LewisGoetz recapitalizes with Audax Group
June 7, 2007
Pittsburgh, PA: LewisGoetz and Company, Inc., headquartered in Pittsburgh, PA and one of the nation's largest industrial distributors, announced today that it has finalized a recapitalization of the Company. The recapitalization was led by Audax Group, a private equity firm based in Boston Massachusetts. Vetus Partners served as exclusive financial advisor to LewisGoetz & Company, Inc. Buchanan Ingersoll & Rooney PC served as counsel to LewisGoetz, and Ropes & Gray LLP served as counsel for Audax.
LewisGoetz is a leading independent value-added distributor of industrial rubber products, including industrial, hydraulic, and metal hose, conveyor belts, gaskets and seals, and related accessories and services. LewisGoetz operates from 48 locations throughout the United States and Canada. The Company was recently ranked 31st on Industrial Distribution's list of the Big 50 industrial distributors.
David R. Goetz, Sr., Chairman and CEO of LewisGoetz, stated that the recapitalization will, "Provide the Company with the necessary financing to continue the long-term strategy of consolidating the fragmented industrial rubber distribution market. LewisGoetz engaged Vetus as its exclusive financial advisor due to Vetus' extensive and unequaled experience in the wholesale distribution industry and knowledge of the private equity community. We are convinced we have found the right partner to support our long-term strategy. The Audax team is clearly excited about the opportunity the Company presents and our management team and associates are excited at the prospects of building on our impressive track record of profitable growth."
Geoffrey S. Rehnert, Co-CEO of Audax Group, said "LewisGoetz has developed a leading position as a value-added distributor in the fragmented rubber products industry, serving diverse and stable end-markets. We look forward to working with Dave Goetz and his team to grow the business by expanding into new geographic markets and making strategic add-on acquisitions."
For information, contact:
Donna Barger
724-213-1221
