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04
June
2012

Coleman Cable acquires assets of Watteredge

Coleman Cable, Inc. has completed the acquisition of substantially all of the assets of Watteredge, Inc. in an all-cash transaction valued at approximately USD 35.0 million.
"This acquisition immediately expands our product platform and allows us to provide an entirely new line of highly engineered industrial products across a number of end markets," said Gary Yetman, president and chief executive officer of Coleman. "Furthermore, by aligning ourselves with Watteredge, we acquire a management team with a history of delivering consistently strong financial results and proven experience in providing value-added, engineered solutions to its customers both in the United States and internationally."

Watteredge, which was first formed in 1949, has been family owned and operated for thirty years prior to the acquisition of its assets by Coleman Cable. Coleman plans to retain Watteredge's workforce and continue all of its production at Watteredge's current manufacturing plant in Avon Lake, Ohio.

The acquisition of the assets of Watteredge, whose sales and Adjusted EBITDA for 2011 were nearly USD 25.0 million and USD 6.0 million, respectively, was structured as an all-cash transaction valued at approximately USD 35.0 million, subject to working capital adjustments, and closed on May 31, 2012 at which point substantially all of the assets of Watteredge were acquired by Watteredge LLC, a wholly-owned subsidiary of Coleman.
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