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GLENCOE CAPITAL TAKES LEADING POSITION IN POLYAIR INTER PACK
Firm buys 30% of outstanding shares of packaging, pool products company
(March 11, 2004) Glencoe Capital, LLC today acquired a substantial position in Toronto-based Polyair Inter Pack, Inc. (TSX/AMEX: PPK), announced David S. Evans, Glencoe's Chairman.
Glencoe purchased 1,827,667 shares of Polyair common stock for C$15.08 per share from a group including Consolidated Mercantile Incorporated (CMI), a major shareholder in Polyair, and Polyair's president.
Total consideration for the transaction was C$27,561,218. The parties agreed to a fixed exchange rate for payment in US dollars.
In connection with the purchase, Glencoe, CMI and certain other parties entered into a shareholders agreement with respect to their 3.3 million shares of Polyair common stock. Together, Glencoe, CMI (TSX: CMC; NASDAQ: CSLMF) and the other parties to the shareholders agreement control approximately 55% of Polyair's common stock.
"This deal gives Glencoe the ability to work with Polyair's management, which we are very excited about," said Evans.
Chicago-based Glencoe is a private merchant bank managing over $900 million in alternative investment assets. Through the Glencoe Capital Partners Funds, the firm acts as the lead sponsor in buyouts and recapitalizations of public and private companies with market values between $50 million and $350 million.
Headquartered in Toronto, Polyair is a leading North American manufacturer and marketer of specialty polyethylene products for the packaging industry, including air bubble packaging, mailers, foam laminates, insulation, solar blankets, pool covers and liners.
For more information, contact:
or
Clovis, Inc.
(312) 346-1700
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