MascoTech Inc., parent of RV towing equipment suppliers Draw-Tite and Reese, was taken private Tuesday (Nov. 28) by Heartland Industrial Partners LLP, a firm led by former Reagan Administration budget director David Stockman.
As a result of the transaction, MascoTech stock ceased trading on the New York Stock Exchange Tuesday. MascoTech stock closed at $17 a share, up 3/16.
The terms of the deal call for MascoTech stockholders to get $16.90 a share plus cash proceeds from the sale of MascoTech’s Saturn Electronics & Engineering unit, which has not been completed.
MascoTech Chairman Richard Manoogian and other members of the company’s senior management team will continue to own 20% of the company.
Heartland decided to buy MascoTech because it is looking for “companies in sectors presenting an opportunity for consolidation and long-term growth.”