Odyssey Investment Partners to Sell Norcross Safety Products to Honeywell in $1.2 Billion TransactionNEW YORK, April 4, 2008 - Odyssey Investment Partners LLC today announced that it has signed a definitive agreement to sell its portfolio company Norcross Safety Products L.L.C. to Honeywell International Inc. in a transaction valued at approximately $1.2 billion.
Based in Oak Brook, Illinois, Norcross is a leading manufacturer of personal protective equipment, providing integrated head-to-toe protective equipment solutions. The company is a recognized leader in a number of market segments and has one of the industry's most extensive distribution networks with more than 2,500 distributors. Norcross generated revenue of approximately $609 million in 2007.
Odyssey acquired Norcross in July 2005. During its ownership, Odyssey, in partnership with the Norcross management team, significantly enhanced the company's value through four completed acquisitions and one that is currently pending, as well as a range of internal growth and productivity initiatives.
Brian Kwait, a Managing Principal of Odyssey Investment Partners, said, "We are proud of Norcross's accomplishments under our ownership, and that the business has attracted the interest of one of the world's leading diversified technology and manufacturing companies. Capitalizing on compelling market trends, Norcross led the early stages of consolidation in the highly fragmented safety products industry and has performed exceptionally well. Norcross is well positioned to continue this track record of growth as part of Honeywell."
Norcross's senior management team, led by Robert A. Peterson, President and Chief Executive Officer, and David F. Myers, Jr., Executive Vice President and Chief Financial Officer, will continue to lead the business as part of Honeywell.
"We thank Bob Peterson, David Myers and their outstanding management team for their leadership and partnership over the past three years. We wish the entire Norcross team success in the future," Mr. Kwait concluded.
Mr. Peterson added, "We enjoyed our partnership with Odyssey over the last few years during which we worked together to accelerate Norcross's long history of organic growth, innovation, and strategic acquisitions, further stregthening our position as one of the leaders in the personal protection equipment industry."
Completion of the transaction, which is expected to occur in the second quarter of 2008, is subject to regulatory approvals and customary closing conditions.
Credit Suisse served as the exclusive financial advisor to Norcross Safety Products in connection with this transaction.
About Odyssey Investment Partners
Odyssey Investment Partners LLC, based in New York, is a leading middle-market private equity firm with more than $1.2 billion under management. Odyssey makes majority, control investments primarily in established middle-market companies in a variety of industries, including industrial manufacturing, business, financial and healthcare services, aerospace products, and localized and route-based service businesses. For further information about Odyssey, please visit www.odysseyinvestment.com.
About Norcross Safety Products
Norcross Safety Products is a leading designer, manufacturer and marketer of branded products in the fragmented personal protection equipment industry. The Company manufactures and markets a full line of personal protection equipment for workers in the general safety and preparedness, fire service and electrical safety industries. The Company sells products under trusted, long-standing and well-recognized brand names, including North, Morning Pride, Ranger, Servus, Pro-Warrington and Salisbury. The Company's broad product offering includes, among other things, respiratory protection, protective footwear, hand protection, eye, head and face protection, turnout gear for firefighters and linemen equipment for utility workers.
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