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Centerbridge Partners to acquire GSI Holdings26/06/2007. Source: AltAssets. 
 The GSI Group, Inc., a manufacturer and distributor of agricultural equipment, has announced that its parent company, GSI Holdings Corp., which is controlled by Charlesbank Capital Partners, has entered into an agreement under which affiliates of Centerbridge Partners, L.P. will acquire a majority stake.
The acquisition is subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Act, and is expected to be completed in the third quarter of 2007.
No further terms of the transaction were disclosed.
Steven M. Silver, Centerbridge Senior managing director, noted, ‘We are thrilled to make an investment in GSI, a company in the attractive grain and protein segments of the agricultural equipment market. We look forward to partnering with the company’s management team, led by Bill Branch, and with Charlesbank to expand the business and build upon GSI’s excellent reputation for quality and service.’
Centerbridge Partners, L.P. is a $3.2bn multi-strategy private investment fund.
Charlesbank Capital Partners is a middle-market private equity investment firm managing approximately $1.5bn of capital. Charlesbank focuses on management-led buy-outs and growth capital financings, typically investing $25m to $75m per transaction in companies with enterprise values of $50m to $750m. Charlesbank is currently investing through Charlesbank Equity Fund VI, a $900m fund.
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