Kinderhook Industries has completed its $30.38 million take-private acquisition of International Absorbents Inc. (NYSE: IAX), a maker of environmentally-friendly pet care and industrial products.
International Absorbents Inc. (“IAX”), a leading developer and producer of environmentally friendly pet care and industrial products, announced today the completion of the acquisition of IAX by IAX Acquisition Corporation, an affiliate of Kinderhook Industries, LLC. Effective as of May 27, 2010, IAX Acquisition Corporation, through its wholly owned subsidiary, IAX Canada Acquisition Company Inc., an acquisition company established by Kinderhook Industries, LLC, acquired all of IAX’s outstanding common shares for cash at a price of US$4.75 per share. IAX and IAX Canada Acquisition Company Inc. were then amalgamated under a plan of arrangement under the laws of British Columbia. As a result of the acquisition, IAX’s common shares will no longer be listed on AMEX.
“We are excited to partner with IAX management to accelerate the growth of IAX’s market share and profits. We especially look forward to identifying opportunities to work together with existing Kinderhook portfolio companies to expand sales. IAX is a dominant industry player and we are looking forward to being a part of its continued success,” said Tom Tuttle, Managing Director of Kinderhook Industries.
About International Absorbents Inc.
International Absorbents Inc. develops, manufactures and markets patented and proprietary cost-effective consumer and commercial products derived from recycled, renewable materials. These environmentally safe products outperform conventional products used in a broad range of consumer and industrial applications, including retail/commercial pet bedding and litter, oil and hazardous liquid spill cleanup and control, oil/water filtration, and packaging. Further information is available at www.absorbent.com.
About Kinderhook Industries LLC
Kinderhook Industries is a New York based private equity firm with $600 million of committed capital. Kinderhook’s investment philosophy is based on partnering with exceptional management and adding our operating partner network and capital across a variety of industries to support growth of smaller middle-market companies throughout North America. For additional information, visit www.kinderhook.com.