LLR PARTNERS AND MANAGEMENT COMPLETE BUYOUT OF THE READING COMPANIES
Reading, PA (February 6, 2006) - The Reading Group ("Reading" or the "Company"), a manufacturer and distributor of specialty truck equipment, announced the completion of a management buyout of the Reading companies from the Suknow family. LLR Partners, Inc. ("LLR"), a Philadelphia based private equity firm, together with New York Life Capital Partners, an affiliate of New York Life Investment Management LLC, led the buyout. All members of senior management participated in the transaction.
Reading conducts business through two operating companies, Reading Truck Body and Reading Equipment and Distribution. Reading Truck Body, founded in 1953, produces and sells truck bodies and other products under the well-recognized Reading brand, which is synonymous with quality, durability, utility and style within the truck body industry. Reading truck bodies are manufactured in a variety of configurations and serve a wide range of end-users including contractors, trades people, utility companies and railroads and, together with Reading truck accessories, are sold internationally through Reading Equipment and Distribution and 115 independent distributors. Reading Equipment and Distribution, in addition to being the largest distributor of Reading products, also distributes a variety of third-party truck equipment including snowplows, mobile hydraulic equipment, cranes and truck accessories
Seth Lehr, a partner at LLR states, "We are excited to be partnering with a seasoned management team and a highly committed workforce with deep domain knowledge. Reading has a well-respected brand name, is highly focused on the end-user and consistently introduces innovative products to the marketplace. We are excited about Reading's significant growth opportunities, including organic growth, product line expansion and select add-on acquisitions. "
"The daily operations will continue seamlessly," said Dan Perlman, Chief Executive Officer of The Reading Group. "We recognize our core strengths are our talented and dedicated employees, a strong network of loyal distributors and a commitment to manufacture innovative products of the highest quality that meet and exceed our customers' expectations. We are very excited to join the LLR family. The resources that LLR provides will serve to strengthen Reading's position as a leader within our industry."
As part of the transaction, Seth J. Lehr, has joined the Board of Directors. Stifel Nicolaus Investment Banking advised the Company on this transaction. Bank of America provided the credit facility.
About LLR Partners Inc.
LLR Partners Inc. is a $620 million private equity firm providing capital to middle market companies with growth potential, proven business models and outstanding management teams. LLR typically invests $10 - $40 million across a broad range of industries. Based in the Philadelphia area, LLR seeks to create value through a variety of transactions, including expansion capital investments, buyouts and recapitalizations. For more information about LLR, please visit www.llrpartners.com.
About The Reading Group
The Reading Group conducts business through two operating companies, Reading Truck Body and Reading Equipment and Distribution. Reading Truck Body is a leading manufacturer of truck equipment, including service bodies, stake bodies, custom utility bodies, pickup truck caps and accessories for pickups and vans. The Company has been at the forefront of technological advances and processes in the industry - in 1987, it pioneered the use of electrocathodic priming on service bodies, and in 2001, became the first body manufacturer to powder-coat its bodies. Additionally, Reading Truck Body introduced the Latch Matic in 2003, a keyless remote electronic door locking system. In 2005, the company introduced the revolutionary new C2-50 Service Body, addressing the security and convenience needs of the consumer with innovative new features.
Reading Equipment and Distribution. is a full truck equipment distribution and installation company with five locations: Bowmansville, PA; Mt. Airy, MD; Abington, PA; Seneca, PA; and Suffolk, VA. Reading Equipment and Distribution represents hundreds of products, specializing in Reading service bodies and a variety of other truck equipment, including dump bodies, snowplows, mobile hydraulic equipment, cranes, and much more.
For more information about Reading, please visit www.readingtruckbody.com.
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