The 2020 Mid-Year Economic Update_long

Private Equity Firms Agree to Buy Industrial Rubber Products

Industrial Rubber Products, Inc., Hibbing, MN, has agreed to be acquired by affiliates of Lime Rock Partners, a Westport, CT-based private equity firm focusing on the global energy industry, and Thompson Street Capital Partners, a St. Louis-based private equity firm focused on the manufacturing, distribution and services industries.
 
Industrial Rubber Products will be acquired for $16.50 per share in cash, representing a 49% premium to the average closing price of Industrial Rubber over the past 20 trading days. The plan still must be approved by shareholders.
 
Management of the company will continue in their current officer positions and retain a meaningful portion of their ownership.
 
Daniel Burkes, CEO of Industrial Rubber Products, said: The board ...

Industrial Rubber Products, Inc., Hibbing, MN, has agreed to be acquired by affiliates of Lime Rock Partners, a Westport, CT-based private equity firm focusing on the global energy industry, and Thompson Street Capital Partners, a St. Louis-based private equity firm focused on the manufacturing, distribution and services industries.
 
Industrial Rubber Products will be acquired for $16.50 per share in cash, representing a 49% premium to the average closing price of Industrial Rubber over the past 20 trading days. The plan still must be approved by shareholders.
 
Management of the company will continue in their current officer positions and retain a meaningful portion of their ownership.
 
Daniel Burkes, CEO of Industrial Rubber Products, said: The board and I fully agree that the transaction with Lime Rock and Thompson Street offers the best of both worlds: a fair price for our existing shareholders and two new partners that will help Industrial Rubber Products grow.”
 
Industrial Rubber Products sells protective products and coating for applications to steel pipe and other industrial equipment in the energy, mining, aggregates, and other end markets.

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.