Wassall PLC Completes Sale of DAP To RPM, Inc. For $290 Million; Sale Brings Wassall's Pool of Investment Capital to $500 Million

Business Wire, August 3, 1999

LONDON and WESTPORT, Conn.--(BUSINESS WIRE)--Aug. 3, 1999--

Wassall PLC (LSE:WSSL), the publicly traded UK equity investment firm, today announced that it has completed the previously announced sale of DAP to RPM, Inc. for $290 million.

Wassall acquired DAP in 1991 for $90 million. In April 1998, Wassall's shareholders approved the Company's plan to transform itself from a diversified industrial conglomerate into an international equity investment firm while maintaining its focus on the turnaround of underperforming companies throughout Europe and the U.S. This change expanded Wassall's access to investment capital by allowing it to raise private equity funds and to receive co-investments from third parties. The net proceeds of the sale of DAP bring Wassall's current pool of investment capital to approximately $500 million.

Kevin J. Doyle, President of Wassall USA, said, "Completing the sale of DAP marks a substantial step in the execution of our strategy to leverage Wassall's proven ability to identify underperforming businesses and dramatically improve their returns as private equity investors, without the capital constraints of an industrial conglomerate. With this solid pool of capital in place, Wassall is well-positioned to aggressively pursue investment opportunities throughout Europe and North America."

To date, Wassall has completed one investment under its new structure, the $595 million purchase of Thorn Lighting Group, a leading manufacturer and supplier of lighting equipment and systems with operations in thirty countries.

Based in Baltimore, MD, DAP produces adhesives, sealants and other building products for the industrial consumer construction markets. RPM is a leading manufacturer of coatings and specialty chemicals.

Wassall maintains investment offices in London, England, Westport, Connecticut and Singapore.