July 18, 2012 |
Shares of Chesterbrook-based Gardner Denver Inc. fell 9 percent, to $48.22, the lowest since 2010, after the resignation Monday of Barry Pennypacker, the chief executive who moved the industrial-equipment maker to suburban Philadelphia from Quincy, Ill., in December 2010 to be closer to investors and customers. Pennypacker left as activist investor ValueAct Capital, a San Francisco- and Boston-based firm that promises to "unlock shareholder value" in target companies by working with bosses to cut costs and boost profits, has been accumulating shares of the air-compressor and industrial-blower maker, notes Damien J. Park, a Philadelphia-based consultant to companies coping with activist investors.
February 24, 2013 |
Buyout firm KKR & Co. has offered about $3.68 billion for Wayne-based Gardner Denver Inc., the industrial pump and equipment maker that has courted takeover interest from at least eight firms since October, said a person familiar with the matter. New York-based KKR offered $75 a share, 11 percent higher than Thursday's closing price, said the person, who asked not to be identified because the process is private. Gardner Denver, which had hired Goldman Sachs Group Inc. to review options, will not comment on the process, chief executive Michael Larsen said Friday on a conference call about earnings.
March 10, 2013 |
Gardner Denver Inc., an industrial equipment maker with a small headquarters office in Wayne, agreed to be purchased by private-equity firm KKR & Co. for about $3.7 billion after KKR raised an earlier offer. KKR, run by Henry Kravis and George Roberts, will pay $76 a share for Gardner Denver, the companies said Friday in a statement. That's a 39 percent premium to the price on Oct. 24, the day before the company announced it was exploring a sale. KKR last month offered $75 a share, Bloomberg News reported Feb. 21. "The long-term future of Gardner Denver is bright," Pete Stavros, head of KKR's industrials team, said in the statement.
March 14, 2013 |
By the time Gardner Denver Inc. disclosed its $3.7 billion acquisition by KKR & Co. on Friday, I'd become far more interested in how costly a possible breakup would be. Given that the maker of industrial pumps, which moved its headquarters to Tredyffrin Township from Quincy, Ill., in 2010, has been in play since last July, it seems highly unlikely this deal will fall apart. After all, KKR, the private-equity house created by heavyweight investors Henry Kravis and George Roberts , can buy practically anything it wants.
July 27, 2011 |
In December, the new corporate headquarters of Gardner Denver Inc. in Tredyffrin Township "felt like an Internet start-up," said chief financial officer Michael M. Larsen . Besides Larsen, only CEO Barry L. Pennypacker and an assistant were rattling around the office after the maker of industrial compressors and pumps had relocated from Quincy, Ill. Today, Gardner Denver has 23 employees in the home office of a very global...
July 28, 2012
In the Region Merck profit beats estimates Merck & Co. reported second-quarter profit that beat analyst estimates on higher sales of diabetes medicines Januvia and Janumet. Earnings excluding onetime items of $1.05 a share beat by 4 cents the average of 18 analyst estimates compiled by Bloomberg. Net income fell 11 percent to $1.79 billion, or 58 cents a share, from $2.02 billion, or 65 cents, a year earlier, the Whitehouse Station, N.J., said Friday in a statement. Revenue climbed to 1.3 percent to $12.3 billion.
April 18, 2011
IMany Inc., a Philadelphia provider of contract performance services, said Paul Winn , chairman of the board of directors, would also become chief executive officer. Winn had been CEO at the time of the company's acquisition by LLR Partners Inc., and replaces P. Kevin Kilroy, whom the company said is leaving for personal reasons. The firm also said Al Smith assumes the new role of president and chief operating officer of iMany, after posts at companies including International Business Machines Corp.
July 1, 2014 |
The buyout industry (members prefer we call it "private equity") has an image problem. Americans tend to admire wealth, success, and investor rescues like Carlyle Group 's 2012 buyout of Sunoco 's aging Philadelphia refinery, followed by a taxpayer-assisted makeover that kept hundreds working. But it's less of a crowd-pleaser when billionaire buyout artists like NBA 76ers owner Joshua Harris and his partners, who control Caesars Entertainment Corp. , do crushing things like telling workers last week that they will shutter Atlantic City's Showboat casino-hotel, ending 2,000 jobs.
February 7, 2012 |
Some company names just stick in your head. When I saw that Crump Group Inc. was involved in a sale with the big Southern bank BB&T Corp. last week, I couldn't ignore a faint tickling from my memory. I don't normally pay much attention to North Jersey-based wholesale insurance distributors, even one that describes itself as the nation's second-largest. And while BB&T had agreed to pay $570 million for Crump's life and property and casualty insurance divisions (and the memorable Crump name)