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Stocks W / Waterpik Technologies
|Subject: Pik received 15 million in private placement||Date: 1/2/2001 11:12 AM|
|Author: TMFSpirit||Number: 9 of 19|
Water Pik Technologies Announces $15 Million Private Equity Investment
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Jan. 2, 2001--
Water Pik Technologies, Inc. (NYSE: PIK), announced today that it has signed an agreement to sell $15 million of common stock to two investment funds managed by Special Value Investment Management, LLC, a private equity investment company controlled by Mr. Michael E. Tennenbaum of Los Angeles, former Vice Chairman, Investment Banking for Bear, Stearns
Co. Under the agreement, the two funds will purchase 1,973,685 newly-issued shares of Water Pik Technologies, Inc. common stock at $7.60 per share under a private placement. The Company anticipates closing the transaction in the next few days, subject to the satisfaction of customary closing conditions.
"We are pleased to be associated with Special Value Investment Management and an experienced investor like Mr. Tennenbaum," said Water Pik Technologies President and CEO, Michael P. Hoopis. "The completion of this transaction will allow us to fulfill the equity offering obligation resulting from our spin-off from Allegheny Technologies Incorporated and fully focus our efforts and resources on the innovative products and programs that will fuel our growth into the future."
Michael E. Tennenbaum of Special Value Investment Management, the manager of the two funds, said, "We are very happy to become the largest shareholder in Water Pik. They have three world class brand names, a dynamic management team and remarkably strong new product development efforts. We hope to achieve great results with Water Pik."