Wind Point Partners Completes Due Diligence for Knape & Vogt Acquisition
April 05 2006 - 8:42AM
PR Newswire (US)
GRAND RAPIDS, Mich., April 5 /PRNewswire-FirstCall/ -- Knape &
Vogt Manufacturing Co. (NASDAQ:KNAP) today announced that Wind
Point Partners has completed its due diligence process and is
proceeding with its previously announced acquisition agreement.
Knape & Vogt ("KV"), the Grand Rapids, Mich.-based manufacturer
and distributor of drawer slides, shelving, storage and ergonomic
office products, announced in February 2006 that its board of
directors approved an offer by private equity firm Wind Point
Partners to acquire KV for $19 per share in cash. The agreement
remains subject to KV shareholder approval, as well as certain
other conditions, including the securing of financing by Wind
Point. KV intends to solicit shareholder approval by means of a
proxy statement, which will be mailed to KV shareholders upon the
completion of the required Securities and Exchange Commission
filing and review process. About Knape & Vogt Knape & Vogt
Manufacturing Co. brings more than a century of experience to the
design, manufacture and distribution of kitchen and bath storage
solutions and office products for original equipment manufacturers,
specialty distributors, office furniture dealers, hardware chains
and major home centers throughout the country. Additional
information on KV's product lines is available on
http://www.knapeandvogt.com/ . About Wind Point Partners Wind Point
Partners is a private equity investment firm with offices in
Chicago, Illinois and Southfield, Michigan that manages more than
$1.8 billion in capital. Wind Point focuses on partnering with top
caliber management teams to acquire solid middle market businesses.
Wind Point has invested in more than 80 companies since 1984. SAFE
HARBOR UNDER THE PRIVATE SECURITIES LITIGATION ACT OF 1995 Certain
statements contained in this news release that are not historical
facts constitute forward-looking statements, within the meaning of
the Private Securities Litigation Reform Act of 1995, and are
intended to be covered by the safe harbors created by that Act.
Forward-looking statements may be identified by words such as
"estimates," "anticipates," "projects," "plans," "expects,"
"believes," "should," and similar expressions, and by the context
in which they are used. Such statements are based only upon current
expectations of Knape & Vogt. Reliance should not be placed on
forward-looking statements because they involve known and unknown
risks, uncertainties and other factors, which may cause actual
results, performance or achievements to differ materially from
those expressed or implied. Knape & Vogt undertakes no
obligation to update any forward-looking statements to reflect
events or circumstances after the date on which they are made.
Statements concerning expected financial performance, business
strategies and action, which Knape & Vogt intends to pursue to
achieve its strategic objectives, constitute forward-looking
information. Implementation of these strategies and achievement of
such financial performance are subject to numerous conditions,
uncertainties and risk factors, which could cause actual
performance to differ materially from the forward-looking
statements. These include, but are not limited to, the ability of
Knape & Vogt to identify and execute a viable strategic
alternative, Knape & Vogt's continuing to maintain its current
growth and profitability and overall economic conditions and other
business factors. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. DATASOURCE: Knape & Vogt
Manufacturing Co. CONTACT: Leslie Cummings, Vice President of
Finance and Treasurer of Knape & Vogt Manufacturing Company,
+1-616-459-3311, Ext. 225; Jeff Lambert or Ryan McGrath, both of
Lambert, Edwards & Associates, +1-616-233-0500, for Knape &
Vogt Manufacturing Company Web site: http://www.knapeandvogt.com/
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