Tinicum Purchases Selkirk U.S. and Canadian Businesses

New York-based Tinicum Capital Partners, L.P. purchased, on June 24, 2002 for an undisclosed amount, the U.S. and Canadian business of Dallas-based Selkirk, Inc. and Stoney Creek, Ontario-headquartered Selkirk Canada Inc., indirect subsidiaries of U.S. Industries Inc. The Selkirk companies manufacture and distribute components for commercial and residential heating, ventilation and air conditioning systems. The acquisition was financed by a syndicate of lenders led by JPMorgan Chase Bank. The financing portion of the transaction closed on July 3, 2002.

Stikeman Elliott, with a team led by Marvin Yontef and Karen Jackson, and including John Dow (real estate) and Lorna Cuthbert (employment and labour law), represented Tinicum in the acquisition and financing of Selkirk’s Canadian business. Charles Reagh of Stewart McKelvey Stirling Scales provided advice with respect to Nova Scotia law.

In the U.S. Tinicum was represented by Skadden, Arps, Slate, Meagher & Flom LLP, with a team led by Richard Grossman, and including Kevin Krieger (corporate), James Gelman (banking) and Jason Semmel (real estate).

U.S. Industries was represented in Canada by Mike Kaplan (corporate), Tony Schweitzer (tax), Susan Paul (competition), Elizabeth Keenan (labour), Mark Rowbotham (benefits) and Susan Jackson (real estate) of Fraser Milner Casgrain LLP. Fraser Milner Casgrain also represented JPMorgan Chase Bank in Canada on the financing component of the transaction, with a team comprised of Ross Walker, Ron Marshall, Anita Joshi and Michael Bubas, with assistance from David Feindel of Patterson Palmer in respect of Nova Scotia law.

In the U.S., U.S. Industries was represented by John Bick, Nicole Jones, Tomer Seifan and Xinyi Wang of Davis Polk & Wardwell, and JPMorgan Chase Bank was represented by David Ruediger, Barry Smith, Scott Kapilian, LeeAnn Baker and Christopher Kiefer of Palmer & Dodge LLP.