Scotsman Industries Inc. will become the official name of the new holding company for all of the assets of the former Enodis global ice machine business including six factories in the United States, Italy and China. All of the company's brands, which include Scotsman, Ice-O-Matic, Simag, Barline, Icematic, Tecnomac and Oref, will continue to operate as they have [image-nocss] in the past, with no change to sales, distribution and service.
The business was sold to satisfy regulatory conditions of various jurisdictions related to the acquisition by Manitowoc of Enodis that was completed in October 2008. The company intends to use the after-tax net proceeds of approximately $150 million to reduce a portion of the debt incurred in November 2008 to fund the Enodis acquisition. Specifically, the proceeds will be applied primarily to reduce the $181.5 million remaining on Term Loan "X" that matures in April of 2010. It is anticipated that the remaining portion of Term Loan X will be retired later this year using cash flow from operations.
"This is an important day in the history of our company," said based in Vernon Hills, Ill.-based Scotsman Industries' chairman and CEO David McCulloch. "We are excited about the purchase of the company by Warburg Pincus and we look forward to partnering with their highly experienced team to take our company to the next level."
David Barr, managing director of Warburg Pincus, added, "With the acquisition of Scotsman Industries now completed, Warburg Pincus has the opportunity to work with a strong management team that has created a global leader in commercial ice machines. This is a company with an extensive stable of brands and products that are well positioned for the future, and we look forward to helping management maintain the company's leading market position and expand the business even further."
Scotsman Industries is the largest global manufacturer of commercial ice machines, it said, with related products including storage bins, ice and water dispensers, industrial ice machines, high-end residential ice machines, blast chillers and commercial refrigeration units. The company distributes its products in more than 100 countries to a range of end-market customers that include quick-serve and full-service restaurants, hotels and hospitality venues, healthcare facilities, food retailers and education, government and military facilities.
Manitowoc Co., Manitowoc. Wis., is a multi-industry, capital goods manufacturer that is a major provider of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks. It also is a major manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep and cooking needs of restaurants, convenience stores, hotels, healthcare and institutional applications.
Warburg Pincus, with U.S. offices in New York and San Francisco, has more than $25 billion in assets under management. Its active portfolio of more than 100 companies is highly diversified by stage, sector and geography. Founded in 1966, it has raised 12 private-equity funds that have invested more than $29 billion in approximately 600 companies in 30 countries.
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