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CGW Southeast Agrees To Buy Johnston Industries

CGW Southeast Partners IV, Atlanta, and Johnston Industries, Columbus, Ga., have signed an agreement whereby CGW will acquire up to 100 percent of the outstanding shares of Johnston common stock.According to the companies, the transaction will be structured as a cash tender offer. CGW will pay $3.00 per share for each of the approximately 10.7 million outstanding shares of Johnston common stock. CGW will also invest approximately $27 million in the company as a purchase of common and preferred stock.As a result of the transaction, Johnston will become a subsidiary of CGW. Clark Ogle will remain president and CEO of Johnston Industries. Johnstons headquarters will remain in Columbus, and all of its current manufacturing facilities will remain operational.The transaction is subject to receipt by CGW of at least a majority of Johnston common stock, which will include the direct purchase of shares by CGW, as well as customary regulatory approvals. CGW is a Delaware limited partnership organized to make strategic investments in distribution and manufacturing businesses throughout the United States.

June 2000