EveryWare Cuts Merger Deal with ROI Acquisition
February 1, 2013,
NEW YORK-EveryWare Global, the tabletop company formed last year with the merger of Anchor Hocking and Oneida, has reached an agreement to merge with ROI Acquisition Corp. in a deal that would take the company public.
Currently, EveryWare is owned primarily by funds managed by Monomoy Capital Management. Once the new merger is finalized, the combined companies will keep the EveryWare Global name, and the stock will be traded on the Nasdaq market under the ticker symbol EVRY. A joint statement from EveryWare and ROI said the combined value of the business will be about $420 million after the transaction is closed.
Terms were not disclosed, nor was a date for the closing of the transaction. The joint statement described ROI as "special-purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving ROI Acquisition Corp. and one or more businesses."
The EveryWare management team is expected to remain in place post-merger, led by President and CEO John Sheppard. Daniel Collin, current EveryWare chairman and partner in Monomoy, will remain as chairman. Thomas J. Baldwin, chairman and CEO of ROI, will become the merged company's vice chairman.
The statement added that EveryWare posted adjusted EBITDA of $54.9 million for the year ended Dec. 31, up 53 percent from the year ending Dec. 31, 2011. For this year, the company projects adjusted EBITDA of $61.1 million.