Watermill and HEP Exit Latrobe with 10x Gross Return
March 1, 2012- Share:
Hicks Equity Partners and The Watermill Group have sold Latrobe Specialty Metals to Carpenter Technology (NYSE: CRS). Watermill and HEP have been issued 8.1 million shares of Carpenter stock—an equity value of approximately $558 million. This transaction represents a 10x gross return on investment for HEP and Watermill, which purchased the company in December 2006 for $215 million from Timken (NYSE: TKR). Latrobe produces and distributes specialty steels and alloys.
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