Press Releases

KPS Capital Partners Portfolio Company, Global Brass and Copper, Inc., Completes Successful Recapitalization

Aug 18, 2010

New York, NY (August 19, 2010) -- KPS Capital Partners, LP ("KPS") announced today that its portfolio company Global Brass and Copper, Inc. (“GBC”) has completed a successful recapitalization. GBC raised $465 million of new financing, including a $150 million committed asset-based revolving credit facility and a $315 million term loan. The proceeds of the recapitalization were used to refinance outstanding debt, to fund a $102 million cash distribution to stockholders and to fund the Company’s continued growth.

Following the recapitalization, GBC remains conservatively capitalized and has the continued support of KPS, its majority shareholder. KPS and GBC management continue to own 100% of GBC’s common stock.

Financing for the transaction was provided by a syndicate of banks and institutional investors with Wells Fargo Capital Finance, LLC and GE Capital Markets, Inc. acting as joint lead arrangers on the $150 million asset based revolving credit facility and Goldman Sachs Lending Partners LLC acted as Arranger and Sole Bookrunner on the $315 million term loan.

Paul, Weiss Rifkind, Wharton and Garrison LLP served as legal counsel to GBC with respect to the recapitalization.

About Global Brass and Copper, Inc.

Headquartered in East Alton, Illinois, Global Brass and Copper, Inc. ("GBC") is the leading manufacturer and distributor of copper and copper-alloy sheet, strip, plate, foil, rod and fabricated components in the North America and one of the largest in the world. GBC employs over 2,000 employees, and operates manufacturing facilities in East Alton, Illinois, Montpelier and Bryan, Ohio; Waterbury, Connecticut; and Cuba, Missouri, and operates joint ventures in Japan and China. The company also owns A.J. Oster, the leading service center and distributor of brass and copper products in North America. GBC and its subsidiaries sell products under the Olin Metals, Olin Brass, and Chase Brass brand names. For more information, please visit www.gbcmetals.com

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with over $11.5 billion of assets under management (as of October 15, 2019).  For over two decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies have aggregate annual revenues of approximately $8.3 billion, operate 134 manufacturing facilities in 26 countries, and have approximately 28,000 employees, directly and through joint ventures worldwide. The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.

← Back to Press Releases

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, 2019 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.