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Wellspring Capital Management Completes Acquisition of JW Aluminum
| Quelle: Wellspring Capital Management
NEW YORK, NY -- (MARKET WIRE) -- December 8, 2006 -- Wellspring Capital Management LLC
("Wellspring") announced today that an affiliate of Wellspring has
successfully completed the acquisition of the issued and outstanding shares
of JW Aluminum Holding Company ("JWA"), for a total cash consideration of
$310 million on a cash and debt free basis from Superior Plus Income Fund
("Superior").
JW Aluminum is a leading manufacturer of specialty, flat-rolled aluminum
products, primarily serving the heating, ventilation and air conditioning,
building and construction and light gauge converter foil and flexible
packaging end-use markets in the United States. Over its 26 years of
operation, JWA has grown from a startup capacity of 40 million pounds to
over 372 million pounds today.
"We are very pleased with the opportunity to once again work with
Wellspring Capital to build JW Aluminum into an even stronger company,"
said Don Kassing, President and CEO of JWA. "One of our first orders of
business will be to resume our aggressive pursuit of growth opportunities
and continue to expand our presence in the specialty flat-rolled aluminum
sheet and foil industry."
William F. Dawson Jr., Partner, Wellspring Capital, said, "We look forward
to adding JW Aluminum again to our portfolio of companies. Obviously, with
our history together, Wellspring is keenly aware of JW Aluminum's strong
performance and the capability of the JWA team to grow and build an even
stronger company in the future."
About Wellspring Capital Management
Founded in 1995, Wellspring Capital Management LLC is a New York-based
private equity firm with more than $2 billion in equity capital under
management. The firm takes controlling positions in promising middle-market
companies where it can realize substantial value by contributing innovative
operating and financing strategies and capital. Wellspring's limited
partners include some of the largest and most respected institutional
investors in the United States, Canada, and Europe. Wellspring Capital's
current portfolio includes investments in food distribution, for-profit,
post-secondary education, golf retail, steel servicing, and other
industries. For more information visit Wellspring Capital's website at
www.wellspringcapital.com.
About JW Aluminum
JW Aluminum is a leading manufacturer of specialty, flat-rolled aluminum
products, primarily serving the heating, ventilation and air conditioning,
building and construction and light gauge converter foil and flexible
packaging end-use markets in the United States. Over its 26 years of
operation, JWA has grown from a startup capacity of 40 million pounds to
over 372 million pounds today. JW Aluminum employs 772 associates at its
three facilities in: Russellville, AR; St. Louis, MO; and Mt. Holly, SC,
and is headquartered in Mt. Holly, SC. For more information about JW
Aluminum, visit their website at: www.jwaluminum.com.