Investcorp To Acqire Synthetic Industries
Synthetic Industries Inc.,
Chickamauga, Ga., has announced that it has entered into a definite merger agreement with SIND
Holdings Inc., a company organized by Investcorp, New York.
Under the agreement, SIND Holdings will acquire outstanding Synthetic Industries shares for $33 per share in cash. The total value of the transaction is approximately $535 million, based on 9.2 million fully diluted shares outstanding, as well as the assumption or repayment of approximately $230 million in Synthetic Industries debt.
According to Synthetic Industries officials, the proposed acquisition concludes a sale process commenced in May 1999 by a committee of independent members of the company’s board of directors.
“Synthetic Industries possesses all of the attributes we look for in our investments: an excellent management team; a sharp focus on customers’ needs supported by strong product development; and exceptional growth prospects,” said Christopher O’Brien, a member of Investcorp’s management committee.