Wellspring Capital Management LLC announced that it has entered into a definitive agreement with Superior Plus Income Fund to purchase JW Aluminum Company for $310 million. Superior Plus announced its intention to sell JWA in July 2006 as part of its strategic plan to reduce debt levels and focus on its Canadian-based businesses.
JW Aluminum is a leading manufacturer of specialty flat-rolled aluminum products, primarily serving the heating, ventilation and air conditioning; building and construction; light gauge converter foil; and flexible packaging end-use markets in the United States. Over its 26 years of operation, JWA has grown from a startup capacity of 40 million pounds to more than 372 million pounds today. JWA’s president and CEO, Don Kassing, said, “We are very pleased with the opportunity to once again work with Wellspring Capital to build JW Aluminum into an even stronger company. One of our first orders of business will be to resume our aggressive pursuit of growth opportunities and continue to expand our presence in the specialty flat-rolled aluminum sheet and foil industry.”
According to William F. Dawson Jr., a Wellspring Capital partner, “We look forward to adding JW Aluminum once again to our portfolio of companies. Obviously, with our history together, Wellspring is keenly aware of JW Aluminum’s strong performance and the capability of the JWA team to grow and build an even stronger company in the future.”
JW Aluminum employs 772 associates at its three facilities in
