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AXIA GROUP, INC.
801 Travis, Suite 1400
Houston, Texas 77002
AXIA GROUP,INC. AND AFFILIATE OF CORTEC GROUP FUND III, L.P.
SIGN PURCHASE AGREEMENT
Contact: Lyle Feye Richard Fischbein
Axia Group, Inc. Cortec Group Fund III, L.P.
(713) 425-5120 (212) 370-5600
FOR IMMEDIATE RELEASE:
Houston, TX (July 21, 2000) -- AXIA Group, Inc. and Cortec Group Fund III, L.P.
announced today that they have signed a definitive agreement for an affiliate of
Cortec to acquire the Houston-based AXIA Group.
Terms of the agreement are not being disclosed. Closing of the sale is expected
in approximately 30 days.
AXIA Group, Inc. is a leading designer, manufacturer, marketer and distributor
of a diverse range of products in several niche markets including productivity
enhancing construction tools, formed wire products, industrial bag closing
machines and flexible conveyors.
AXIA operates through three business units: Ames, Nestaway and Fischbein. Ames
is the largest U.S. supplier and distributor of automatic drywall taping and
finishing tools used in the construction industry. Nestaway is the largest U.S.
independent manufacturer of dishwasher racks. Fischbein is a leading worldwide
manufacturer and marketer of bag closing products and a leading manufacturer and
marketer of flexible conveyors and storage racks.
AXIA is a portfolio company of The Sterling Group, L.P., a Houston-based private
equity firm engaged in the acquisition and ownership of operating businesses.
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Axia Group, Inc.
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In connection with the transaction, AXIA, Incorporated, a wholly-owned
subsidiary of AXIA Group, Inc., announced that it has hired First Union
Securities, Inc. as the Dealer Manager for the Offer to Purchase and Consent
Solicitation in connection with Axia's outstanding 10 3/4% Senior Subordinated
Notes. First Union Securities can be reached at 1-800-528-4580.
