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Caxton-Iseman Capital Acquires Conney Safety Products, LLC

Conney To Be Positioned as Growth Platform

NEW YORK, and MADISON, Wis., Oct. 2 /PRNewswire/ -- Caxton-Iseman Capital LLC, a New-York-based private investment firm, announced today that it has acquired Conney Safety Products, LLC, a full service national marketer of personal protective equipment, safety equipment, first aid supplies, and various other safety products, from K+K America Corporation. The transaction has a value of approximately $48 million.

Founded in 1946, Madison, Wisconsin-based Conney is recognized nation-wide as a leading direct marketer of a broad range of safety equipment, providing its familiar catalog to businesses ranging from the smallest stores to the Fortune 500. Conney has built its reputation by providing a wide range of high quality, well-recognized brands, fast delivery, and a high level of customer service characterized by hands-on expertise to assist companies in reaching their safety goals. Conney's catalog is complemented by an internal and field-based sales force.

"Conney has distinguished itself in its product niche by its commitment to quality and to its customers," said Steven M. Lefkowitz, Managing Director at Caxton-Iseman Capital. "We are delighted to make this investment in an excellent platform with a proven track record, and to begin our partnership with Conney employees as we pursue a strategy to bring further growth to a highly-regarded business," said Mr. Lefkowitz.

"The company's strong track record positions it to leverage its excellence by expanding into new markets, offering new products, and reaching out to new customers," added Thomas Ritchie, Vice President at Caxton-Iseman Capital. "The industrial products distribution space remains highly fragmented, and we believe that our support will enable Conney to be an active participant in current and future consolidation through add-on acquisitions."

GMAC Commercial Finance and BlackRock Kelso Capital Corporation provided financing for the transaction.

Robert W. Baird & Co. Incorporated acted as financial advisor to K+K America. Quarles & Brady LLP provided legal counsel to K+K America and Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel to Caxton-Iseman Capital.

About Caxton-Iseman

Caxton-Iseman Capital LLC is a New York-based private equity firm. In addition to Conney, Caxton-Iseman's portfolio companies include Valley National Gases, LLC, the largest independent distributor of industrial, specialty and medical gases in the U.S.; Ply Gem Industries, Inc., the largest North American manufacturer of residential siding, and fifth largest U.S. window manufacturer; Buffets, Inc., the largest buffet restaurant chain in the U.S.; KIK Custom Products, Inc., the largest and most diverse North American contract manufacturer of branded and retailer-branded consumer products; Electrograph Systems, Inc., a leading national distributor of display technology solutions; American Residential Services, LLC, a leading provider of HVAC and plumbing services; Prodigy Health Group, Inc., a rapidly expanding health care services company; and CoVant, a federal IT services company led by the former executives and board of directors of Anteon Corporation. Caxton- Iseman's portfolio companies have combined revenues of approximately US$6 billion, EBITDA of approximately US$600 million and 75,000 employees. The firm's investment vehicles have available capital in excess of US$2 billion.


Caxton-Iseman Capital LLC

David Lilly

Kekst and Company

(212) 521-4800

SOURCE Caxton-Iseman Capital LLC
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