Berger Holdings Ltd. Closes Major Acquisition
PHILADELPHIA--(BUSINESS WIRE)--Jan. 5, 1998--Berger Holdings Ltd. (NASDAQ:BGRH) announced that it has completed the acquisition of the roof drainage-manufacturing segment of Benjamin Obdyke Inc. for approximately $11.4 million.
Financing for the acquisition was arranged through Summit Bank of Princeton, N.J., Tandem Capital of Nashville, Tenn., and Argosy Investment Partners L.P. of Wayne, Pa.
Berger also announced it has retained Investor Awareness Inc. of Chicago to perform investor relations services, effective Jan. 1, 1998.
Theodore A. Schwartz, chairman & chief executive officer, stated, "The 1997 revenue of the acquired business was approximately equal to our own revenue for the same period. This acquisition along with other steps being taken by Berger should give us a greater national presence and also result in additional economies of scale."
Schwartz, reflecting upon the recent past, indicated, "During each of the last two years (1996 and 1997) the price of our stock has approximately doubled. Management's goal is to justify this trend continuing for the next two years through a combination of internal growth and future acquisitions." He did however caution, "This is a goal not a prediction." |
