CI Capital Partners, a New York-based private equity firm, has sold Conney Safety Products to publicly traded WESCO International Inc. Terms of the exit were not released. CI Capital acquired Conney in October 2007.
PRESS RELEASE
CI Capital Partners, a New York-based private equity firm, announced today that it has completed the sale of Conney Safety Products (“Conney”), a premier distributor of MRO safety products headquartered in Madison, Wisconsin, to an affiliate of WESCO International, Inc. (NYSE: WCC). CI Capital acquired Conney in October 2007.
Thomas Ritchie, Managing Director at CI Capital Partners, said, “We have had a long history of developing partnerships with exceptional executives, and Conney is another example of this strategy at work. Conney’s management team did an excellent job of building a leading industrial safety products distribution business, growing the company both organically and through two strategic add-on acquisitions. The team’s efforts made this a very successful investment.”
“CI Capital has been a fantastic partner as we have grown the business over the last four years. Together, we were able to substantially increase the company’s profitability,” said Michael Wessner, Chief Executive Officer of Conney. “We are excited about the evolution of the business going forward and are excited to join the WESCO team.”
Stephens Inc. acted as financial advisor to Conney for the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal representation to Conney.
About Conney Safety Products
Conney Safety Products is the largest specialty supplier of safety supplies and equipment in the United States. As a specialist, Conney assists its customers to save time, lower costs and keep employees safer through the application of deep occupational health and safety domain expertise combined with innovative systems and processes that provide extremely responsive customer service. The company features more than 14,000 stocked products supported by technicians highly experienced in OSHA requirements and product application and selection. Conney’s website and its industry leading catalog are the most comprehensive and easiest to use in the safety products industry. To learn more about Conney Safety, visit www.conney.com.
About CI Capital Partners
CI Capital Partners LLC is a North American private investment firm focused on building and expanding leading middle market businesses. The firm targets industries that are ripe for consolidation and seeks to substantially scale businesses through organic growth and acquisitions. Since the firm’s inception in 1993, CI Capital and its portfolio companies have made more than 100 acquisitions representing over $6 billion in enterprise value. CI Capital’s existing portfolio consists of companies which collectively generate annual revenue of approximately $5 billion, EBITDA of approximately $400 million, and employ approximately 15,000 people.
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