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Members of the Kaman family notified Kaman Corporation, Bloomfield, CT, on Jun. 23 that the family expects to reach an alternative transaction to the company's recapitalization plan. The new development represents at least an estimated $10-million premium above what Kaman family members would receive under the original recap plan floated earlier this month, which would have a total value of just over $20 million. Family members hold 100 percent of the voting powers through their Class B shares, while holding only 2.9 percent of the economic value in those shares. The proposed recapitalization plan would extend voting powers to all shareholders, while converting family member shares and providing them a cash premium just under $10 million. See article here.
Fluke Corporation, Everett, WA, a manufacturer of handheld test and measurement tools, has acquired LEM Instruments, Liverpool, UK, a division of LEM Group. LEM Instruments is a European manufacturer of test and measurement equipment including analyzers and systems for power quality applications, earth/ground testers, insulation testers, low-resistance ohmmeters, clamp meters and clamp-on power meters. LEM Instruments is also a supplier of high precision current probes to the automotive market. See article here.
Red Man Pipe & Supply Co. has completed the purchase of the majority ownership of Midfield Supply Ltd., a privately held corporation based in Brooks, Alberta, Canada. Midfield currently has 44 locations in Alberta, 11 in Saskatchewan, and 2 in British Columbia, all serving the energy industry in Central and Western Canada. In addition to the Canadian locations, they operate one location in Montana. The company will operate under the name of Midfield Supply Company in Canada. See article here.
The BC Bearing Group, Burnaby, B.C., has acquired Norcan Fluid Power Ltd., a hydraulic technology company based in Richmond, B.C. Norcan, started in 1974, designs, installs and repairs hydraulic technology. The company employs about 100 people at seven locations in three western provinces and has annual revenues of about C$33 million. BC Bearing has annual revenues of C$160 million through 60 locations in Western Canada, U.S., Mexico, Chile and Peru.
Sidney Jacobson, founder and chairman emeritus of MSC Industrial Direct Co., Inc., Melville, NY, has passed away. Mr. Jacobson, age 87, retired from the company in 1983, but remained a trusted senior adviser. Mitchell Jacobson, his son, continues as the company's chairman and CEO. Sidney Jacobson founded MSC in 1941 in Manhattan as Sid Tool Company. Over the following 42 years, he oversaw the growth of the company into a national distributor of MRO supplies to industrial customers. Mr. Jacobson pioneered a number of initiatives, including computerized inventory management and order processing, and the establishment of a fully-integrated Quality Assurance Department, that have since become standards for the industry.