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Private equity group to acquire U.S. Aluminum parent

Post Time:Nov 12,2013Classify:Industry NewsView:53

International Aluminum Corp., the Monterey Park, Calif.-based parent of commercial fabricator United States Aluminum of Waxahachie, Texas, has entered into a buyout agreement with an affiliate of Genstar Capital LLC. The San Francisco-based private equity group is offering $53 per share for the publicly-traded International Aluminum in a transaction valued at about $228 million. Officials from International Aluminum have unanimously approved the agreement and are recommending approval by International Aluminum's shareholders. Additionally, Cornelius Vanderstar, International Aluminum's chairman and largest shareholder, has entered into an agreement to vote his shares in favor of the acquisition by Genstar. Vanderstar owns about 40 percent of the outstanding stock of International Aluminum. "This transaction offers shareholders the ability to realize substantial value from their investments in International Aluminum, and is a strong affirmation of the position we have built in our markets,” says Ronald L. Rudy, president and chief executive officer. "We believe International Aluminum is a leader in its industry and we are excited about partnering with the company to continue its growth,” says Darren J. Gold, managing director for Genstar Capital. “Genstar has a very successful track record of investing in building products companies like International Aluminum." The private equity group was previously involved in the building products industry through its 1994 purchase of Gentek Building Products from Alcan Aluminum. Genstar sold the manufacturer and distributor of vinyl siding and windows, as well as other metal building products to Alside parent, Associated Materials, in 2003. U.S. Aluminum manufactures curtain walls, window walls, slope-glazed systems, storefront framing, entrance doors and frames, and commercial windows. The company also operates International Window Corp., Raco Interiors and International Extrusion. The transaction is expected to close during the second quarter of 2007. Following completion, International Aluminum's stock will be de-listed from the New York Stock Exchange and will no longer trade publicly.Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/private-equity-group-acquire-us-aluminum-parentAuthor:

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