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SAFETYKLEEN EUROPE TO BE ACQUIRED BY WARBURG PINCUSLONDON – April 30, 2008 – Warburg Pincus, the global private equity firm, has reached an agreement to acquire Safetykleen Europe, a leading pan-European industrial service provider, from funds affiliated with J.P. Morgan Partners, LLC, and advised by CCMP Capital Advisors, LLC. The transaction values the company at approximately £565 million, with Warburg Pincus acquiring a majority stake. The senior team at Safetykleen will roll over a substantial proportion of their shareholding and will continue to lead the business. Peter Wilson, a Warburg Pincus Managing Director, said, “We have known and respected Safetykleen Europe and its management team for many years. As a market-leading, high-growth business, it fits well with our investment criteria and we are delighted to be able to support the next stage of the company’s continued success.” Warburg Pincus has a growth-oriented strategy to focus on early-stage, growth and late-stage businesses across North America, Europe and Asia. In Europe, the firm’s LBO investments include Clondalkin, Ideal Stelrad as well as Multikabel/Casema/@Home. Tom Walker, Senior Member of CCMP Capital Advisors (UK), LLP, commented, “Steve Brain, Hyman Bielsky and the entire management team at Safetykleen have been tremendous partners of CCMP. They’ve exceeded our expectations time and time again and have built a tremendous business without rival across Europe. We’re confident that Safetykleen will continue to thrive and wish management and the new owners great success in the future.” Commenting on the announcement, Safetykleen CEO Steve Brain, said, “The team at Safetykleen are proud of our accomplishments during the past four years in partnership with CCMP. We have expanded and continue to refine our service platform to address the evolving needs of both our automotive and industrial customers and have established operations in China and Brazil – markets with substantial opportunity for us. At the heart of Safetykleen’s success are the 1,400 dedicated Safetykleen employees who deliver more than a million quality services a year to our customers. We are excited to partner with Warburg Pincus and look forward to Safetykleen’s continued growth and success under their ownership.” The transaction is expected to close in June subject to regulatory review and customary closing conditions. Safetykleen Europe was advised by Goldman Sachs International and Kirkland and Ellis International LLP. Warburg Pincus was advised by Deloitte, Ernst and Young and Merrill Lynch on financial matters and Clifford Chance on legal matters. Media Enquiries Warburg Pincus Sarah Gestetner Citigate Dewe Rogerson Tel: +44 (0)207 638 9571 sarah.gestetner@citigatedr.co.uk CCMP Capital Lisa Baker Owen Blicksilver PR Inc. Tel: +1 914 725 5949 lisa@blicksilverpr.com Notes to Editors About Safetykleen Europe Safetykleen Europe, based in Isleworth, England, is the leading European provider of parts and component cleaning machines and the associated servicing for the automotive and general industrial sectors. Safetykleen’s core business is growing an installed base of approximately 134,000 Safetykleen-owned solvent and aqueous-based parts washers, spray equipment cleaners and brake cleaners at the premises of approximately more than 100,000 customers in addition to providing non-machine related services to approximately 60,000 customers. Safetykleen’s machines clean metal parts and components by dissolving or breaking down any hydrocarbon oils and greases and other contaminants resulting from use of the parts or components in cars, trucks, engines, or industrial production lines. Safetykleen operates through 71 branches and 19 satellite locations in 13 European countries as well as in Brazil, China, Taiwan and Hong Kong. Through rapid organic growth and geographical expansion, Safetykleen has consistently grown revenue and profitability over the last 15 years. In July 2006, Safetykleen acquired Malary Environmental Services, a Cambridgeshire-based company providing national water oil collection as well as a parts washer and automotive waste oil collection service. About Warburg Pincus Warburg Pincus has been a leading private equity investor since 1971. The firm currently has more than $35 billion of assets under management. Warburg Pincus’ investments are focused on a range of sectors in North America, Europe and Asia, including financial services, healthcare, industrial, technology, media and telecommunications, energy, consumer and retail and real estate. Since inception, the firm has raised 12 private equity funds that have invested more than $29 billion in approximately 600 companies in more than 30 countries. Warburg Pincus currently has an active portfolio of more than 100 companies. The firm has 59 managing directors and more than 160 professionals in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco, Shanghai and Tokyo. For more information please visit www.warburgpincus.com. About J.P.Morgan Partners J.P. Morgan Partners, LLC (“JPMP”) is a private equity division of JPMorgan Chase & Co. (NYSE:JPM), one of the largest financial institutions in the United States. JPMP has invested over $15 billion worldwide in consumer, media, energy, industrial, financial services, healthcare and technology companies since its inception in 1984. On August 1, 2006, the investment professionals of JPMP formed entities independent of JPMorgan Chase. The buyout and growth equity professionals formed CCMP Capital Advisors, LLC (“CCMP Capital”), which focuses exclusively on buyout and growth equity investments primarily in five targeted industry sectors in the U.S. and Europe. The venture team formed Panorama Capital, LLC (“Panorama”), and continues to focus on technology and life sciences investments. As of August 1, 2006, CCMP Capital and Panorama provide management services to JPMP pursuant to a Management Agreement with JPMorgan Chase & Co and JPMP. JPMP is a registered investment adviser with the Securities and Exchange Commission. About CCMP Capital CCMP Capital Advisors, LLC, is a leading global private equity firm specializing in buyouts and growth equity investments in companies ranging from $500 million to more than $3 billion in size. CCMP Capital’s founders have invested over $12 billion since 1984 in five primary industries: Consumer, Retail and Services; Energy; Healthcare Infrastructure; Industrials; and Media and Telecom. Selected investments include: Aramark Corporation, Edwards Limited, Generac Power Systems, Grupo Corporativo ONO, Hanley Wood, Legacy Hospital Partners, Quiznos Sub, Safetykleen Europe and Warner Chilcott. CCMP Capital’s latest fund, CCMP Capital Investors II, L.P., closed in September 2007 with commitments of $3.4 billion. CCMP Capital has offices in New York and London, and is affiliated with CCMP Capital Asia which has offices in Australia, China, Japan and Korea. Through active management, its global resources and its powerful value creation model, CCMP Capital has established a reputation as a world-class investment partner. For more information, please visit www.ccmpcapital.com. CCMP Capital is a registered investment adviser with the Securities and Exchange Commission. 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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