Friend Skoler & Co. Announces Sale of Woodstream Corporation
SADDLE BROOK, NEW JERSEY, June 17, 2003 (PRNewswire) -- Friend Skoler & Co., L.L.C., a private equity firm that invests in middle market companies, announced today the sale of Woodstream Corporation to an affiliate of Brockway Moran & Partners, Inc. for approximately $100 million. Woodstream is a leading manufacturer and marketer of branded pest control and wildlife caring and control products in the United States and Canada. Woodstream's product lines include rodent and insect traps, live animal cage traps, animal repellents and low toxic pesticides sold under the Victor®, Havahart® and Safer® brands.
Friend Skoler purchased Woodstream in partnership with management in December, 1999. During its ownership of the Company, Friend Skoler worked closely with management to identify and complete six acquisitions of complementary businesses that expanded the Company's product offerings and geographic footprint. Woodstream management successfully integrated the acquisitions and also continued to drive the growth of the core business. "Friend Skoler's support and expertise helped us nearly double the size of our business since 1999," said Harry Whaley, President of Woodstream. "Working together, we have positioned the Company for continued growth in the future."
The sale generated cash returns of 3.3x invested capital for Friend Skoler and its investors during their three and one-half years of ownership, generating an IRR in excess of 40%. "We are pleased with the growth of the Company during our ownership, and are proud to have been associated with a leader such as Woodstream. It has been a real pleasure to work with the senior management team, who we would rate among the best that we have seen in our 17 years investing in the lower middle market," said Steven F. Skoler, Principal of Friend Skoler & Co.
"We made our investment in Woodstream in late 1999 when many private equity firms were focused on internet and telecom investments," said Alexander A. Friend, Principal of Friend Skoler & Co. "We were attracted to Woodstream's strong market position in niche markets, its prospects for continued organic growth and, most importantly, to the outstanding management team leading the Company. The extraordinary return that we realized during a most difficult economic environment demonstrates that our approach to investing in the lower middle market can be highly rewarding for our investors."
About Friend Skoler & Co.
Friend Skoler & Co., L.L.C. is a private equity firm that invests in leading companies in the middle market. FSC typically invests in companies having valuations between $20 million and $200 million, and typically commits $10 million to $40 million in equity per investment. Since its founding in 1998, the firm has invested $56 million in equity capital and completed 11 transactions. The substantial operating experience of the firm's professionals makes them uniquely qualified to add value to the firm's portfolio companies. Friend Skoler is headquartered in Saddle Brook, NJ. For additional information, please visit www.friendskoler.com.
About Woodstream Corporation
Woodstream is a leading manufacturer and marketer of branded pest control and wildlife caring and control products in the United States and Canada. Woodstream's product lines include rodent and insect traps, live animal cage traps, animal repellents and low toxic pesticides sold under the Victor®, Havahart® and Safer® brands. For additional information, please visit www.woodstream.com,www.victorpest.com, and www.havahart.com.
Friend Skoler & Co., L.L.C.