NEW YORK, Nov. 4, 2004 (PRIMEZONE) -- Principals of The Jordan Company and its affiliates ("Jordan") today announced that Acadia Elastomers Corporation ("Acadia"), a company formed by Jordan, has completed its merger with a subsidiary of Parker Hannifin Corporation ("Parker") (NYSE:PH). As a result of the merger, Jordan has sold its entire interest in Acadia. Terms of the transaction were not disclosed.
Jonathan F. Boucher, Senior Principal of Jordan remarked, "We have enjoyed a wonderful partnership with the management of Acadia over the past nine years. During the course of our relationship, the Company has consistently grown revenues, both internally and through acquisition, while providing its customers with market-leading elastomeric sealing and engineered plastic solutions. We believe that the combination of Acadia with Parker provides a great match for our products, processes and technological capabilities."
With annual revenues of more than $7 billion, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 48,000 people in 46 countries around the world.
Headquartered in Roanoke, Virginia, Acadia has annual revenues of approximately $145 million, employs nearly 1,400 people, and operates ten locations throughout North America and Europe. Acadia is a leading producer of sealing solutions and is well known for its quality radial shaft and transmission piston seals and has several other highly regarded product brands including JM Clipper, Webster and Redmond Plastics.
About The Jordan Company
The Jordan Company, L.P. is a New York-based investment firm with approximately $2.5 billion of capital under management that has been sponsoring and investing in middle market leveraged buyout transactions for more than 20 years. Jordan currently has a portfolio of private equity investments representing more than $4.0 billion in annual revenue.