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CCMP and PEP acquire Godfreys GroupMay 23, 2006 - CCMP Capital Asia (“CCMP”, formerly JP Morgan Partners Asia) and Pacific Equity Partners (“PEP”) today announced that they had reached an agreement to jointly acquire leading vacuum retailer Godfreys Group (“Godfreys” or “the Company”). Godfreys was established by Godfrey Cohen and John Johnston in the early 1930s. CCMP and PEP will partner to acquire the Company from the current owners, Mr Johnston and the late Mr Cohen’s family. The Company is the world's largest vacuum cleaner specialist, with 151 retail stores through-out Australia and New Zealand. Godfreys also owns the exclusive rights to the Hoover floorcare brand and products in Australasia. PEP spokesperson, Steve Cain, said that PEP was looking forward to working with the management team to further build on the Company’s strong history in retailing. “Godfreys is a trusted brand with a solid track record in the market due to the Company’s relentless focus on customer service and innovation,” said Mr Cain. “We are looking forward to supporting the Godfreys team to continue to provide specialist cleaning products and services to Australians and New Zealanders.” Avi Gilboa, CCMP spokesperson, concurred: “We are delighted to have reached an agreement that is beneficial to all parties and we are particularly excited about the future opportunities for Godfreys. It is a truly unique business.” Owner and founding partner of Godfreys, Mr Johnston, said that he was pleased with the interest that his business had generated in the market and was very proud to see Godfreys transition into this next phase of its growth. “Godfreys has chosen two strong partners and we look forward to moving the business forward together.” “With assistance from PEP and CCMP we will continue to grow Godfreys through new product innovation and new stores” said Mr Johnston. The acquisition is likely to be finalised by the end of June. The brands currently owned by Godfreys include Wertheim, Pullman and Dustflo. PEP was advised on this transaction by The Oaktower Partnership. For further information call Lauren Thompson Third Person Communications +61 2 8298 6100 +61 438 954 729 About CCMP Capital Asia CCMP Capital Asia, formerly known as JP Morgan Partners Asia, is one of the largest and most experienced financial sponsors in Asia with US$2.7 billion under management. CCMP Capital Asia’s first fund, the US$1.1 billion Asia Opportunity Fund (“AOF I”), was closed in 2000 and was one of the first pan-Asia leveraged buyout oriented investment funds raised for the region. Asia Opportunity Fund II (“AOF II”) was recently closed in August of 2005 at US$1.59 billion. CCMP Capital Asia has advised total investment commitments of over US$1.2 billion in 18 companies to date, with total transaction value of over US$8 billion. The commitments are spread across Asia in CCMP Capital Asia’s focus markets of Japan, Korea, Greater China, Singapore and Australia. CCMP Capital Asia’s core strategy is to target investments in market leading consumer and industrial companies with strong cash generative business models, high barriers to entry and differentiating capabilities or products. In particular, CCMP Capital Asia focuses on companies where it is able to utilize its operationally driven business model to create value and drive returns. CCMP Capital Asia has 20 investment professionals located in Hong Kong, Tokyo, Seoul, Shanghai and Melbourne. Further information about CCMP Capital Asia can be found at www.ccmpasia.com About PEP PEP is the largest and most active private equity fund in Australia and New Zealand, providing strategic management experience and capital resources to grow companies in a range of business situations. Key Facts: — $2 billion in equity funds under management — Recently raised the largest private equity fund in Australia, valued at $1.275 billion (PEP Fund III) — Completed transactions with a total value in excess of $3 billion Recent investments: In the past 18 months, PEP has acquired the following businesses: Guardian Healthcare – the leading aged care provider in New Zealand; unlisted public company Emeco International – earthmoving equipment in Australia and worldwide; family owned Collins Foods (formerly Worldwide Restaurant Concepts) – fast food restaurants in Australia, the US and Asia; US listed public company Link Market Services (formerly ASX Perpetual Registrars) – registry business; joint venture between two Australian listed public companies Tegel Foods – New Zealand poultry processing and marketing business Vision Fire & Security – global leader in specialised fire detection and video security systems Griffin’s Foods – market-leading biscuit and snack-food company in New Zealand Recent divestments: During the past 18 months PEP has announced the divestment of the following companies: . The Communications Group (TCG) . Oasis Asset Management . AMR Interactive . Guardian Healthcare Further information about PEP can be found at www.pep.com.au Back to Press Releases |
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CCMP Capital Asia Ltd. was formed in October 2005. Previously, the firm's management team operated and managed J.P. Morgan Partners Asia, a private equity affiliate of JPMorgan Chase & Co. The historical information and biographies presented reflect the activities of CCMP Capital Asia professionals while managing J.P. Morgan Partners Asia. Nothing contained herein constitutes an offer to sell or a solicitation of an offer to purchase any investments or securities of any investment vehicles. © 2006 CCMP CAPITAL ASIA LTD. All rights reserved. |
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