Boyd Corporation Announces Agreement to be Acquired by Affiliates of Goldman Sachs from Genstar Capital
July 11 2018 - 7:24PM
Business Wire
Boyd Corporation (“Boyd”), a leading global provider of
highly-engineered thermal management and environmental sealing
solutions, announced today that it has entered into a definitive
agreement to be acquired by affiliates of Goldman Sachs (NYSE:GS).
The announcement comes after over three years of partnership with
Genstar Capital, a San Francisco based private equity firm.
With over 85 years of customer-focused performance success, Boyd
is a market leader in thermal management and environmental sealing
across a broad range of end markets. Boyd’s specialty is
identifying and solving customer challenges with deep expertise in
the materials sciences for engineered rubber, plastic, metal,
flexible environmental sealing and energy management solutions.
“We are excited to partner with Goldman Sachs’s Merchant Banking
Division,” stated Mitch Aiello, President and CEO, who has been
with Boyd for over 20 years. “Goldman Sachs is an ideal partner
whose expertise and resources will help Boyd continue to drive
growth and value creation through a dedication to solving our
customers’ most challenging thermal management and environmental
sealing needs. Goldman Sachs will provide us with differentiated
financial support, valuable relationships, global capabilities and
a like-minded commitment to excellence. We believe our new
investors will help us build on the successful and transformative
partnership we have had with Genstar Capital over the past three
years during which time we expanded geographically, entered new end
markets, completed three acquisitions and enhanced the new product
development and engineering focus on the business.”
“We’ve been incredibly impressed with Boyd’s best-in-class
design and engineering capabilities and customer focused culture,”
said Charlie Gailliot, Managing Director at Goldman Sachs.
“We look forward to partnering with Boyd’s world class
management team to further strengthen the Company’s leading market
position and continue to deliver for Boyd’s customers.” added
Leonard Seevers, Managing Director at Goldman Sachs.
“It has been a privilege to work alongside Mitch and the Boyd
executive team as they built Boyd into a leading provider of
highly-engineered solutions to some of the most difficult product
challenges faced by global high-growth companies,” said Rob
Rutledge, Managing Director at Genstar Capital. “We look forward to
following Boyd’s success in their next phase of growth.”
Goldman Sachs & Co. LLC is serving as financial advisor and
Davis Polk & Wardwell LLP is serving as legal counsel to
affiliates of Goldman Sachs.
Baird is serving as financial advisor and Weil, Gotshal &
Manges LLP is serving as legal counsel to Boyd Corporation and to
Genstar.
About Boyd Corporation
Boyd Corporation is a global provider of thermal management and
environmental sealing solutions critical to products that keep the
world running. The company operates in markets around the world
with specific expertise in engineering and design, manufacturing
and supply chain management and commits to proactive customer
satisfaction across electronics, mobile computing, medical
technology, transportation, aerospace and other B2B and
consumer-critical industries. Boyd Corporation: One Company, Many
Solutions. Visit us at www.boydcorp.com
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading
global investment banking, securities and investment management
firm. Goldman Sachs Merchant Banking Division is the primary center
for the firm’s long-term principal investing activity. With nine
offices across seven countries, Goldman Sachs Merchant Banking
Division is one of the leading private capital investors in the
world with equity and credit investments across corporate, real
estate, and infrastructure strategies. Since 1986, the group has
invested approximately $180 billion of levered capital across a
number of geographies, industries and transaction types.
www.gs.com
About Genstar Capital
Genstar Capital is a leading private equity firm that has been
actively investing in high quality companies for more than 25
years. Based in San Francisco, Genstar works in partnership with
its management teams and its network of strategic advisors to
transform its portfolio companies into industry-leading businesses.
Genstar currently has $9.7 billion of assets under management and
targets investments focused on targeted segments of the software,
industrial technology, healthcare, and financial services
industries. www.gencap.com
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Boyd CorporationAmie Jeffries,
209-491-4715amie.jeffries@boydcorp.com