Robertshaw Receives Court Approval for Sale, Positioning Company for Long-Term Growth
June 21 2024 - 4:36PM
Business Wire
Company expects no impact to operations with
backing from multiple existing financial partners
Sale strengthens financial foundation,
eliminating approximately $660 million of debt
Follows Court’s ruling reaffirming Company’s
position regarding its required lenders
Robertshaw US Holding Corporation (“Robertshaw” or the
“Company”), a leading global design, engineering, and manufacturing
company, received approval from the United States Bankruptcy Court
for the Southern District of Texas (the “Court”) pursuant to
Section 363 of the United States Bankruptcy Code, for the sale of
substantially all of its assets to an entity formed by certain
existing lenders and its sponsor (the “Sale Transaction”). The Sale
Transaction will eliminate approximately $660 million of debt and
is expected to provide Robertshaw with the financial flexibility to
invest in growth across key markets, and better serve its global
customer base with its best-in-class products.
“With our strengthened financial footing, we are well-positioned
to further solidify our position as the global market leader in
design, engineering, and manufacturing of flow control components,
systems, and technologies, and further invest in innovating safe
and reliable solutions and cutting-edge technologies,” said John
Hewitt, Chief Executive Officer, Robertshaw. “We look forward to
serving as an even better partner to our valued customers, vendors,
suppliers, and partners as we remain focused on delivering
best-in-class service and products to our customers that increase
safety, improve productivity, and protect the environment.”
The Company is working to close the Sale Transaction on an
expedited timeline, subject to customary closing conditions.
Upon consummation of the Sale Transaction, agreements and
contracts will be transferred and Robertshaw is expected to
continue operating as usual.
The Court’s approval of the sale comes on the heels of a
successful litigation ruling where Judge Lopez ruled in favor of
Robertshaw’s position and certain of its lenders and sponsor. The
Court’s ruling reaffirmed the Company’s arguments regarding the
critical issue of required lender status and marked a landmark
victory for Robertshaw, paving the way for today’s approval of the
Sale Transaction. By leveraging the Chapter 11 process and a
well-thought-out strategy, Robertshaw swiftly moved through the
process and is now well-positioned for long-term growth.
Advisors Latham & Watkins LLP and Hunton Andrews
Kurth LLP are serving as legal counsel, Guggenheim Securities, LLC
is serving as investment banker, AlixPartners LLP is serving as
financial advisor, and C Street Advisory Group is serving as
strategic communications advisor.
About Robertshaw Robertshaw is a leading global design,
engineering and manufacturing company that sells components and
systems solutions into the residential white goods, commercial
appliance, HVAC, and transportation industries. Robertshaw has been
a leading innovator in flow control of gas, water, and other fluids
for over 120 years. We are headquartered in Itasca, Illinois, and
employ more than 5,000 employees in 14 countries.
Robertshaw's mission is to deliver unquestionable service to our
customers by being the best at delivering innovative product
solutions that increase safety, improve productivity, and protect
the environment. Robertshaw helps manufacturers bring their visions
to market.
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Media C Street Advisory Group
robertshaw@thecstreet.com