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White Cap Sold to Investment Group

ORANGE COUNTY BRIEFLY

March 11, 2000|Leslie Earnest

White Cap Industries Inc. said Friday an investment group that includes company managers has completed its $240-million acquisition of the Costa Mesa tool seller. The investment group, which bought White Cap for $16.50 a share to take it private, was led by Leonard Green & Partners, a Los Angeles private merchant banker. In connection with the transaction, the company said it obtained a $125-million line of credit and issued $75 million in notes. The company's stock closed Friday at $16.38, up 63 cents, in Nasdaq trading.

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