EX-99.1
3
pfaffaquisitionpr.htm
PRESS RELEASE
pfaffaquisitionpr.htm
Exhibit 99.1
Karen
L. Howard
Vice
President - Finance and Chief Financial Officer
Columbus
McKinnon Corporation
716-689-5550
karen.howard@cmworks.com
Columbus
McKinnon Acquires Leading European
Material
Handling and Actuator Company, Pfaff-silberblau
AMHERST,
N.Y., October 2, 2008 - Columbus McKinnon Corporation (NASDAQ: CMCO) has
acquired Pfaff Beteiligungs GmbH ("Pfaff-silberblau"), a leading European
supplier of lifting, material handling and actuator products with revenue of
more than €62 million, or approximately $90 million USD, in 2007.
Columbus
McKinnon acquired the Kissing, Germany based Pfaff-silberblau from the EQT
Opportunity Fund, which is advised by private equity firm EQT Partners, for €36
million, or approximately $53 million USD, effective October 1,
2008. The all-cash transaction is expected to be accretive to
Columbus McKinnon's earnings.
"Pfaff-silberblau
is a leading European hoist and material handling equipment brand which
complements our existing business in the region. Additionally, its
actuator business provides us with technical engineering expertise, access to
the growing European market and diversifies our existing North American
business", Columbus McKinnon President and Chief Executive Officer Timothy T.
Tevens explained. "Of note, Pfaff-silberblau provides us with
additional channels to market that enhance our position in the European
market."
Columbus
McKinnon plans to maintain the Pfaff-silberblau brand and work closely with the
current Pfaff-silberblau management to continue to operate the business and
serve as key members of the post-closing integration team.
Tevens
added, "We believe there are numerous sales and operating synergies that can be
realized through a combination of our Columbus McKinnon European and Duff Norton
businesses with the 140-year-old Pfaff organization. It has an excellent brand
name and position in the market that is very complementary to
ours. Overall, this acquisition is an excellent strategic fit with
our plans to grow internationally and expand our line of products that lift,
move and secure material".
Columbus
McKinnon's long-term goal is to achieve $1 billion in revenue with 50% from
international markets through organic growth and acquisitions. The
Company targets bolt-on acquisitions that will increase international geographic
penetration and/or provide product line expansion, while being
accretive. The Pfaff acquisition will strengthen our global sales to
help level geographic economic cycles and meet our strategic
objectives.
Columbus
McKinnon funded the acquisition with existing cash. After the
transaction, Columbus McKinnon's debt-to-total capitalization ratio will be
relatively unchanged at approximately 31%. Additionally, sufficient
liquidity consisting of cash in excess of $25 million USD and the Company's
untapped $75 million revolving credit facility remain available to support
future operations and growth.
C.W.
Downer & Co. served as Columbus McKinnon's financial adviser and Lovells LLP
served as legal advisor.
Conference Call and
Webcast
Columbus
McKinnon will host a brief conference call on Thursday, October 2, 2008 at 10
a.m. ET to review the acquisition. You can access the call by
dialing 1-
888-459-1579,
and asking to be placed in the "Columbus McKinnon Conference Call" and providing
the password "Columbus McKinnon" and identifying conference leader "Tim Tevens"
when asked. The toll number for those outside the United States and Canada is
+1-210-234-7695.
The
webcast will be accessible at Columbus McKinnon's web site:
http://www.cmworks.com. It will also be broadcast over MultiVu, a
service of PR Newswire at:
http://www.videonewswire.com/event.asp?id=51812
.
An audio
recording of the call will be available two hours after its completion and until
October 31, 2008 by dialing 1-866-373-4987. Alternatively, you may
access an archive of the call and its transcript on Columbus McKinnon's web site
at:
http://www.cmworks.com/news/presentations.aspx
.
About Pfaff-silberblau
Pfaff-silberblau's
lifting and material handling business includes wire rope winches, chain hoists,
rack and pinion jacks and hand pallet trucks. Its actuator business
designs, develops, manufactures and markets components for lifting and motion
control, including worm gear screw jacks, linear motion precision screws and
quick lifting screw jacks. Based in Kissing, Germany,
Pfaff-silberblau employs over 300 people and is represented worldwide through
six international subsidiaries as well as numerous regional
representatives. It had been owned by EQT since November
2006. More information on the company is available at
http://www.en.pfaff-silberblau.de/
.
About Columbus
McKinnon
Columbus
McKinnon is a leading worldwide designer, manufacturer and marketer of material
handling products, systems and services, which efficiently and ergonomically
move, lift, position or secure material. Key products include hoists, cranes,
chain and forged attachments. The Company is focused on commercial and
industrial applications that require the safety and quality provided by its
superior design and engineering know-how. Comprehensive information
on Columbus McKinnon is available on its web site at
http://www.cmworks.com
.
Safe Harbor
Statement
This
press release contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements include, but
are not limited to, statements concerning future revenue and earnings, and
involve known and unknown risks, uncertainties and other factors that could
cause the actual results of the Company to differ materially from the results
expressed or implied by such statements, including changes in accounting
regulations and other factors disclosed in the Company's periodic reports filed
with the Securities and Exchange Commission. The Company assumes no obligation
to update the forward-looking information contained in this
release.
###
Page 2 of
2

EX - 99 . 1 3 pfaffaquisitionpr . htm PRESS RELEASE pfaffaquisitionpr . htm Exhibit 99 . 1 Karen L . Howard Vice President - Finance and Chief Financial Officer Columbus McKinnon Corporation 716 - 689 - 5550 karen.howard@cmworks.com Columbus McKinnon Acquires Leading European Material Handling and Actuator Company , Pfaff - silberblau AMHERST , N . Y . , October 2 , 2008 - Columbus McKinnon Corporation ( NASDAQ : CMCO ) has acquired Pfaff Beteiligungs GmbH ( " Pfaff - silberblau " ) , a leading European supplier of lifting , material handling and actuator products with revenue of more than € 62 million , or approximately $ 90 million USD , in 2007 . Columbus McKinnon acquired the Kissing , Germany based Pfaff - silberblau from the EQT Opportunity Fund , which is advised by private equity firm EQT Partners , for € 36 million , or approximately $ 53 million USD , effective October 1 , 2008 . The all - cash transaction is expected to be accretive to Columbus McKinnon 's earnings . " Pfaff - silberblau is a leading European hoist and material handling equipment brand which complements our existing business in the region . Additionally , its actuator business provides us with technical engineering expertise , access to the growing European market and diversifies our existing North American business " , Columbus McKinnon President and Chief Executive Officer Timothy T . Tevens explained . " Of note , Pfaff - silberblau provides us with additional channels to market that enhance our position in the European market . " Columbus McKinnon plans to maintain the Pfaff - silberblau brand and work closely with the current Pfaff - silberblau management to continue to operate the business and serve as key members of the post - closing integration team . Tevens added , " We believe there are numerous sales and operating synergies that can be realized through a combination of our Columbus McKinnon European and Duff Norton businesses with the 140 - year - old Pfaff organization . It has an excellent brand name and position in the market that is very complementary to ours . Overall , this acquisition is an excellent strategic fit with our plans to grow internationally and expand our line of products that lift , move and secure material " . Columbus McKinnon 's long - term goal is to achieve $ 1 billion in revenue with 50 % from international markets through organic growth and acquisitions . The Company targets bolt - on acquisitions that will increase international geographic penetration and / or provide product line expansion , while being accretive . The Pfaff acquisition will strengthen our global sales to help level geographic economic cycles and meet our strategic objectives . Columbus McKinnon funded the acquisition with existing cash . After the transaction , Columbus McKinnon 's debt - to - total capitalization ratio will be relatively unchanged at approximately 31 % . Additionally , sufficient liquidity consisting of cash in excess of $ 25 million USD and the Company 's untapped $ 75 million revolving credit facility remain available to support future operations and growth . C . W . Downer & Co . served as Columbus McKinnon 's financial adviser and Lovells LLP served as legal advisor . Conference Call and Webcast Columbus McKinnon will host a brief conference call on Thursday , October 2 , 2008 at 10 a . m . ET to review the acquisition . You can access the call by dialing 1 - 888 - 459 - 1579 , and asking to be placed in the " Columbus McKinnon Conference Call " and providing the password " Columbus McKinnon " and identifying conference leader " Tim Tevens " when asked . The toll number for those outside the United States and Canada is + 1 - 210 - 234 - 7695 . The webcast will be accessible at Columbus McKinnon 's web site : http://www.cmworks.com . It will also be broadcast over MultiVu , a service of PR Newswire at : http://www.videonewswire.com/event.asp?id=51812 . An audio recording of the call will be available two hours after its completion and until October 31 , 2008 by dialing 1 - 866 - 373 - 4987 . Alternatively , you may access an archive of the call and its transcript on Columbus McKinnon 's web site at : http://www.cmworks.com/news/presentations.aspx . About Pfaff - silberblau Pfaff - silberblau 's lifting and material handling business includes wire rope winches , chain hoists , rack and pinion jacks and hand pallet trucks . Its actuator business designs , develops , manufactures and markets components for lifting and motion control , including worm gear screw jacks , linear motion precision screws and quick lifting screw jacks . Based in Kissing , Germany , Pfaff - silberblau employs over 300 people and is represented worldwide through six international subsidiaries as well as numerous regional representatives . It had been owned by EQT since November 2006 . More information on the company is available at http://www.en.pfaff-silberblau.de/ . About Columbus McKinnon Columbus McKinnon is a leading worldwide designer , manufacturer and marketer of material handling products , systems and services , which efficiently and ergonomically move , lift , position or secure material . Key products include hoists , cranes , chain and forged attachments . The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know - how . Comprehensive information on Columbus McKinnon is available on its web site at http://www.cmworks.com . Safe Harbor Statement This press release contains " forward - looking statements " within the meaning of the Private Securities Litigation Reform Act of 1995 . Such statements include , but are not limited to , statements concerning future revenue and earnings , and involve known and unknown risks , uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements , including changes in accounting regulations and other factors disclosed in the Company 's periodic reports filed with the Securities and Exchange Commission . The Company assumes no obligation to update the forward - looking information contained in this release . # # # Page 2 of 2