February 18, 2004
Polypore, Inc. announces it has entered into a definitive agreement under which affiliates of Willkie client Warburg Pincus LLC will acquire Polypore from shareholders led by The InterTech Group, Inc. and GTCR Golder Rauner, LLC for $1.2 billion.
On February 3, Polypore, Inc., a leading global supplier of highly-engineered filtration products, announced that it has entered into a definitive agreement under which affiliates of Willkie client Warburg Pincus LLC will acquire Polypore from shareholders led by The InterTech Group, Inc. and GTCR Golder Rauner, LLC for $1.2 billion. The February 3 edition of The Wall Street Journal quotes partner Steve Gartner, noting his role as legal advisor to Warburg on the transaction. Steve discussed with the WSJ the current “hyperactivity” of investment firms, stating “industry players have been very cautious when it comes to buying.” He explained further that “the markets are unforgiving if there is any misstep.” As part of the deal, Warburg Pincus, one of the largest private-equity firms with $9 billion under management, will put $400 million into Polypore. Willkie’s involvement in the transaction is also covered in the February 3 Daily Deal, with the February 3 New York Times reporting on the deal announcement as well.