Gregory Spivy joins the Armstrong board
Armstrong World Industries has elected Gregory Spivy to its board of directors, effective Dec. 15, 2014. His appointment bumps the total number of Armstrong directors to 12.
"We’ve had the opportunity to get to know Greg over the past few months, and we look forward to working with him more closely as a member of the board," said James O`Connor, chairman of the Armstrong board of directors. "We believe that Greg will bring valuable insight given his background and financial expertise."
Spivy is a partner at ValueAct Capital, where he has worked for the past 10 years.
He is also currently serving as chairman and a director of Seitel, Inc. He is the former chairman of MSD Performance, Inc. and a former director of KAR Auction Services, Inc., MDS, Inc., MSC Software Corp. and PRA International.
"Armstrong is a strong, global company with great long-term potential," said Spivy. "I am honored to be joining the board, and I look forward to working with the other members of the board of directors, as well as with CEO Matt Espe and the entire management team, to help continue to drive growth and value for all shareholders."
ValueAct Capital also holds approximately 17% of Armstrong’s outstanding common stock. As such, Armstrong has entered into a Nomination and Shareholder’s Agreement with ValueAct Capital. The terms restrict ValueAct’s ability to purchase additional shares of Armstrong stock, among other things.
Newell Rubbermaid completes Baby Jogger purchase
Newell Rubbermaid has wrapped up its acquisition of Baby Jogger Holdings, Inc. from private equity firm Riverside Company.
The total cost of the purchase — $210 million — is approximately 12 times the estimated 2014 EBITDA before synergies and potential tax benefits.
"I am very pleased to add this strategic asset to our Baby & Parenting portfolio," said Newell Rubbermaid president and CEO Michael Polk. "In combination with Graco and Aprica, Baby Jogger and its City Mini and City Select sub-brands offer compelling growth opportunities which will further establish Newell Rubbermaid as a global leader in juvenile products as we drive the Growth Game Plan into action."
Baby Jogger’s main claim to fame is its activity strollers and other various infant and juveline accessories geared toward active families.
Baby Jogger is expected to net approximately $90 million in sales in 2014. The deal is expected to be accretive to Newell Rubbermaid’s growth rate, EBITDA margin and normalized EPS within the first year.
Molpus Woodlands expands in New York
The Molpus Woodlands Group has made another purchase — this time, a 112,238-acre lot in upstate New York.
The new timberland purchase is located in the north-central Adirondack Park vicinity and spans across three counties. It has been in timber production for over a century and specializes in hardwood sawtimber and pulpwood.
“We are pleased to expand our existing operations in upstate New York,” said Ken Sewell, COO of Molpus Timberlands Management. “We will use our existing expertise in this region to practice high-quality stewardship with particular attention to conserving resources and the diversity of the forest.”
Molpus will be overseeing the new purchase, as well as an additional 161,000 acres, from its Saranac Lake, New York, office.
The Molpus Woodlands Group is a timberland investment management organization based in Jackson, Mississippi. It manages about 1,650,000 acres valued in excess of $1.5 billion.