Contact Information: Contacts: David Gutierrez Dresner Corporate Services 312.780.7204 dgutierrez@dresnerco.com Gregg Pollack Dresner Partners 312.780.7207 gpollack@dresnerco.com
Dresner Partners Advises The Biltrite Corporation in Divestiture of Sheet Rubber and Rubber Matting Business
| Source: Dresner Partners
CHICAGO, IL -- (MARKET WIRE) -- November 20, 2006 -- Dresner Partners, a leading middle-market
investment bank, announced today that it acted as the financial advisor to
The Biltrite Corporation in the sale of its Ripley, Mississippi-based sheet
rubber and rubber matting business to West American Rubber Company, LLC
("WARCO"), a leading California-based manufacturer of sheet rubber, molded
and extruded rubber products. After the transaction, Biltrite will continue
to own and operate its Chelsea, Massachusetts-based commercial and
specialty thermoplastic business. Terms of the transaction were not
disclosed.
WARCO sees the acquisition of the Ripley operations as an opportunity to
accelerate its growth and expand its three core business divisions, which
in addition to sheet rubber products, include molded and extruded products.
Biltrite has been a leading manufacturer of high-quality rubber products in
the United States for decades. With combined experience of over 195 years
in the rubber industry, WARCO and Biltrite together will be able to offer
enhanced capabilities and state-of-the-art technology to meet a broad range
of customer needs.
Steven M. Dresner, president of Dresner Partners, said, "This divestiture
is the culmination of a series of transactions designed to achieve the
long-term objectives of Biltrite's shareholders. It is also indicative of
Dresner's expertise in developing programs to assist the owners of closely
held businesses in executing multiple transactions over time. We are
pleased to have been associated with the owners and management of both
Biltrite and WARCO, and we look forward to the success of the new
WARCO-Ripley enterprise."
Stanley J. Bernstein, Chairman of Biltrite, said, "We are extremely pleased
with the outcome of this transaction, and we look forward to our ongoing
relationship with the WARCO team. Melding two high-quality organizations
such as Ripley and WARCO should result in a more competitive operation that
will better serve the needs of its combined customer base. The Dresner team
did an outstanding job on this transaction, and we appreciate the efforts
of Gregg Pollack, Steve Dresner and the other Dresner professionals who
helped to bring this opportunity to fruition."
About The Biltrite Corporation
The Biltrite Corporation is a leading manufacturer of engineered rubber and
thermoplastic products for commercial, industrial and specialty
applications. Biltrite has historically manufactured its rubber products
(sheet rubber and rubber matting) at the plant in Ripley, Mississippi and
its thermoplastic products in Chelsea, Massachusetts. Biltrite's executive
offices are located in Waltham, Massachusetts. Biltrite has developed
market leadership in the niches that it serves through cost competitive
manufacturing, exceptional technical capabilities in compounding and
material processing, attentive customer service, and an experienced and
responsive sales and marketing organization. Additional information
regarding Biltrite can be found at www.biltrite.com.
About West American Rubber Company, LLC
West American Rubber Company, LLC is a diversified manufacturer of rubber
products, including calendered sheet rubber, extruded and spliced rubber,
molded rubber and custom mixed rubber products. Headquartered in Orange,
California, WARCO offers a comprehensive product line, superior engineering
capability, high quality manufacturing processes and diverse end markets
(including automotive, aerospace, construction and non-invasive medical
products), making it one of the premier providers of rubber products in the
United States. Additional information regarding WARCO can be found at
www.warco.com.
About Dresner Partners
Dresner Partners is a NASD-registered, middle-market investment bank based
in Chicago, Illinois. Founded in 1991, Dresner Partners provides financial
advisory services to business owners and managers throughout the United
States, including institutional private placements of debt and equity,
merger & acquisition advisory, and valuation and strategic consulting. Its
affiliate company, Dresner Corporate Services, is a strategic
communications firm specializing in investor and public relations. More
information is available via the Internet at www.dresnerpartners.com.