Blackstone To Acquire PGI
Polymer Group Inc. (PGI), Charlotte, has agreed to be purchased by an affiliate of Blackstone
Capital Partners V LP, New York City. The total value of the transaction is not clear, but holders
of PGI common stock will receive approximately $15.25 per share upon closing, plus a ratable share
of additional monies upon their release from an escrow account. The transaction is expected to be
finalized before the end of first quarter 2011.
"The sale to Blackstone is the culmination of our strategic review process and we believe that this transaction represents the best value alternative available to our stockholders," said Veronica "Ronee" M. Hagen, CEO, PGI. "Blackstone is committed to supporting our strategy of continued growth and investment in proprietary capabilities in our markets around the globe. The leadership team and all of the employees of PGI are excited to begin the next chapter at PGI and to maintain our position as a global industry leader."