$250 Million Share Repurchase Authorization
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King & Spalding LLP acted as Mueller Water Products' principal legal advisor for the transaction and Dechert LLP was principal legal advisor for One Equity Partners. The future is very bright for Anvil as it focuses on its core strengths and strategies, and we look forward to helping the company grow and excel.”īofA Merrill Lynch acted as financial advisor to Mueller Water Products in connection with the transaction. “OEP is committed to investing in and growing its portfolio of manufacturing businesses, and we believe the addition of Anvil furthers OEP’s mission to build essential components, parts and products while creating value through investments in manufacturing. “Anvil is a market leader with a broad portfolio of products, well-known premium brands and a commitment to customer service, so we are very excited about this transaction,” said Andrew Oliver, a Managing Director of One Equity Partners.
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“We believe that OEP is an ideal partner for Anvil, its employees and customers, as they are committed to making the investments necessary to take the business to the next level,” said Mr. Donovan, will be joining the new company. Substantially all current employees of Anvil, including the existing management team led by president Patrick M. Mueller Water Products estimates net cash proceeds from the transaction, after taxes and transaction-related expenses, will be approximately $250 million.
ANVIL SOFTWARE FOUNDER FREE
The remaining core business will have leadership positions in most of its markets industry-leading operating margins, capital returns and free cash flow generation as well as an even stronger balance sheet.”Īnvil’s 2016 net sales were approximately $338 million, and the business contributed approximately $42 million of adjusted EBITDA to Mueller Water Products’ 2016 adjusted EBITDA. “Mueller Water Products is now a pure-play water infrastructure company that is ideally positioned to take advantage of the significant near- and long-term growth opportunities in the industry. Hyland, chairman, president and chief executive officer. “Over the past year, the Board and management team, with the assistance of our external advisors, have thoroughly evaluated our options with respect to Anvil, and we believe that this transaction allows us to better allocate our capital and deliver increased value to our stockholders,” said Gregory E. Mueller Water Products also announced today that its Board of Directors has increased the Company’s quarterly dividend by 33 percent to $0.04 per share, and has authorized total share repurchases of up to $250 million which incorporates the current authorization. Anvil is a leading domestic manufacturer of piping system components with applications in commercial, industrial, mechanical, fire protection and oil & gas end markets. (NYSE:MWA) today announced that it has sold its Anvil International division to One Equity Partners (“OEP”), a private equity firm, for $315 million in cash, effective immediately.
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09, 2017 (GLOBE NEWSWIRE) - Mueller Water Products, Inc.
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Mueller Water Products Announces Sale of Anvil International Divestiture Creates Pure-Play Water Infrastructure Company Board Authorizes Up To $250 million Share Repurchase and Quarterly Dividend IncreaseĪTLANTA, Jan.