PRINT THIS PAGE US firm Odyssey to sell protective equipment producer Norcross for $1.2bn08/04/2008. Source: AltAssets. 
Odyssey Investment Partners has agreed to sell Oak Brook, Illinois-based protective equipment producer Norcross Safety Products to Honeywell International in a transaction valued at approximately $1.2bn. The New York-based mid-market private equity firm is will make an approximate six times return on its investment, sources close to the deal said. Norcross manufactures and markets personal protection equipment for workers in the general safety and preparedness, fire service and electrical safety industries. The company sells products under brand names including North, Morning Pride, Ranger, Servus, Pro-Warrington and Salisbury. Norcross generated about $609m in revenues in 2007, according to a statement.
Odyssey acquired Norcross in July 2005 for $479m.
Norcross's senior management team, led by Robert A Peterson, president and CEO, and David F Myers, Jr, executive vice president and CFO, will continue to lead the business as part of Honeywell.
Brian Kwait, a managing principal at Odyssey, said, 'We are proud of Norcross's accomplishments under our ownership, and that the business has attracted the interest of one of the world's leading diversified technology and manufacturing companies. Capitalising on compelling market trends, Norcross led the early stages of consolidation in the highly fragmented safety products industry and has performed exceptionally well.'
Odyssey has about $1.2bn under management. The firm makes majority control investments, primarily in mid-market companies operating in a variety of industries.
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