The Pritzker Organization Buying TMS International
August 27, 2013
The Pritzker Organization has entered into a definitive agreement to take TMS International (NYSE: TMS) private in a transaction valued at approximately $1 billion, including refinanced third-party debt. TMS provides outsourced industrial services to steel mills. The company's stockholders, including Onex, will receive $17.50 per share in cash. Onex will be offloading its 60% equity interest in the company through the transaction, for proceeds of $410 million. Combined with proceeds from the company's earlier initial public offering and prior distributions, Onex will have received total proceeds of $504 million once the deal closes, resulting in a gross multiple of capital invested of approximately 2x.