Latham & Watkins Represents KKR in Sale of Capital Safety to 3M
3M has announced that it has entered into a definitive agreement to acquire Capital Safety from KKR for a total enterprise value of $2.5 billion, including the assumption of approximately $0.7 billion of debt, net of cash acquired.
Capital Safety is a leading global provider of fall protection equipment, one of the fastest-growing safety categories within the global personal protective equipment industry.
The personal protective equipment industry is a strategic priority for 3M, the company said in a release. Demand for personal protective equipment is rapidly growing, driven by increasing regulatory focus on worker safety across both developed and developing countries.
Capital Safety’s industry-leading products and solutions include harnesses, lanyards, self-retracting lifelines and engineered systems sold under well-known global brands DBI-SALA and PROTECTA. The company has demonstrated strong and consistent growth with sales increasing at a compound annual growth rate of 10 percent over the past four years. The company’s sales, adjusted to include recent acquisitions on a full-year basis, were approximately $430 million for its fiscal year ended March 31, 2015.
Latham & Watkins represents KKR in its sale of Capital Safety to 3M with a corporate deal team led from the firm’s New York office by partner Jennifer Perkins, with New York associate Samuel Powers and Chicago associate Jonathan Solomon; on tax matters by New York partner David Raab, with associate Matthew Dewitz; on benefits matters by Washington D.C. partner Adam Kestenbaum, with Washington D.C. associate Marysia Mullen and New York associate Lori Goodman; on antitrust matters by Washington D.C. partner Marc Williamson, Brussels partner Hector Armengod, with Washington D.C. associate Mitchell London; on intellectual property matters by New York partner Jeffrey Tochner; on environmental matters by Washington D.C. partner James Barrett; and on UK legal matters by London associates Farah O’Brien and Daniel Treloar.
