Boenning & Scattergood, Inc., an independent securities, asset management and investment banking firm, acted as financial advisor to General Bearing Corporation in its sale to the Swedish ball-bearing maker SKF AB (SKF-B.SK). Under the terms of the transaction, which was completed today, SKF acquired General Bearing for a purchase price of approximately $28 per share, all cash, which represents an aggregate enterprise value of $125 million, net of contractual adjustments and the satisfaction of certain obligations and liabilities of the company. The transaction was originally announced in February of this year, subject to relevant regulatory and shareholder approvals.
Headquartered in West Nyack, NY, General Bearing is a leading manufacturer of ball bearings, tapered roller bearings, spherical roller bearings, and cylindrical roller bearings, and bearing components. Under "The General" and the "Hyatt" trademarks, the company supplies original equipment manufacturers in the automobile, truck/trailer, railcar, office equipment, machinery and appliance industries, as well as the industrial aftermarket. The company employs 1,750 people in the U.S. and China. General Bearing will continue to operate as an independent subsidiary within the SKF Group, continuing to provide customers with products under the existing "General" and "Hyatt" brands.
David Gussack, Chairman and CEO of General Bearing Corporation, stated, "Working closely with the Boenning & Scattergood team on this transaction since early 2011, I was consistently impressed with their understanding of our business, their transactional expertise, and the high level of commitment that the entire team provided throughout the whole process."
"We are very pleased to have been chosen to advise General Bearing in its sale to SKF," said Bill Malarkey, Managing Director with Boenning & Scattergood's investment banking group. "This was an extremely complex transaction, made even more so by the considerable international dimensions of the sale. This deal is a major addition to Boenning's track record of successful engagements in the industrials sector."
The Boenning & Scattergood team advising General Bearing on this transaction was led by Mr. Malarkey and James Adducci, Director. Boenning & Scattergood's investment banking practice is a leading strategic advisor to national and international clients across various segments of the industrials sector.
About Boenning & Scattergood
Established in 1914, Boenning & Scattergood, Inc. is one of the oldest independent securities, asset management and investment banking firms in the Mid-Atlantic Region. Professionals at the firm provide individual investors, corporate and municipal clients and institutions a full complement of financial services including retail brokerage, equity research, equity and fixed income sales and trading, investment banking, public finance, derivative strategy and asset management. Boenning & Scattergood's investment banking group provides comprehensive M&A, corporate finance and capital markets advice to leading private and public middle-market companies in a diverse range of industries. Our clients benefit from senior banker attention and experience as well as the firm's broad capital markets capabilities. For more information, please visit www.boenninginc.com . Member FINRA / SIPC.
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