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Isola Sold: Texas Pacific Group, Redfern Partners New
Owners
04-01-2004
by Mike Buetow
ESSEN, GERMANY, April 1 --
Ownership of
Isola AG and its extensive laminate business is returning to
the U.S.
In a deal closed last night, Rutgers AG
will sell its wholly-owned subsidiary to Texas Pacific Group
and Redfern Partners. The sale is subject to antitrust
authorities and is expected to close this quarter. Financial terms were not
disclosed.
The sale includes Isola's 10 production facilities in
Europe, Asia and the U.S. and its workforce of about 2,400 employees. Isola
had revenues of 380 million euros ($469 million based on April 1 exchange
rates) in 2003.
TPG will maintain the company’s manufacturing location in
Düren, the company said. In a statement John Marren, senior partner of TPG,
said the firm plans to "invest significantly" in the business in Europe, Asia
and the U.S. (Marren is former investment analyst and semiconductor industry
executive.)
Fort Worth, TX-based TPG, which specializes in leveraged
buyouts, bought more than 90% owner of ON Semiconductor from Motorola in 1999.
Redfern Partners is a consulting and investment group based in Lake Forest,
CA.
Redfern Partners is run by Don and Tim Redfern, who are
also officials of Insulectro, the largest distributer of
Isola products.
Other companies said to be finalists in the bidding were
Kingboard and Bain Capital, PCD&M has
learned.
