Simpson Thacher is representing TPG Capital, L.P. in connection with its announced agreement to acquire, through affiliated funds, the North American operations of CARDONE Industries, Inc. The transaction is expected to close in the fourth quarter of 2011 or in the first quarter of 2012, subject to customary closing conditions. Terms of the transaction were not disclosed.
CARDONE Industries, founded in 1970, is a privately held, family-owned and operated company headquartered in Philadelphia, PA. CARDONE is a world leader in the automotive remanufacturing industry with operations in five countries and 6,000 employees.
The Simpson Thacher team includes Andrew Smith, Daniel Tseng, Bianca Bowen, David Cheng and John Freese (M&A); Brian Steinhardt, Chris Brown and Brett Pearlman (Banking/Credit); Adeeb Fadil and Tim Mulvihill (Environmental); David Rubinsky and Jennifer Pepin (Executive Compensation and Employee Benefits); Marcela Robledo (Intellectual Property); Scott Dyer (Labor); Mardi Merjian and Justin Vilinsky (Real Estate); and SeoJung Park (Tax).