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KPS Capital Partners to Acquire IKG from Harsco Corporation

Steel News - Published on Tue, 14 Jan 2020

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KPS Capital Partners LP announced that it has signed a definitive agreement to purchase the IKG business from Harsco Corporation for total consideration of USD 85 million, subject to customary closing adjustments. Upon completion of the transaction, IKG will become the second portfolio company of KPS Special Situations Mid-Cap Fund. IKG is a leading North American manufacturer of high-quality steel and aluminum bar grating. The company offers a full range of metal bar grating and fencing products, which are used primarily in industrial flooring, safety and security applications across a wide range of industries. IKG is headquartered in Houston in Texas, with six strategically located manufacturing facilities across the US and Mexico and 350 employees globally.

KPS Mid-Cap Partner Mr Ryan Harrison said “We thank Harsco for their constructive approach on this transaction and look forward to working with Chief Executive Officer Chad McClendon, and IKG’s management team and employees to build on this great platform. Given IKG’s demonstrated strengths, the addition of KPS’ strategic, operational and financial resources will create an ideal foundation for IKG’s future success as an independent company. We intend to drive the Company’s growth both organically and through strategic acquisitions.”

Completion of the transaction is expected early in 2020 and is subject to customary closing conditions and approvals.

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS.

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Posted By : Rabi Wangkhem on Tue, 14 Jan 2020
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