Littlejohn & Co. Announces Sale of Kaman Distribution Group for $1.3 Billion
16 12월 2021 - 9:30PM
Business Wire
Littlejohn & Co., LLC (“Littlejohn”) announced today that an
affiliate has signed a definitive agreement to sell Kaman
Distribution Group (“KDG” or the “Company”), a leading distributor
of highly engineered products and provider of related services, to
Motion Industries, Inc. (“Motion”), a subsidiary of Genuine Parts
Company (NYSE: GPC), for $1.3 billion in cash.
Based in Bloomfield, Connecticut, KDG is a leading technical
solutions platform, providing highly customized products and
services to the North American bearings and power transmission,
automation and fluid power markets. Operating through three
segments, Kaman Industrial Technologies, Kaman Automation and Kaman
Fluid Power, KDG’s multi-platform capabilities enable solutions for
applications across all operating environments, with a national
presence of approximately 220 branches serving as a critical link
between nearly 10,000 suppliers and 50,000 customers nationwide.
The Company serves a diverse set of end markets, including food and
beverage, logistics, electronics, heavy machinery, water
infrastructure, pulp and paper, and healthcare, among others.
Littlejohn acquired KDG from its former parent, Kaman Corporation
(NYSE: KAMN), in August 2019.
Tony Miranda, a Managing Director at Littlejohn, said, “We are
proud to have supported KDG’s transformation into a leading
industrial distribution platform. During our ownership, KDG
successfully and seamlessly transitioned into an independent
company, strengthened its leadership team by recruiting several
experienced industry veterans, and refocused the organization on
driving operational excellence and reinvigorating growth. It has
been a great pleasure working with Ben Mondics and the KDG team,
and we wish them continued success in partnership with Motion.”
Steven Kalter, a Managing Director at Littlejohn, stated,
“Thanks to the tireless efforts of KDG’s world-class management
team and over 1,700 dedicated associates, the Company navigated
through a difficult market environment and emerged even stronger.
Over the last two years, KDG has realized significant margin
improvement through focused initiatives around strategic pricing,
procurement, operating expense rationalization and footprint
optimization – all while reenergizing its M&A program.”
Ben Mondics, President and Chief Executive Officer of KDG,
added, “Littlejohn has been an invaluable partner for our business
and team, bringing its deep knowledge of corporate carveouts and
extensive experience in value-added distribution to help position
the Company for long-term success. We are excited to join forces
with Motion and leverage the combined platform to better serve our
valued customer and supplier partners.”
Robert W. Baird & Co. served as exclusive financial advisor
and Gibson, Dunn & Crutcher LLP served as legal advisor to
KDG.
About Littlejohn & Co., LLC Littlejohn & Co. is a
Greenwich, Connecticut-based investment firm focused on private
equity and debt investments primarily in middle-market companies.
With approximately $14 billion of regulatory assets under
management, the firm seeks to build sustainable success for its
portfolio companies through a disciplined approach to engineering
change. For more information about Littlejohn, visit
www.littlejohnllc.com.
About Kaman Distribution Group Headquartered in
Bloomfield, Connecticut, KDG is a leading national distributor of
highly engineered products and provider of related services with
approximately 220 locations across the United States and Puerto
Rico. Established in 1971, KDG’s technical salesforce has been
servicing its customers for over 50 years, providing components and
systems for a broad range of applications, along with value-added
automation, engineering and integration services. For more
information about KDG, visit
ec.kamandirect.com/storeus/kamandistribution.
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version on businesswire.com: https://www.businesswire.com/news/home/20211216005400/en/
Media For Littlejohn & Co. Nathaniel Garnick/Grace
Cartwright Gasthalter & Co. (212) 257-4170
Genuine Parts (NYSE:GPC)
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Genuine Parts (NYSE:GPC)
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