NEW YORK, June 10, 2025 /PRNewswire/ -- KPS Capital Partners, LP ("KPS")
announced today that it has signed a definitive agreement to sell its
portfolio company Hussey Copper (the "Company") to International Wire
Group ("IWG"), a leading manufacturer of copper and copper-alloy wire
products in the United States. Financial terms of the transaction were
not disclosed. Completion of the transaction is expected in the third
quarter of 2025 and is subject to customary closing conditions and
approvals.
Hussey Copper is a leading North American processor and fabricator of
copper products. The Company offers a comprehensive portfolio of
high-quality copper products used in electrical infrastructure, data
center, power generation and industrial applications. Hussey Copper is
headquartered in Leetsdale, Pennsylvania, and has three U.S.
manufacturing facilities and approximately 570 employees.
KPS acquired Hussey Copper in December 2020. KPS and Hussey Copper's
management team successfully transformed the Company by investing
significant capital to upgrade and modernize operations, establishing
continuous improvement programs to drive cost savings, increasing
manufacturing capacity, diversifying into new products through the
strategic acquisition of Mueller Industries' extruded copper bar assets,
refocusing the commercial strategy and significantly expanding the
Company's presence in high-growth end-markets. As a result of these
initiatives, Hussey Copper nearly tripled its profitability under KPS'
ownership.
Ryan Harrison, a Partner of KPS Mid-Cap Investments, said, "The success
of our investment in Hussey Copper demonstrates KPS' investment strategy
of seeing value where others do not, buying right and making businesses
better across economic cycles and industries over decades. We are proud
of Hussey Copper's extraordinary transformation under KPS' ownership.
Hussey Copper demonstrates our ability to partner with prominent
management teams to build industry-leading manufacturing companies. We
view the Company's success as a direct result of KPS' commitment to, and
investment in, Hussey Copper's operations, strategic growth initiatives
and its people."
Mr. Harrison added, "We congratulate and thank Dale Taylor, Hussey
Copper's Chief Executive Officer, along with the Company's management
team and the entire organization, for their strategic vision and
tremendous dedication to the Company. Hussey Copper is well-positioned
for continued growth and industry leadership under IWG's ownership."
Dale Taylor added, "Our partnership with KPS was phenomenal. KPS
recognized the underlying potential of Hussey Copper and actively
supported the entire team through a significant business
transformation. Under KPS' ownership, Hussey Copper became a far better
company by investing significantly in our people and operations,
focusing on manufacturing excellence and providing high product quality
and support to our customer base. We thank our customers, suppliers and
employees for their contributions to our success. The strength of the
Company has been recognized by IWG, and Hussey Copper is expected to
continue its positive trajectory as an integral part of IWG."
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel and
Lazard Frères & Co. LLC served as financial advisor to KPS and
Hussey Copper.
About Hussey Copper
Hussey Copper is a North American processor and fabricator of copper
products. The Company offers a comprehensive portfolio of high-quality
copper products used in electrical infrastructure, data center, power
generation and industrial applications. Hussey Copper is headquartered
in Leetsdale, Pennsylvania, and has three U.S. manufacturing facilities
and approximately 570 employees. More information can be found at
www.husseycopper.com.
About KPS Capital Partners, LP
KPS, through its affiliated management entities, is the manager of the
KPS Special Situations Funds, a family of investment funds with
approximately $19.4 billion of assets under management (as of March 31,
2025). For over three decades, the Partners of KPS have worked
vigorously to realize significant capital appreciation by making
controlling equity investments in manufacturing and industrial companies
across a diverse array of industries, including basic materials, branded
consumer, healthcare and luxury products, automotive parts, capital
equipment and general manufacturing. KPS seeks to create value for its
investors by working constructively with talented management teams to
make businesses better, and generate investment returns by structurally
improving the strategic position, competitiveness and profitability of
its portfolio companies, rather than primarily relying on financial
leverage. The KPS Funds' portfolio companies currently generate
aggregate annual revenues of approximately $22.2 billion, operate 216
manufacturing facilities in 21 countries, and have approximately 57,000
employees, directly and through joint ventures worldwide (as of March
31, 2025). The KPS investment strategy and portfolio companies are
described in detail at www.kpsfund.com.
KPS Mid-Cap targets the same type of investment opportunities and
utilizes the same investment strategy that KPS' flagship funds have
employed for over three decades. KPS Mid-Cap aims to leverage and
benefit from KPS' global platform, reputation, track record,
infrastructure, best practices, knowledge and experience. The KPS
Mid-Cap investment team is managed by Partners Pierre de
Villeméjane and Ryan Harrison, who lead a team of experienced and
talented professionals.
About International Wire Group
Headquartered in Camden, New York, IWG is the largest non-vertically
integrated copper and copper-alloy wire products manufacturer in the
United States and maintains operations in Europe, all supported by
unparalleled global engineering capabilities. IWG is highly regarded
for its capacity and broad product portfolio, servicing a wide range of
applications in energy, green electrification, industrial, automotive,
aerospace, data communications and other major markets. Further
information is available at www.Internationalwire.com
Disclaimer
Past performance is not indicative of future results. There can be no
assurance that KPS or any of its funds or investments will achieve their
objectives or avoid significant losses.
Certain statements herein reflect the opinions of KPS as of the date
hereof and are based on a variety of assumptions and estimates that are
subject to various risks and change. There is no guarantee that such
opinions will be realized.
Forward-Looking Statements
This press release contains "forward-looking statements", including
statements regarding the contemplated transaction. Forward-looking
statements can generally be identified by the use of words such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"forecast," "intend," "may," "plan," "project," "potential," "seek,"
"should," "think," "will," "would" and similar expressions, or they may
use future dates. Forward-looking statements in this document include,
without limitation, statements regarding the Company's expectations as
to the completion, timing and anticipated impacts of the contemplated
transaction. These forward-looking statements are subject to assumptions,
risks and uncertainties that may change at any time, and readers are
therefore cautioned that actual results could differ materially from
those expressed in any forward-looking statements. Factors that could
cause actual results to differ include, among other things: the
occurrence of any event, change or other circumstances that could give
rise to the termination of the definitive agreement or could otherwise
cause the transaction contemplated herein to fail to close; the
inability of the Company, KPS or IWG to satisfy the conditions to
closing; and other risks and uncertainties. The Company undertakes no
obligation to update any forward-looking statements as a result of new
information, future developments or otherwise, except as expressly
required by law. All forward-looking statements in this document are
qualified in their entirety by this cautionary statement.
Statements By Portfolio Company Executives
Certain statements about KPS made by portfolio company executives herein
are intended to illustrate KPS' business relationship with such persons,
including with respect to KPS' abilities as a business partner, rather
than KPS' capabilities or expertise with respect to investment advisory
services. Portfolio company executives were not compensated in
connection with the communication of such statements, although they
generally receive compensation and investment opportunities in
connection with their portfolio company roles, and in certain cases are
also owners of portfolio company securities and/or investors in
KPS-sponsored vehicles. Such compensation and investments subject
participants to potential conflicts of interest in making the statements
herein.
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SOURCE KPS Capital Partners, LP
(END) Dow Jones Newswires
June 10, 2025 07:14 ET (11:14 GMT)
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