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PISCATAWAY, N.J. - A.S. America, Inc. ("American Standard America"), Crane Plumbing LLC ("Crane") and Eljer, Inc. ("Eljer") are pleased to announce their intent to merge.
The merger closing is expected to take place in the second quarter of 2008, and integration of the companies' operations is expected to occur within a 12- to 24-month period.
Once the merger is complete, Donald C. Devine, President and CEO of American Standard America, will lead the new company and Kevin Oak, CEO of Crane Plumbing, will become COO. Jim Harris, CEO of Eljer, will be part of the integration steering committee. The new organization will have operations in the United States, Mexico and Canada, and its headquarters will be in Piscataway, N.J.
While leaders of all three companies are excited about the opportunity and have formed integration teams and plans for the merger, the three companies will continue to conduct business as usual and operate as independent companies until the closing.
American Standard America, Crane Plumbing and Eljer are affiliated portfolio companies of Sun Capital Partners, Inc. ("Sun Capital"), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies. Bain Capital Partners, Inc. ("Bain Capital") is a minority partner in American Standard America and will remain a minority partner in the new consolidated entity.
ABOUT A.S. AMERICA, INC. - With an operating history of over 130 years, American Standard America is one of the largest North American manufacturers of bath and kitchen products. The Company participates in all key product categories such as bathroom and kitchen faucets, fixtures and furniture with leading positions in toilets and in bathroom fixtures . Products are marketed under such brand names as American Standard, Porcher and Jado. American Standard delivers products to a wide range of customers in both residential and commercial markets and for new construction and replacement remodeling. The network includes wholesalers (including showrooms), retailers (including do-it-yourself centers) and specialty merchants. For more information, please visit www.americanstandard-us.com.
ABOUT CRANE PLUMBING LLC - Crane Plumbing is one of the largest manufacturers and distributors of plumbing fixtures and specialty plumbing products in the United States and Canada. Crane's products are marketed under the Crane Plumbing, Fiat, Showerite, Universal-Rundle and Sanymetal brand names. Crane's products are manufactured at 20 locations in the U.S. and Canada and are sold to over 3,000 plumbing wholesale outlets and 4,000 retail stores including Lowe's, Home Depot and Menard's. For more information, please visit www.craneplumbing.com.
ABOUT ELJER, INC. - Eljer is a leading branded plumbing fixture company serving the residential, commercial construction, remodeling and repair markets in both the U.S. and Canada. Eljer manufactures and markets vitreous china fixtures, cast iron sinks, whirlpool tubs, and other related plumbing products for the kitchen and bathroom markets, and distributes its products through a network of wholesale distributors, hardware stores and do-it-yourself home centers. For more information, please visit www.eljer.com.
About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 180 companies worldwide with combined sales in excess of $35.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Tokyo, and Shenzhen. For more information, please visit www.SunCapPart.com.
About Bain Capital Partners, Inc.
Bain Capital is a global private investment firm that manages several pools of capital including private equity, high-yield assets, mezzanine capital and public equity with approximately US$65 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in over 250 companies around the world. Headquartered in Boston, Bain Capital has offices in New York, London, Munich, Hong Kong, Shanghai, and Tokyo. For more information, please visit www.baincapital.com.
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