Business Services Industry
U.S. Industries sells Tube-Tex to Richards Capital Fund for $22 million
Business Wire, Oct 31, 1996
LONDON/ISELIN, N.J,--(BUSINESS WIRE)--Oct. 31, 1996--U.S. Industries, Inc. (NYSE-USI) announced today the sale of its Tubular Textile Machinery business (Tube-Tex) to Richards Capital Fund L.P. for $21 million cash and $1 million in notes.
Tube-Tex, headquartered in Lexington, North Carolina, is a supplier of continuous finishing ranges and compactors to knitwear manufacturers. As part of the transaction, the buyer has leased the Lexington plant of Tube-Tex from USI, who retains ownership. For the nine months ended June 30, 1996, Tube-Tex generated operating income of approximately $3.0 million on revenues of approximately $22.6 million. The company does not expect to record a gain or loss on this transaction.
Richards Capital Fund is a family-owned private equity investment firm specializing in backing southern businesses.
U.S. Industries is a diversified industrial management corporation. Its companies include such well known businesses as Jacuzzi, Ames garden tools, Ertl toys, Rexair vacuum cleaners, Lighting Corporation of America, EJ Footwear, Garden State Tanning and Tommy Armour Golf.
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