Thermadyne Holdings Corp. has entered into a purchase agreement with affiliates of Irving Place Capital, a middle-market private equity firm.
The transaction is valued at approximately $422 million, excluding fees and expenses.
Thermadyne’s board of directors unanimously approved the transaction and recommended that Thermadyne’s shareholders adopt the agreement with Irving Place Capital.
“I am very pleased with the accomplishments that our leadership team and employees around the world have made over the last seven years in restoring and revitalizing Thermadyne’s leadership position in the marketplace. This transaction allows all of our shareholders to realize the value created,” said Paul Melnuk, chairman of the board of directors of Thermadyne.
Martin Quinn, Thermadyne president, said that the agreement will help Thermadyne grow.
“Our team has created a strong market presence with leading brands and unwavering customer commitment. Irving Place Capital’s ability to bring value-added resources will help continue Thermadyne’s growth momentum,” he said.
The transaction is subject to shareholder approval and is targeted to close this month.
Thermadyne announces purchasing agreement
December 1, 2010