Thermadyne Holdings Corporation entered into a definitive agreement to be acquired by affiliates of Irving Place Capital, a middle-market private equity firm. The transaction is subject to approval of Thermadyne shareholders, and is valued at approximately $422 million. Upon closing of the transaction, Razor Merger Sub Inc., an affiliate of Irving Place Capital, will merge with and into Thermadyne. Thermadyne will survive as a wholly owned subsidiary of Razor Holdco, Inc. The transaction is targeted to close in December 2010.
Under the agreement, Thermadyne shareholders will receive $15.00 per share in cash. This represents an 18 percent premium over the average closing price of $12.71 for the month ending October 4, 2010. Thermadyne’s board of directors unanimously approved the transaction and advised its shareholders to accept the agreement.
“Our team has created a strong market presence with leading brands and unwavering customer commitment. Irving Place Capital’s ability to bring value-added resources will help continue Thermadyne’s growth momentum,” says Martin Quinn, president of Thermadyne.
Douglas Korn, a senior managing director of Irving Place Capital, says, “We are excited to invest behind this talented management team in pursuit of Thermadyne’s vision for continued product and service innovations in key global markets.”
