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Interline Brands Agrees to Be Acquired by Two Private Equity Firms for $1.1B

Interline Brands, Inc. (NYSE:IBI), Jacksonville, FL, MRO distributor and No. 14 on MDM's list of the top 40 industrial distributors, has agreed to be acquired by GS Capital Partners LP (a Goldman Sachs vehicle) and P2 Capital Partners LLC in a transaction valued at $1.1 billion, or $25.50 per share in cash.

The price represents a premium of about 42 percent relative to the company’s closing stock price on May 25, 2012, and a 31 percent premium relative to the company’s trailing 30-day average closing stock price.

"We remain laser-focused on our goals and capabilities, and look forward to working with partners that have proven track records of investments in the distribution sector, as well as financial and operational expertise in global markets. Moreover, Interline has operated successfully in both public and private settings in the past. As we now look forward, GS Capital Partners and P2 Capital Partners have a shared vision of our value creation opportunities and the actions needed to realize them," said Michael J. Grebe, Interline’s CEO.

Interline intends to maintain its corporate headquarters in Jacksonville, FL, as well as its distribution and sales footprint.

In addition to equity from funds managed by GS Capital Partners and P2 Capital Partners, it is anticipated that certain members of company management will invest a portion of their proceeds from the transaction.

The transaction is subject to shareholder and regulatory approvals.

The agreement allows Interline to solicit alternative proposals for acquisition through June 28, 2012. If there is not a better offer, the transaction is expected to close by the end of the third quarter of 2012.

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