LESCO Completes Sale of Supply Chain Assets
October 11 2005 - 8:00AM
PR Newswire (US)
CLEVELAND, Oct. 11 /PRNewswire-FirstCall/ -- LESCO, Inc.
(NASDAQ:LSCO), a leading provider of products for the professional
green and pest control industries, today announced that it has
completed the sale of its supply chain assets and consumable
products inventory to Turf Care Supply Corp. (TCS), an affiliate of
Platinum Equity. At closing, the Company received $15 million in
cash and $19 million in accounts receivable from TCS. Ultimately,
the Company expects to harvest $25 million in cash after settling
all requirements associated with the transaction including the
accounts payable due to vendors for the inventory sold to TCS. The
transaction had been originally expected to close by the end of
October. Western Reserve Partners LLC acted as the financial
advisor to LESCO in this transaction. LESCO expects to announce its
third quarter 2005 results on October 26, 2005, after the close of
market. About LESCO, Inc. LESCO serves more than 130,000 customers
worldwide, through 295 LESCO Service Center(R) locations, 111 LESCO
Stores-on-Wheels vehicles, the Internet, and other direct sales
efforts. Additional information about LESCO can be found on the
Internet at http://www.lesco.com/. About Western Reserve Partners
LLC Western Reserve Partners is a boutique investment bank,
headquartered in Cleveland, Ohio. Additional information regarding
Western Reserve Partners can be found at
http://www.wesrespartners.com/. The statement in this news release
concerning the amount of cash LESCO expects to harvest after
settling all requirements associated with the transaction is a
forward-looking statement and, as such, reflects only the Company's
best assessment at this time. Investors are cautioned that this
forward-looking statement involves risks and uncertainties that may
cause actual results to differ materially from such statement and
that investors should not place undue reliance on such statement.
For a further discussion of risk factors, investors should refer to
the Company's Securities and Exchange Commission reports, including
but not limited to its Form 10-K for the year ended December 31,
2004. Contact: Jeffrey L. Rutherford Sr. Vice President & Chief
Financial Officer LESCO, Inc. (216) 706-9250 DATASOURCE: LESCO,
Inc. CONTACT: Jeffrey L. Rutherford, Sr. Vice President & Chief
Financial Officer of LESCO, Inc., +1-216-706-9250 Web site:
http://www.lesco.com/ http://www.wesrespartners.com/
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