| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers N > Headlines for National Waterworks, Inc. > News item |
Bank debt may be used to finance acquisition of USFilter waterworks business
By Sara Rosenberg
New York, Sept. 13 - Bank debt will probably be used to help finance the acquisition of United States Filter Corp.'s waterworks distribution business by a company jointly owned by JPMorgan Partners and Thomas H. Lee Partners, a source close to the deal told Prospect News.
The $620 million cash purchase price will be funded by $210 million of equity ($105 million from each partner) and additional financing, likely bank debt, from JPMorgan, Goldman Sachs and UBS Warburg, the source said.
The transaction is expected to be completed during the fourth quarter.
"I am extremely excited to partner with two great financial sponsors focused on putting us back into a growth mode and feel the change in ownership should be transparent to our customers, our employees and our suppliers," said Harry Hornish, USFilter's president and chief operating officer, in a news release.
"We believe the company is well positioned to capitalize on favorable trends in the waterworks infrastructure market due to its national footprint, superior service offerings, and experienced management team. We look forward to working with management to grow the company both organically and through acquisitions," said Stephen Murray, general partner of JPMorgan Partners, in the release.
"This is a business with strong free-cash flow characteristics, industry-leading margins and a management team with a proven track record of quickly integrating acquisitions," said Tony DiNovi, managing director of Thomas H. Lee Partners, in the release.
USFilter is a Palm Desert, Calif. provider of water and wastewater systems.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.