Signature GroupがAlerisのアルミ再資源業務部門GRSAを5億2500万ドルで買収

AsiaNet 58291 （1152）

【シャーマノークス（米カリフォルニア州）2014年10月18日PRN=共同通信JBN】

　＊5億2500万ドルによる買収

　＊北米と欧州でナンバーワンの市場シェア

　＊約15億ドルの年間売上高を目標にした組織改編取引

Signature Group Holdings, Inc.（OTCQX: SGGH）（以下Signatureあるいは同社）は18日、非上場企業Aleris Corporation（以下Aleris）のGlobal Recycling and Specification Alloys（GRSA）事業を5億2500万ドルで買収する最終的な株式譲渡契約を結んだと発表した。Signatureの取締役会は予定の取引を全員一致で承認した。取引は規制当局の認可、ハート・スコット・ロディノ反トラスト改正法による承認など慣習的な買収完了条件の対象となる。

この取引は北米と欧州における再生アルミニウム市場へのSignatureの参入の契機となる。GRSAは世界最大手のアルミニウム再資源業者であり、世界のアルミニウム市場を再編するファンダメンタルズ向上を生かす立場になる。自動車、航空宇宙、包装、建築・建設などの部門はすべて、アルミニウム消費の増加を経験している。特に自動車製造部門は、炭素排出量を減らすという政府の命令があり、メーカーは燃料効率を高めることを強いられているため、アルミニウム消費が増大せざるをえない。

Signatureのクレイグ・ブシャール会長兼最高経営責任者（CEO）は「今回の取引は私がよく承知している業界で、Signatureを変革させるものである。GRSAは低コスト生産者であり、2大陸では明らかにマーケットリーダーなので、強力な成長の見込みと持続的な競争上の優位がある。われわれは特に、優良な顧客基盤を引き継ぐことを喜んでいる。この取引は大きく、有利で十分価値ある買収を求める株主への約束に応えるものである。われわれは引き続きSignatureを重要かつ利益の上がる企業に育てており、これは重要なステップである」と語った。

SignatureはAlerisの上級副社長で北米におけるRecycling and Specification Alloys事業責任者であるテリー・ホーガン（Terry Hogan）氏を買収完了の際にGRSA事業の社長に任命する予定である。Alerisの副社長で欧州におけるリサイクル事業責任者であるラッセル・バール（Russell Barr）氏は、欧州担当の執行副社長に就任する予定。ブシャールCEOは「ホーガン、バール両氏は、より大きなプラットフォームに規模拡大することができる強力なチームを持つ優れたマネジャー、リーダーである」と語った。

Freedonia Groupによると、世界の再生アルミニウム消費量は、今後10年にわたり年率6.7%増、一次アルミニウム消費量は同じく年率4.5%増になると予測されている。

GRSAはアルミニウム・リサイクル、アルミニウム・スクラップとアルミニウム・ドロス（アルミニウム溶解・鋳造工程の副生成物）を溶融、インゴット、その他形状で有用な金属合金あるいは特殊合金に変換する、アルミニウム・リサイクルの世界市場リーダーである。

2014年6月30日までの12カ月に、AlerisはGRSAの調整後の単独部門ベースのEBITDA（利払い前税引き前償却前利益）が7490万ドルだったと報告している。Alerisの別の報告によると、2014年9月30日までの四半期のGRSA調整後EBITDAは、760万ドルになると見込まれており、これは前年同期の460万ドルを上回っている。GRSAの2014年第3四半期決算は、同期間中の財務結果に関するAleris経営陣の最終的見直しに基づいて、変更されることが予測されている。

GRSA事業の約65%は北米で執行され、欧州は35%である。GRSAは6カ国で総数24の施設を操業している。

▽取引の詳細

株式譲渡契約の条件の下で、Signatureは5億2500万ドルの購入価格でGRSAを取得する。その内4億9500万ドルは現金払い、3000万ドルはSignatureの優先株式で支払われる。購入価格は、第3四半期で予測される財務改善の中点を取って、上記のように約6.5倍というGRSA調整後EBITDAの倍数に相当する。

Signatureは手持ちの現金と負債および新株発行による資金調達を組み合わせて、買収の資金手当を望んでいる。これには有資格機関バイヤーと一定の米国外個人に対する私募による約3億ドルの優先有担保債券の発行およびSignature普通株式の登録公募、期日未定だがSignature株主への追加株式に対する登録ステープル権付き公募などが含まれる。権利公募の一部は、米不動産王サム・ゼル氏が拠出した民間投資会社Equity Group Investmentsの系列会社であるZell Credit Opportunities Fund, L.Pから支援される。取引に関連して、ゴールドマン・サックスはドイツ銀行とともに与信枠のつなぎ資金調達の主幹事となる。GEキャピタル（General Electric Capital Corporation）は、Signatureの成長に融資するため、1億7500万ドルの動産・債権担保融資を提供する。これらコミットメントは標準条件を満たすことが条件付きである。

ドイツ証券（Deutsche Bank Securities, Inc.）は、Signatureの独占的な金融アドバイザー、Crowell & Moringは法務アドバイザーを務める。クレディ・スイスとKeyBanc Capital Markets, Inc.はAlerisの金融アドバイザー、Fried Frankは法務アドバイザーとして務めを果たす。

Signatureは米東部標準時2014年10月21日午前8時30分、投資家向け電話会議を主催する。呼び出し電話の詳細は同社ウェブサイトwww.signaturegroupholdings.comを参照。

このプレスリリリースはいかなる証券の購入提案ではない。上記のすべて優先有担保債券の私募は、1933年米証券取引法改正法の下で登録されることはなく、また登録されてもおらず、米国内では未登録もしくは登録要件から登録を免除されて販売提案もしくは販売されることはない。ステープル権付き公募に従うことを含めて、Signatureのすべての普通株式の購入提案は受け入れられず、購入価格の一部は登録届出書が有効になるまで受け入れられず、そのようないかなる販売提案も発効日後に与えられる受領（じゅりょう）通知に先だっていつでも、どのような種類の義務もしくは約束なしには撤回もしくは取り消されることはない。

▽Global Recycling and Specification Alloysについて

GRSAはオハイオ州クリーブランドに本社を置き、Alerisの総収益の30%を占める。2013年、GRSAはリサイクル・アルミニウム120万トンを出荷した。GRSAは北米、欧州にある24の施設で約1600人を雇用し、300を超える世界の顧客にサービスを提供している。GRSAは第3者リサイクル業界で北米・欧州のリーダー企業であり、業界における有望な基盤を最大限に利用する構えである。GRSAは溶解処理されたアルミニウムの提供など専門サービスでのリーダーシップを発揮し、市場シェアを今後も拡大できる専門的技術と運用上の柔軟性を備えている。

▽Signature Group Holdings, Inc.について

Signatureは北米を本拠としたホールディング会社で、主として米国の工業・商業市場に集中し、大規模で管理が行き届き、一貫して収益を上げている企業に投資することを目的としている。Signatureは十分な投資基金と、連邦税務上の繰り延べ欠損約9億ドルがある。Signatureに関する詳細はウェブサイトwww.signaturegroupholdings.com を参照。

▽報道関係問い合わせ先

Dan Wilson, Ogilvy

+1-212-880-5346

▽非GAAP財務測定の調整

非GAAP財務測定は、GAAP測定に包含された金額を除外するか、あるいはGAAP測定から除外された金額を算入して計算された、過去または将来の財務業績，財政状態，またはキャッシュ・フローに関する数量によって表されるものであり、貸借対照表、損益計算書、現金収支計算書でGAAPに従って計算され提示された最も直接的に比較が可能な測定が含まれているか、あるいはGAAPに従って計算され提示された最も直接的に比較が可能な測定から除外された金額を含むか、それを含む効果を持つ調整に従ったものである。EBITDAおよび調整済みEBITDAは、GAAPに認定された財務測定ではない。EBITDAおよび調整済みEBITDAを提示、議論するのは、これらがSignatureおよびGRSA業務の財務運営に関する投資家および貸し手の理解を高めるとマネジメント部門が考えるからである。GAAPが認定する財務測定に対する補完として、マネジメント部門は、EBITDAおよび調整済みEBITDAが潜在的な業績を不明確にし比較を歪める可能性がある項目を除外してGAAP財務測定を適用する一部の投資分析手法に従う投資家の助けになると考える。EBITDAおよび調整済みEBITDAは、GAAPが認定した測定ではないことから、これらは業績指標として純益の代替としてここで提示されたものではない。EBITDAおよび調整済みEBITDAは、同社の上級マネジメントおよび取締役会が一定の業務結果を評価するために使用ことを望む主要な業務測定である。

SignatureとAlerisは、EBITDAおよび調整済みEBITDAを金利、税金、減価償却・償却、あるいはその後特定の項目を除外ないしは追加して調整されたEBITDA、すなわち調整済みEBITDAの前の収益として計算している。これらの項目はEBITDAおよび調整済みEBITDAに対するGRSAの純益の調整の中で示されている。純益は、EBITDAおよび調整済みEBITDAと最も直接的に比較が可能なGAAP測定である。

EBITDAおよび調整済みEBITDAに関するSignatureとAlerisの算定は、同じないしは同様の名称を持つ他社の非GAAP財務測定の計算と異なる可能性がある。このため、これらは他社とは比較できない可能性がある。

以下の表は、2014年6月30日に終わった12カ月に関するSignatureおよびAlerisのEBITDAおよび調整済みEBITDAに対する純益の調整である。

                                          Twelve

                                         Months Ended

     (Dollars in millions)               June 30, 2014

    ---------------------------------   ---------------

     Net income attributable to GRSA       $   23.0

     Interest                                     -

     Taxes                                      5.5

     Depreciation and amortization             22.4

                                        ---------------

     EBITDA                                    50.9

     Allocated corporate SG&A                  18.3

     Other, net                                 5.7

                                        ---------------

     Adjusted EBITDA                       $   74.9

ソース：Signature Group Holdings, Inc.

Signature Group Holdings To Acquire World's Largest Independent Aluminum Recycler

PR58291

SHERMAN OAKS, Calif. and CLEVELAND, Oct. 18, 2014 /PRN=KYODO JBN/ --

    * $525 Million Acquisition

    * #1 Market Share in North America and Europe

    * A Transformative Deal with Target Generating Annual Revenues of

      Approximately $1.5 billion

    Signature Group Holdings, Inc. ("Signature" or the "Company") (OTCQX: SGGH)

announced today that it has entered into a definitive stock purchase agreement

to acquire the Global Recycling and Specification Alloys ("GRSA") business of

privately-held Aleris Corporation ("Aleris") for $525 million. The Board of

Directors of Signature unanimously approved the proposed transaction. The

transaction is subject to customary closing conditions, including regulatory

approvals and clearance under the Hart-Scott Rodino Antitrust Improvements Act.

    This marks the entry of Signature into the resurgent aluminum market in

North America and Europe. GRSA, the largest independent aluminum recycler in

the world, is positioned to take advantage of improving fundamentals reshaping

global aluminum markets. Sectors such as automotive, aerospace, packaging,

building and construction are all experiencing increased aluminum consumption.

The automotive sector, in particular, is consuming more aluminum as government

mandates require reduced carbon emissions and compel auto manufacturers to

increase fuel efficiency.

    "This deal is transformative for Signature in an industry I know well,"

said Craig Bouchard, Chairman and Chief Executive Officer of Signature. "GRSA

is the low-cost producer and clear market leader on two continents, with strong

growth prospects and a sustainable competitive advantage. We are particularly

pleased to inherit a blue chip customer base. This transaction fulfills a

promise made to our stockholders to seek large, accretive, well-valued

acquisitions. It is an important step as we continue to build Signature into a

significant and profitable company."

    Signature expects to name Terry Hogan, currently senior vice president and

leader of Aleris' Recycling and Specification Alloys business in North America,

as president of the GRSA business effective upon closing the acquisition.

Russell Barr, vice president and leader of Aleris' recycling business in Europe

is expected to serve as executive vice president, Europe. "Terry and Russell

are excellent managers and leaders with a strong team that is scalable to a

larger platform," stated Bouchard.

    Global recycled aluminum consumption is projected to grow 6.7% a year over

the next decade, compared to primary aluminum consumption at 4.5%, according to

Freedonia Group.

    GRSA is the global market leader in aluminum recycling, converting aluminum

scrap and dross into usable metal and specification alloys in molten, ingot and

other forms.

    For the twelve-month period ended June 30, 2014, Aleris reports that GRSA's

earnings before interest, taxes, depreciation and amortization, on an adjusted,

stand-alone basis ("Adjusted EBITDA") were $74.9 million. Also reported by

Aleris, GRSA's Adjusted EBITDA during the quarter ended September 30, 2014 is

expected to be $4.6 million to $7.6 million higher than the Adjusted EBITDA in

the quarter ended September 30, 2013. GRSA's third quarter 2014 results are

estimates and subject to changes based on Aleris management's final review of

financial results during the period.

    Approximately 65% of GRSA's business is conducted in North America, with

35% in Europe. GRSA operates a total of twenty-four facilities across six

countries.

    Transaction Details

    Under the terms of the stock purchase agreement, Signature will acquire

GRSA for a purchase price of $525 million comprised of $495 million in cash and

$30 million in preferred stock in Signature. The purchase price represents a

multiple of approximately 6.5 times GRSA's Adjusted EBITDA as described above

using the midpoint of the estimated improvements in third quarter results.

    Signature expects to finance the acquisition with a combination of cash on

hand, and the net proceeds from debt and equity financings. This includes the

issuance of approximately $300 million of senior secured bonds in a private

placement to qualified institutional buyers and certain non-U.S. persons, as

well as a registered offering of Signature's common stock, and a registered

stapled rights offering of additional shares of its common stock to Signature

stockholders at a date to be determined. A portion of the rights offering will

be backstopped by Zell Credit Opportunities Fund, L.P., an affiliate of Equity

Group Investments, a private investment firm founded by Sam Zell. In connection

with the transaction, Goldman Sachs will lead a committed bridge financing with

Deutsche Bank. General Electric Capital Corporation will provide a $175 million

asset-based lending facility to finance the growth of the company. Those

commitments are contingent on the satisfaction of standard conditions.

    Deutsche Bank Securities, Inc. acted as exclusive financial advisor, and

Crowell & Moring acted as legal advisor, to Signature. Credit Suisse and

KeyBanc Capital Markets, Inc. acted as financial advisors, and Fried Frank

acted as legal advisor, to Aleris.

    Signature will host a conference call for investors at 8:30am, Eastern

Time, Tuesday, October 21, 2014. For call-in details, visit the Company's

website at www.signaturegroupholdings.com.

    This press release does not constitute an offer of any securities for sale.

Any senior secured notes to be offered in the private placement referenced

above will not be and have not been registered under the Securities Act of

1933, as amended, and may not be offered or sold in the United States absent

registration or an applicable exemption from registration requirements. No

offer to buy any common stock of Signature, including pursuant to any stapled

rights offering, can be accepted and no part of the purchase price can be

received until the registration statement has become effective, and any such

offer may be withdrawn or revoked, without obligation or commitment of any

kind, at any time prior to notice of its acceptance given after the effective

date.

    Global Recycling and Specification Alloys

    GRSA, headquartered in Cleveland, Ohio represents approximately 30% of

Aleris' total revenues at $1.5 billion. In 2013, the business shipped 1.2

million tonnes of recycled aluminum. GRSA employs approximately 1,600 people at

twenty-four facilities in North America and Europe, and serves more than 300

customers worldwide. As North America and Europe's leader in third party

recycling, GRSA is poised to take advantage of many positive fundamentals in

the industry. With leadership in specialty services, such as the delivery of

aluminum in molten form, GRSA has the expertise and operational flexibility to

grow its market share even further.

    About Signature Group Holdings, Inc.

    Signature is a North America-based holding company seeking to invest its

capital in large, well-managed and consistently profitable businesses

concentrated primarily in the U.S. industrial and commercial marketplace.

Signature has significant capital resources, and federal net operating loss tax

carryforwards of nearly $900 million. For more information about Signature,

visit its corporate website at www.signaturegroupholdings.com.

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking statements, which are based on our

current expectations, estimates, and projections about the Company's and GRSA's

businesses and prospects, as well as management's beliefs, and certain

assumptions made by management. Words such as "anticipates," "expects,"

"intends," "plans," "believes," "seeks," "estimates," "may," "should," "will,"

and variations of these words are intended to identify forward-looking

statements. Such statements speak only as of the date hereof and are subject to

change. The Company undertakes no obligation to revise or update publicly any

forward-looking statements for any reason. These statements include, but are

not limited to, statements about the Company's and GRSA's expansion and

business strategies; the Company's ability to satisfy the conditions to the

acquisition of GRSA and the related financings, and to ultimately consummate

the GRSA acquisition; anticipated growth opportunities; the amount of

capital-raising necessary to achieve those strategies, as well as future

performance, growth, operating results, financial condition and prospects. Such

statements are not guarantees of future performance and are subject to certain

risks, uncertainties, and assumptions that are difficult to predict.

Accordingly, actual results could differ materially and adversely from those

expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited

to the Company's ability to successfully identify, consummate and integrate the

acquisitions of GRSA and/or other businesses; changes in business or other

market conditions; the difficulty of keeping expense growth at modest levels

while increasing revenues; the Company's ability to successfully defend against

current and new litigation matters: as well as demands by investment banks for

defense, indemnity, and contribution claims; obtaining the expected benefits of

the reincorporation; the Company's ability to access and realize value from its

federal net operating loss tax carryforwards; and other risks detailed from

time to time in the Company's Securities and Exchange Commission filings,

including but not limited to the most recently filed Annual Report on Form 10-K

and subsequent reports filed on Forms 10-Q and 8-K.

    Media Contact: Dan Wilson, Ogilvy

    +1-212-880-5346

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    A non-GAAP financial measure is a numerical measure of historical or future

financial performance, financial position or cash flows that excludes amounts,

or is subject to adjustments that have the effect of excluding amounts, that

are included in the most directly comparable measure calculated and presented

in accordance with GAAP in the balance sheets, statements of operations, or

statements of cash flows; or includes amounts, or is subject to adjustments

that have the effect of including amounts, that are excluded from the most

directly comparable measures so calculated and presented. EBITDA and Adjusted

EBITDA are not financial measures recognized under GAAP. EBITDA and Adjusted

EBITDA are presented and discussed because management believes they enhance the

understanding of the financial performance of Signature's and GRSA's operations

by investors and lenders. As a complement to financial measures recognized

under GAAP, management believes that EBITDA and Adjusted EBITDA assist

investors who follow the practice of some investment analysts who adjust GAAP

financial measures to exclude items that may obscure underlying performance and

distort comparability. Because EBITDA and Adjusted EBITDA are not measures

recognized under GAAP, they are not intended to be presented herein as a

substitute for net earnings as an indicator of operating performance. EBITDA

and Adjusted EBITDA are primarily performance measurements the Company's senior

management and Board expect to use to evaluate certain operating results.

    Signature and Aleris calculate EBITDA and Adjusted EBITDA as earnings

before interest, taxes, depreciation and amortization, or EBITDA, which is then

adjusted to remove or add back certain items, or Adjusted EBITDA. These items

are identified below in the reconciliation of GRSA's net earnings to EBITDA and

Adjusted EBITDA. Net earnings is the GAAP measure most directly comparable to

EBITDA and Adjusted EBITDA.

    Signature and Aleris' calculation of EBITDA and Adjusted EBITDA may be

different from the calculation used by other companies for non-GAAP financial

measures having the same or similar names; therefore, they may not be

comparable to other companies.

    The following table presents Signature and Aleris' reconciliation of net

earnings to EBITDA and Adjusted EBITDA for GRSA for the twelve months ended

June 30, 2014:

                                            Twelve

                                         Months Ended

     (Dollars in millions)               June 30, 2014

    ---------------------------------   ---------------

     Net income attributable to GRSA       $   23.0

     Interest                                     -

     Taxes                                      5.5

     Depreciation and amortization             22.4

                                        ---------------

     EBITDA                                    50.9

     Allocated corporate SG&A                  18.3

     Other, net                                 5.7

                                        ---------------

     Adjusted EBITDA                       $   74.9

                                        ===============

    SOURCE: Signature Group Holdings, Inc.