Kaydon Corporation Closes Acquisition of Fabreeka Group Holdings, Inc.
In April 2011, Harvey & Company initiated the acquisition of and subsequently invested in Fabreeka International, Inc. (“Fabreeka”). In June 2012, Fabreeka was acquired by Kaydon Corporation (NYSE:KDN). Below is the press release following the transaction:
Kaydon Corporation Closes Acquisition of Fabreeka Group Holdings, Inc.
June 5, 2012
Ann Arbor, MI – Kaydon Corporation (NYSE: KDN) today announced that it has completed the acquisition of all of the outstanding shares of Fabreeka Group Holdings, Inc. (“Fabreeka”) pursuant to the definitive agreement announced on May 29, 2012. The $54 million acquisition was financed with borrowings under Kaydon’s existing $250 million credit facility.
Fabreeka, based in Stoughton, Massachusetts, is a leading provider of engineered vibration-isolation and shock-control products, including isolation pads, metal isolators and highly engineered vibration solutions serving a diverse customer base across numerous end-markets including test and measurement, industrial machinery, manufacturing, precision equipment and aerospace and defense. Fabreeka had sales of approximately $27 million in 2011 and will join Kaydon’s Velocity Control Products segment. Kaydon expects the transaction to be accretive within the first twelve months of ownership.
Kaydon Chairman and Chief Executive Officer James O’Leary stated, “We are delighted to welcome Fabreeka and its outstanding employees into Kaydon. The addition of Fabreeka to our Velocity Control Products segment expands our complementary product capabilities in this important segment, and continues our strategy of growing our portfolio of highly engineered businesses with high margin, high value-added industry leaders.”
About Kaydon
Kaydon Corporation is a leading designer and manufacturer of custom engineered, performance-critical products, supplying a broad and diverse group of alternative-energy, military, industrial, aerospace, medical and electronic equipment, and aftermarket customers.
www.kaydon.com
