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Kohlberg's Sabre Industries Acquires FWT from Satori CapitalALVARADO and FORT WORTH, Texas, March 2, 2015 /PRNewswire/ -- Sabre Industries, Inc. ("Sabre") and FWT, LLC ("FWT") announced today that they have completed a strategic business combination. Based in Alvarado, Texas, Sabre is a leading producer of highly engineered structures used for electricity transmission and distribution and wireless telecommunication, offering a complete range of engineered towers, poles, and related services. FWT is a Fort Worth, Texas-based manufacturer of steel structures for the electricity transmission and distribution industry. Sabre is a portfolio company of Kohlberg & Company, LLC ("Kohlberg"), and FWT has been a portfolio company of Satori Capital ("Satori"). The business combination strengthens Sabre's market-leading position in the transmission and distribution structures sector. "This investment in FWT is a perfect combination with Sabre. It increases our industry-leading capabilities, expands our footprint, and brings FWT's history of quality and service," stated Peter J. Sandore, President and Chief Executive Officer of Sabre. "Together, we will be able to better serve our customers in the electricity transmission industry." FWT will operate as a subsidiary of Sabre and will continue to serve customers from its plants in Fort Worth and Hicksville, Ohio. "FWT has a 56-year track record of providing outstanding quality and customer service, and we expect to continue serving our customers in the reliable manner that they deserve," said Fred Moore, FWT's Chief Executive Officer. The business combination increases Kohlberg's commitment to the transmission and distribution structures industry. "Sabre, combined with FWT, is well-positioned to serve growing long-term demand for electricity transmission and distribution structures driven by an aging infrastructure, growth in renewable energy, and increasing demand for electricity," said Benjamin Mao, partner at Kohlberg. FWT has been a Satori portfolio company since 2010. "FWT's leadership team achieved a great outcome for all stakeholders during a period of transformational growth," said Sunny Vanderbeck, managing partner of Satori Capital. "The team opened a new plant, elevated the quality of talent in key leadership positions, implemented lean manufacturing practices, doubled the number of major long-term customer contracts, improved relationships with critical suppliers, created hundreds of jobs, and more than doubled revenue and earnings." BNP Paribas, SunTrust, Citizens Bank, Partners Group, and Metropolitan Life Insurance Company provided Sabre with fully committed credit facilities sufficient to close the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Sabre. PNC Business Credit and Brookside Mezzanine Partners provided debt capital to FWT. McGuire Woods LLP acted as legal counsel to FWT. Houlihan Lokey acted as financial advisor to FWT. About FWT, LLC About Satori Capital About Kohlberg & Company About Sabre Industries, Inc. MEDIA CONTACTS:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kohlbergs-sabre-industries-acquires-fwt-from-satori-capital-300043396.html SOURCE Satori Capital |