Mackie Announces Sun Capital Investment

Jan 22, 2003 12:00 PM, Editors


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Mackie Designs (Woodinville, Wash.) announced that it has agreed to an equity investment by an affiliate of Sun Capital Partners, a Boca Raton, Fla.,-based private investment firm.

Under the proposed transaction, Sun Capital would acquire approximately 9.8 million shares of Mackie common stock, or approximately 65% of Mackie's total common stock outstanding, through the purchase of approximately 7.4 million outstanding shares from selling shareholders and approximately 2.4 million newly issued shares--for a total of approximately $10 million in cash.

The proposed transaction is subject to certain conditions, including Mackie's ability to refinance its current debt, Sun Capital's approval of additional information to be provided by Mackie and other customary terms and conditions. Mackie also plans to voluntarily file to delist from Nasdaq National Market effective as of the closing, and intends to be approved for trading on the OTC Bulleting Board.

According to Mackie CEO Jamie Engen, the transaction is expected to close by the first week of February; upon closing Mackie will receive $6.4 million in capital. Engen also said that although company founder Greg Mackie is selling a portion of his shares, he will remain a shareholder and will be on an exclusive consulting agreement with Mackie.

"We are focused on reducing costs and increasing productivity throughout the organization, including the rationalization of Mackie's global manufacturing operations, R&D and product lines," said Engen. "We are making progress in these efforts and welcome the involvement of Sun Capital as an active partner in the next phase of our growth."

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