgan Partners, LLC ("JPMP"), a private equity division of JPMorgan Chase & Co. prior to CCMP Capital's commencing operations. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2008 CCMP CAPITAL ADVISORS, LLC. All rights reserved. |
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