Mid-Cap News and Press Releases

KPS Capital Partners to Acquire IKG from Harsco Corporation

Jan 10, 2020

New York, NY (January 10, 2020) -- KPS Capital Partners, LP (“KPS”) announced today that it has signed a definitive agreement to purchase the IKG business (“IKG” or the “Company”) from Harsco Corporation (“Harsco”, NYSE: HSC) for total consideration of $85 million, subject to customary closing adjustments.  Upon completion of the transaction, IKG will become the second portfolio company of KPS Special Situations Mid-Cap Fund (“KPS Mid-Cap”).

IKG is a leading North American manufacturer of high-quality steel and aluminum bar grating.  The Company offers a full range of metal bar grating and fencing products, which are used primarily in industrial flooring, safety and security applications across a wide range of industries.  IKG is headquartered in Houston, Texas, with six strategically located manufacturing facilities across the U.S. and Mexico, and 350 employees globally.

Ryan Harrison, a Partner of KPS Mid-Cap, said, “We thank Harsco for their constructive approach on this transaction and look forward to working with Chief Executive Officer Chad McClendon, and IKG’s management team and employees to build on this great platform.   Given IKG’s demonstrated strengths, the addition of KPS’ strategic, operational and financial resources will create an ideal foundation for IKG’s future success as an independent company.  We intend to drive the Company’s growth both organically and through strategic acquisitions.”

Nick Grasberger, Harsco Chairman and CEO, said, “I am confident that under KPS’ ownership, IKG will become part of a firm that has extensive experience owning and operating metals-related businesses, and one that is committed to its growth.”

Chad McClendon, Chief Executive Officer of IKG, said, “We are thrilled to partner with KPS in this exciting new chapter for IKG.  The IKG team is deeply committed to providing high-quality products, unmatched technical expertise and innovative solutions to our customers.  Given its successful track record in building world-class manufacturing businesses globally over decades, KPS is the ideal partner to accelerate IKG’s strong momentum.”

Completion of the transaction is expected early in 2020 and is subject to customary closing conditions and approvals.

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to KPS.

About IKG

IKG is a leading North American manufacturer of high-quality steel and aluminum bar grating.  The Company offers a full range of metal bar grating and fencing products, which are used primarily in industrial flooring, safety and security applications across a wide range of industries.  IKG is headquartered in Houston, Texas, with six strategically located manufacturing facilities across the U.S. and Mexico, and 350 employees globally.

← Back to in the News

footer-logo

485 Lexington Avenue, 31st Floor
New York, NY 10017
T: 212.338.5100 | F: 646.307.7100

The information set forth in the materials on this site is as of June 30, 2020 and does not purport to be a complete summary of KPS or its investments. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in such materials. No reliance may be placed for any purpose on the information and opinions contained in such materials or their accuracy or completeness and nothing in such materials may be relied upon in making any investment decision. Certain information on or linked to from this site is furnished by or is derived from materials furnished by outside sources. KPS does not assume responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. Any information presented by outside sources represents the understandings and opinions of such outside sources, which may differ from those of KPS. Any statements and quotes from third-parties are not selected on the basis of any performance-based data. Any performance information included in any document on or linked to from this site is presented for illustrative purposes only and is not indicative of the future returns of any of the funds managed by KPS and there can be no assurance that such funds will achieve comparable results, be able to avoid losses or be able to implement their investment strategies.

For information on our data processing practices, please read our privacy policy here.