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FOR IMMEDIATE RELEASE
The Winbridge Group, Inc. Assists with Financing of TransactionStaveley Industries plc Sells Weigh-Tronix Group in Management Buyout
April 1998 - Staveley Industries plc of Croydon, U.K. is a publicly traded company which had three business groups; weighing systems and components, services and salt. Staveley decided to focus more resources onto the services sector. Accordingly, the management of Staveley granted the management of Weigh-Tronix, the weighing systems group of companies, the opportunity to buyout the business. The Weigh-Tronix management team, headed by John McCann III, worked with The Winbridge Group, Inc. to assist them as they sought to finance the transaction. Weigh-Tronix consists of three major entities; Weigh-Tronix, Inc. of Fairmont, Minnesota, Salter Weigh-Tronix and Salter Housewares. The latter two are based in the U.K. Weigh-Tronix and Salter Weigh-Tronix manufacture broad lines of industrial weighing systems and components which they sell on a global basis but especially in North America and Europe. Salter Housewares is a manufacturer of consumer weighing products and also sells to a wide range of geographic markets. A number of investment firms expressed an interest in supporting the management buyout transaction. The Weigh-Tronix management team selected Berkshire Partners of Boston, Massachusetts to provide the equity capital. Berkshire brought in BankBoston to provide the necessary debt to complete the financing structure. Weigh-Tronix LLC is headquartered in Fairmont, Minnesota and continues its worldwide operations. It is one of the major weighing systems manufacturers in the world and leads in the development of a number of new weighing technologies. .
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