Lazard Middle Market Advised UMI Company
 on the Sale of APG Cash Drawer to
Private Capital Management and APG Senior Managers

 

TRANSACTION DESCRIPTION
Lazard Middle Market advised UMI Company, Inc. on the sale of its APG Cash Drawer division (APG) to an entity formed by Private Capital Management, Inc. and APG senior managers.  APG is the nation’s leading manufacturer of heavy-duty cash drawers used in retail point-of-sale systems.

TRANSACTION HIGHLIGHTS
UMI Company wanted to secure full value on the divestiture of its APG division while supporting the managers of APG in their desire to find a long term, growth-oriented financial partner that also offered the best possible chemistry and fit with management.  UMI Company challenged Lazard Middle Market to design and execute a sale process that would achieve these seemingly competing objectives.

Lazard Middle Market advised UMI Company on pre-sale undertakings with management; assisted in the formulation of buyer selection criteria; arranged pre-qualifying meetings with potential financial sponsors; and conducted a spirited auction among the selected bidders. 

As the process unfolded, Private Capital Management, Inc. distinguished itself as a strong bidder for APG and, in the assessment of company management, the best long term partner.  Private Capital Management, Inc. is an Eagan, Minnesota-based registered investment advisor with a long track record of success in the private equity business.

In the face of highly volatile debt and equity markets, the transaction was consummated in early October, 2008.  “The APG team is excited about this opportunity to continue to create and deliver superior value to our customers around the world,” said Mark J. Olson, President of APG.

THE COMPANY
APG Cash Drawer, LLC (www.apgcd.com) is the nation’s leading manufacturer of high-end, durable cash drawers used in retail point-of-sale systems.  APG’s products are targeted at high-traffic retail environments and built to the highest standards of construction, performance and reliability. 

The company sells direct to OEMs that provide customized solutions to large retail chains and through distributors to a broad array of dealers and value-added resellers.  APG’s lean manufacturing capabilities allow it to make quick and accurate shipments on short lead times.  Its customers have come to rely upon APG as a valued supply chain partner.

ABOUT LAZARD MIDDLE MARKET
Lazard Middle Market LLC (www.lazardmm.com), a subsidiary of Lazard Ltd (NYSE:LAZ), provides advice on mergers and acquisitions, restructuring, and financings to the middle market. Lazard Middle Market’s approximately 100 investment bankers operate from offices in Minneapolis, New York, Chicago, Charlotte and Los Angeles with full access to the industry expertise, senior board-level relationships, and local perspectives of Lazard’s bankers in 41 cities across 24 countries in North America, Europe, Asia, Australia, and Central and South America.

If you would like more information about this transaction, please contact:

Gary O'Brien
gary.obrien@lazardmm.com
612-339-0500