Genstar Capital to Acquire Woods Equipment Company

Tue January 27, 2004 - National Edition

WEC Company, dba Woods Equipment Company, has announced that it has signed a letter of intent to be acquired by Genstar Capital Partners III LP, a private investment firm based in San Francisco, CA.

Terms of the agreement were not disclosed. Completion of the transaction is subject to the approval of Woods’ board of directors, Genstar investment committee, the signing of a definitive agreement, and receipt of the necessary government clearances.

In acquiring Woods, Genstar plans to create a platform on which to build and expand Woods’ agricultural and turf, construction and aftermarket parts businesses. In executing its strategy, Genstar has partnered with Fred Korndorf, a former executive of Deere & Company.

Woods’ board of directors believes that Genstar’s ownership will be very positive for all stakeholders of the company, including employees, customers and vendors.

Headquartered in Oregon, IL, Woods Equipment Company is a full-line manufacturer of attachments and implements for the lawn and landscape, agricultural and construction markets. Woods also distributes a full-line of replacement parts.

Woods’ products are sold through a network of independent dealers throughout North America and are marketed under the brand names Woods, Gill, CF, Alitec, Gannon, Wain-Roy, WoodsCare and Tisco.

Headquartered in San Francisco, CA, Genstar Capital LP is a private equity investment firm. The firm acquires or invests in quality companies and works with the management teams to create value over the long term.

Genstar has a focused approach to investing, believing that significant value can be created by combining strong management with businesses in industries that have potential for substantial growth.

For more information, call 815/732-9562.