BATES, LLC HAS BEEN ACQUIRED BY PARK-OHIO HOLDINGS CORPORATION (NYSE:PKOH)
Birmingham, Michigan – May 1, 2013 – Angle Advisors is pleased to announce that Park-Ohio Holdings Corporation (“Park-Ohio”) has acquired Bates, LLC (“Bates” or the “Company”) from NYX, Inc. (“NYX”). Angle Advisors acted as the exclusive investment banking advisor to NYX in completing this transaction.
Based in Lobelville, Tennessee, Bates is a leading manufacturer of high quality, tight tolerance automotive hoses and industrial gaskets. The Company’s product offering includes rubber hoses, nylon hoses, thermoplastic tubes, and rubber gaskets. The Company’s manufacturing capabilities include rubber and nylon extrusion, thermoplastic extrusion, thermoplastic injection molding, hose forming, assembly, and testing. Bates sells to both automotive and industrial customers and ships to 125 destinations around the world.
Edward Crawford, Chairman & CEO of Park-Ohio, noted, “Bates is another example of a look-alike acquisition that fits with Park-Ohio's current goal of growing its three business silos. Bates has been in business over 40 years and has been servicing a great list of customers with an experienced workforce. We expect the annual revenues from Bates to exceed $45 million and be accretive to Park-Ohio earnings."
Jay Sandhu, Chief Executive Officer of NYX, commented, “Our management team at Bates has performed at a high level and they are excited to leverage Park-Ohio’s extensive resources to grow the business. Although we will miss our Bates co-workers, the transaction will allow us to focus our resources and attention to the upcoming launches of our core offerings, as well as the expansion of our Tennessee molding operation and the startup of NYX, Mexico. We’d also like to thank the team at Angle Advisors who executed a very efficient sale process. We are thrilled with the results of this transaction and found Angle’s execution ability and industry relationships to prove critical.”
Based in Livonia, Michigan, NYX designs, develops, and manufactures interior, automotive systems, and technology solutions for the automotive industry. For additional information, please visit www.nyxinc.com.
Park-Ohio is a leading provider of supply management services and a manufacturer of highly-engineered products. Headquartered in Cleveland, Ohio, the Company operates 37 manufacturing sites and 45 supply chain logistics facilities throughout North America, Europe, and Asia. Park-Ohio’s stock is traded on the NYSE under the ticker symbol "PKOH.” For additional information, please visit www.pkoh.com.
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions with a particular emphasis on the vehicular and industrial sectors. The firm's 33 professionals have completed 82 M&A transactions since the beginning of 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.
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