Press Releases
ThinkEquity LLC acts as Exclusive Financial Advisor to Despatch Industries in its Sale to Illinois Tool Works
SAN FRANCISCO, July, 2011 — ThinkEquity LLC —A Panmure Gordon Company, a leading boutique investment banking firm focused on growth companies and their investors, is pleased to announce that it acted as exclusive financial advisor to Despatch Industries in its sale to Illinois Tool Works Inc., a Fortune 200 global diversified industrial manufacturer (NYSE: ITW). Despatch, based in Lakeville, Minnesota, is a leading provider of thermal processing equipment for the solar, carbon fiber and other thermal technology markets. With full-year 2011 revenues expected to exceed $200 million, Despatch products include solar cell firing furnaces, carbon fiber process ovens, and thermal processing equipment. Despatch furnaces and industrial ovens primarily serve customers in the solar energy, advanced materials and electronics industries.
"We are excited about this acquisition as the Company's core thermal technology aligns well with certain of our other existing electronics equipment businesses," said Steve Martindale, executive vice president. "As a leader in thermal processing, Despatch provides us with immediate access to attractive and high growth industries such as solar and carbon fiber as well as the opportunity to extend sales of certain of our existing products into these new markets."
"This is an exciting opportunity for Despatch employees and customers as it will allow us to accelerate our growth and innovation under the global umbrella and strength of ITW," said Patrick Peyton, Despatch CEO. "Despatch's strong market presence and proven technology, coupled with ITW's global breadth and foundational strength, will facilitate a strong expansion of technology advancements and next-generation tools."
About Despatch Industries
Founded in 1902, Despatch Industries is a leading thermal technology and equipment provider to critical applications in a broad range of markets and cutting edge technology worldwide. Despatch equipment is distinguished by its optimal airflow, temperature uniformity and process control capability, which result in consistently high yields, superior product quality and optimum cost of ownership for high volume manufacturing. Despatch has sold more than 180,000 systems, meeting the critical thermal processing needs of an extensive customer base across more than 20 markets with a portfolio of over 250 commercialized products.
About Illinois Tool Works
Founded in 1912, Illinois Tool Works Inc. (NYSE: ITW) is a Fortune 200 global diversified industrial manufacturer. The Company's value-added consumables, equipment and service businesses serve customers in developed as well as emerging markets around the globe. ITW's key business platforms, including welding, automotive OEM, industrial packaging, food equipment, construction, polymers and fluids, test and measurement, electronics, decorative surfaces and automotive aftermarket, employ more than 60,000 people worldwide. ITW's revenues totaled $15.4 billion in 2010, with more than half of these revenues generated outside of the United Sates.
ThinkEquity Contact:
Janet Faleski
Managing Director
T: (212) 468-7083
E: jfaleski@thinkequity.com
Media Inquiries:
Nathaniel Webb
Group Communications and Investor Relations Director
T: +44 20 7614 8333
E: nathaniel.webb@panmure.com
About ThinkEquity LLC — A Panmure Gordon Company
Focused on the growth sectors of the economy, ThinkEquity provides research, equity financing, M&A advisory, institutional sales and trading, wealth management and asset management services to institutional investors, corporate and private clients, venture capitalists, entrepreneurs and financial sponsors. As a Panmure Gordon company, ThinkEquity accesses the combined financial expertise of professionals based in San Francisco, New York, Boston, Chicago, London, Liverpool and Geneva. Research-driven, we remain true to our founding principles: the power of growth, focus, deep domain expertise and people. www.thinkequity.com
About the Panmure Gordon Group
Founded in 1876, Panmure Gordon & Co. (PMR.L) is a leading independent institutional stockbroker and investment bank. Encompassing its US franchise, ThinkEquity, LLC, the Group employs approximately 240 professionals across the US, the UK, Singapore and Nyon, Switzerland, offering a blend of transatlantic financial services including research, sales and trading, wealth management and asset management. www.panmure.com