The Motley Fool Discussion Boards

Previous Page

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 th