VOL. 4 September ISSUE YEAR 2003
in Vol. 4 - September Issue - Year 2003
International Surface Preparation Corporation announces agreement to acquire USFilter’s Surface Preparation Group
EVERGREEN, CO., July 22, 2003 - International Surface Preparation Corporation (‘ISPC’) today announced an agreement with United States Filter Corporation (‘USFilter’) to acquire USFilter’s Surface Preparation Group, the world’s leading provider of surface preparation equipment, parts and consumables. ISPC is privately owned by Colorado, Texas and New York investment partners, led by Bard & Company, Inc. of Evergreen, Colorado. USFilter is a subsidiary of Veolia Environnement (Paris Bourse:VIE and NYSE: VE).
Commenting on the pending acquisition, ISPC’s CEO Richard Bard said “We have been working with USFilter management toward this acquisition with great anticipation for several months. As a supplier of capital equipment and after-market services to the automotive, aerospace and foundry industries, our Company will be well positioned to take advantage of the improving economic environment in North America, as well as in Europe and Asia.” Bard’s previous operating ventures include three former NYSE-traded companies (FoxMeyer Corporation, Coast-to-Coast Hardware, ComputerLand Corporation) and a NASDAQ- based company (Optical Security Group). He is currently the Chairman of the Federal Reserve Bank of Kansas City.
Bard added, “The Surface Preparation Group has roots reaching back some 100 years with leading brand names in the global surface preparation industry, including Wheelabrator® and Blastrac®. As an independent company, our primary focus will be enhancing technology development and service to our customers. In addition, ISPC will be making a significant investment in capital and human resources to fuel future growth.”
Robert E. Joyce, a former Executive Vice President of USFilter who is currently serving as the Surface Preparation Group’s President and Chief Operating Officer will be joining ISPC as its new President and Chief Operating Officer. “I am very excited by the opportunity for new growth and development which ISPC presents and look forward to working with the new owners in delivering more value to our customers” Joyce said. “We have the industry’s greatest collection of brands, products and talent. The sale to ISPC removes any uncertainty about our ability or commitment to meet our customer’s surface preparation requirements.”
Also joining the Denver-based ISPC team as Chief Financial Officer is Mark Iwan, former audit practice head of Arthur Andersen’s Denver offices, and HR senior manager Marsha Williams, formerly of Graphic Packaging Corporation. Other significant investors are The GlenRock Group, LLC; Atlantic Equity Partners III, LP; and Hunt Capital Growth Fund II, LP.
The transaction, anticipated to be completed during the third quarter, is subject to normal regulatory approvals and satisfaction of customary conditions.
Wheelabrator is a registered trademark of Wheelabrator Technologies Inc.
Blastrac is a registered trademark of IP Holding Company
For Further Information:
Richard H. Bard
Bard & Company, Inc.
Tel. +.1.303.674 3910