New York, NY (February 1, 2008) -- KPS Capital Partners, LP ("KPS") announced today that its portfolio company Global Brass and Copper, Inc. ("GBC") acquired certain operating assets of Bolton Metal Products Company ("Bolton Metal"). Financial terms of the transaction were not disclosed.
Effective immediately, the Chase Brass and Copper division of GBC expects to satisfy most product orders for customers of the former Bolton Metal. Bolton Metal announced it has closed its brass rod manufacturing facility in Bellefonte, Pennsylvania, effective February 1, 2008. Chase Brass will service the customers of Bolton Metal, and GBC intends to move certain equipment to the Chase Brass rod facility in Montpelier, Ohio.
John Walker, Chief Executive Officer of Global Brass and Copper, said: "We are pleased to complete a transaction that positions our company to better serve the brass rod industry. Current customers of Bolton Metal can be assured that we will work closely with Bolton Metal to ensure as seamless a transition as possible. Our existing customers will benefit from this acquisition, which will enable Chase to better supply their brass rod requirements and continue its mission of providing the highest levels of quality and service performance in the industry.
"We look forward to identifying and pursuing additional opportunities to invest in the future of our business."
The acquisition is GBC's first since its formation by KPS in November 2007, concurrent with which it acquired the worldwide metals business of Olin Corporation (NYSE:OLN).
Paul Weiss Rifkind Wharton & Garrison LLP acted as legal counsel to GBC.
About Global Brass and Copper, Inc.
Global Brass and Copper, Inc. is the leading manufacturer and distributor of copper and copper-alloy sheet, strip, plate, foil, rod and fabricated components in North America and one of the largest in the world. The Company, which generated over $2.1 billion in revenue in 2006, employs over 2,000 employees, and operates manufacturing facilities in East Alton, Illinois; Montpelier and Bryan, Ohio; Waterbury, Connecticut; and Cuba, Missouri, and operates joint ventures in Japan and China. The company also operates A.J. Oster, the leading service center and distributor of brass and copper products in North America. GBC and its subsidiaries sell products under the Olin Metals, Olin Brass, and Chase Brass brand names.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.4 billion of assets under management (as of December 31, 2023). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $20.3 billion, operate 222 manufacturing facilities in 26 countries, and have approximately 48,000 employees, directly and through joint ventures worldwide (as of December 31, 2023). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
