<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ________)*
JOHNSTON INDUSTRIES, INC.
(Name of Issuer)
COMMON STOCK (INCLUDING ASSOCIATED PREFERRED STOCK PURCHASE RIGHT)
(Title of Class of Securities)
479368102
(CUSIP Number)
ROY A. BOWMAN
JAMES A. O'DONNELL
JI ACQUISITION CORP.
c/o CGW SOUTHEAST PARTNERS IV, L.P.
TWELVE PIEDMONT CENTER, SUITE 210
ATLANTA, GEORGIA 30305
404-816-3255
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
March 30, 2000
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 19
<PAGE> 2
'------------------
CUSIP NO. 47936810
- ------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
JI ACQUISITION CORP.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 9,000,000 (SEE ITEM 5.)
------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0 (SEE ITEM 5.)
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 9,000,000 (SEE ITEM 5.)
------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,000,000 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
45.66% (SEE ITEM 5.)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
- --------------------------------------------------------------------------------
Page 2 of 19
<PAGE> 3
- ------------------
CUSIP NO. 47936810
- ------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
CGW SOUTHEAST PARTNERS IV, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 9,000,000 (SEE ITEM 5.)
------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0 (SEE ITEM 5.)
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 9,000,000 (SEE ITEM 5.)
------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,000,000 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
45.66% (SEE ITEM 5.)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------------------------------------------------------------------------------
Page 3 of 19
<PAGE> 4
- ------------------
CUSIP NO. 47936810
- ------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
CGW SOUTHEAST IV, L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0 (SEE ITEM 5.)
------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0 (SEE ITEM 5.)
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 (SEE ITEM 5.)
------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0% (SEE ITEM 5.)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
- --------------------------------------------------------------------------------
Page 4 of 19
<PAGE> 5
- ------------------
CUSIP NO. 47936810
- ------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
CGW, INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
GEORGIA
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0 (SEE ITEM 5.)
------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0 (SEE ITEM 5.)
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 (SEE ITEM 5.)
------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
- --------------------------------------------------------------------------------
Page 5 of 19
<PAGE> 6
- ------------------
CUSIP NO. 47936810
- ------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
RICHARD L. CRAVEY
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0 (SEE ITEM 5.)
------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0 (SEE ITEM 5.)
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 (SEE ITEM 5.)
------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0% (SEE ITEM 5.)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------------------------------------------------------------------------------
Page 6 of 19
<PAGE> 7
- ------------------
CUSIP NO. 47936810
- ------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
EDWIN A. WAHLEN, JR.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)[ ]
(B)[ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(D) OR 2(E) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF 0 (SEE ITEM 5.)
------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0 (SEE ITEM 5.)
------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0 (SEE ITEM 5.)
------------------------------------------------------
WITH 10 SHARED DISPOSITIVE POWER
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0 (SEE ITEM 5.)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------------------------------------------------------------------------------
Page 7 of 19
<PAGE> 8
ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D (this "Schedule 13D") relates
to the common stock, par value $.10 per share (the "Common Stock"), and
the Series A convertible preferred stock (the "Preferred Stock") of
Johnston Industries, Inc., a Delaware corporation ("Johnston
Industries"). The principal executive offices of Johnston Industries
are located at 105 Thirteenth Street, Columbus, GA 31901.
ITEM 2. IDENTITY AND BACKGROUND
(a)-(c), (f) This Schedule 13D is filed jointly on behalf of
the following persons (collectively, the "Reporting Persons"): (1) JI
Acquisition Corp., a Delaware corporation ("JI") (2) CGW Southeast
Partners IV, L.P., a Delaware limited partnership ("CGW IV"), (3) CGW
Southeast IV, L.L.C., a Delaware limited liability company ("CGW LLC"),
(4) CGW, Inc., a Georgia corporation ("CGW, Inc."), (5) Richard L.
Cravey ("Cravey"), and (6) Edwin A. Wahlen, Jr. ("Wahlen"). Cravey and
Wahlen are citizens of the United States of America.
The address of the principal offices of (1) JI, (1) CGW IV,
(3) CGW LLC, and (4) CGW, Inc. is Twelve Piedmont Center, Suite 210,
Atlanta, Georgia 30305. The business address of Cravey and Wahlen is
Twelve Piedmont Center, Suite 210, Atlanta, Georgia 30305.
The general partner of CGW IV is CGW LLC, and the manager of
CGW LLC is CGW, Inc. JI is currently a wholly owned subsidiary of CGW
IV. Cravey and Wahlen are the directors of CGW, Inc.
CGW, Inc., through its managed partnerships, including CGW
IV, is a private equity investment firm focused on acquisitions and
recapitalizations of middle-market companies.
As a result of the entering into the agreements described in
Items 3 and 4 below, the Reporting Persons may be deemed to have
formed a group with each other, for purposes of Section 13(d)(3) of
the Securities Exchange Act of 1934 and Rule 13d-5(b)(1) promulgated
thereunder. The filing of this Schedule 13D is not an affirmation or
admission that the Reporting Persons, or any of them, have formed such
a group or constitute a group for any purpose.
To the best knowledge of the Reporting Persons, Annex A
attached hereto and incorporated herein by reference sets forth, as of
the date hereof, the name, business address, present principal
occupation or employment and citizenship of each executive officer and
director of (1) CGW, Inc., (2) CGW LLC and (3) JI.
(d)-(e) During the last five years, none of the Reporting
Persons nor, to the best knowledge of the Reporting Persons, any of the
executive officers or directors of (1) CGW, Inc., (2) CGW LLC and (3)
JI has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors), or been a party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
JI plans to obtain the funds to consummate the transaction
described in Item 4 from equity investments in JI by CGW IV.
Page 8 of 19
<PAGE> 9
ITEM 4. PURPOSE OF TRANSACTION
On March 30, 2000, JI, CGW and Johnston Industries entered
into a purchase agreement (the "Purchase Agreement"), a copy of which
is attached as an exhibit hereto and incorporated herein by reference.
JI entered into the Purchase Agreement with the intent of acquiring
control of JI.
Pursuant to the Purchase Agreement, but subject to
satisfaction of the conditions precedent set forth therein, JI will
(a) offer to purchase up to all the issued and outstanding Common
Stock from the current holders thereof; (b) purchase an additional
8,750,000 shares of Common Stock directly from Johnston Industries;
and, (c) purchase 250,000 shares of Preferred Stock directly from
Johnston Industries, which is convertible into Common Stock on a
one-for-one basis.
As a result of the offer:
- JI will offer to purchase each outstanding share of
Common Stock for $3.00.
- Each outstanding stock option to purchase shares of
Common Stock granted under any stock option plan,
compensation plan or arrangement of Johnston
Industries will be cancelled, (excluding certain
designated options with an exercise price below the
offer price) and the holder thereof will be paid an
amount equal to (i) the excess, if any, of (a)
$3.00 over (b) the applicable exercise price per
share multiplied by (ii) the number of shares such
holder could have purchased pursuant to such option
immediately prior to the closing of the offer.
- JI shall be entitled to designate such number of
directors, rounded up to the next whole number, on
the Board of Directors of Johnston Industries as is
equal to the proportion of outstanding shares of
Common Stock owned by JI.
- To the best of the Reporting Persons' knowledge, as
of the date hereof, the officers of Johnston
Industries will continue to be the officers of
Johnston Industries.
Page 9 of 19
<PAGE> 10
The total consideration to be paid by JI for the transactions
described herein, including cash to be paid in exchange for
outstanding shares of Common Stock and in exchange for the
cancellation of outstanding options and including the refinancing and
assumption of debt of Johnston Industries and its subsidiaries, is
approximately $200 million.
Upon consummation of the transactions contemplated by the
offer, the shares of Common Stock may cease to be authorized to be
traded on The New York Stock Exchange, and the shares may become
eligible for termination of registration under the Securities Exchange
Act of 1934, as amended.
References to, and descriptions of, the Purchase Agreement as
set forth in this Item 4 are qualified in their entirety by reference
to the copies of the Purchase Agreement included as an exhibit to this
Schedule 13D and incorporated herein.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a)-(c) As described in Item 4, upon the closing of the offer
to purchase shares of Common Stock from the holders thereof, JI shall
have the right, and obligation to purchase an additional 8,750,000
shares of Common Stock for an aggregate of $26.25 million and 250,000
shares of Preferred Stock for an aggregate of $750,000. The offer is
conditioned upon JI obtaining at least a majority interest in the
outstanding shares of voting capital stock and therefore, upon
consummation of these transactions, JI would control at least 50.1% of
the outstanding voting capital stock of Johnston.
Other than as set forth in this Schedule 13D, to the best of
the Reporting Persons' knowledge as of the date hereof, none of any of
the Reporting Persons, any general partner of any of the Reporting
Persons, any person in control (ultimately or otherwise) of any of the
Reporting Persons, or any executive officer or director thereof
(including Cravey and Wahlen) beneficially owns any Common Stock, and
there have been no transactions in the Common Stock effected during the
past 60 days by any of the foregoing.
Beneficial ownership of the Common Stock shown on the cover
pages of this Schedule 13D for each of the Reporting Persons assumes
that the Reporting Persons have not formed a group for purposes of
Section 13(d)(3) under the Securities Exchange Act of 1934, and Rule
13d-5(b)(1) promulgated thereunder. If the Reporting Persons were
deemed to have formed a group for purposes of Section 13(d)(3) and Rule
13d-5(b)(1), the group would be deemed to own beneficially (and may be
deemed to have shared voting and dispositive power over) 9,000,000
shares of capital stock in the aggregate, constituting approximately
45.6% of the outstanding shares of capital stock as of March 30, 2000,
as represented by Johnston Industries in the Purchase Agreement.
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
The information set forth in Items 2 through 5, inclusive, is
hereby incorporated herein by reference. A copy of the Purchase
Agreement is included as an exhibit to this Schedule 13D. To the best
of the Reporting Persons' knowledge, except as described in this
Schedule 13D, there are at present no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons
named in Item 2 hereof and between any such persons and any person with
respect to any securities of Johnston Industries.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following documents are filed as exhibits to this Scheduled 13D:
(a) Purchase Agreement by and among CGW Southeast Partners IV,
L.P., JI Acquisition Corp. and Johnston Industries, Inc., dated as of
March 30, 2000; filed with the Securities and Exchange Commission
under cover of Schedule TO on April 7, 2000, and incorporated herein
by reference.
Page 10 of 19
<PAGE> 11
(b) Joint Filing Statement dated April 6, 2000, among the signatories
to this Schedule 13D.
Page 11 of 19
<PAGE> 12
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
April 6, 2000
- ----------------------------- JI ACQUISITION CORP.
Date
By: /s/ James A. O'Donnell
-----------------------------------
Name: James A. O'Donnell
---------------------------------
Title: Secretary and Treasurer
--------------------------------
Page 12 of 19
<PAGE> 13
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
CGW SOUTHEAST PARTNERS IV, L.P.
April 6, 2000
- -------------------------------- By: CGW Southeast IV, L.L.C.,
Date its general partner
By: CGW, Inc., its Manager
By: /s/ James A. O'Donnell
---------------------------------------
Name: James A. O'Donnell
-------------------------------------
Title: Vice President
------------------------------------
Page 13 of 19
<PAGE> 14
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
April 6, 2000 /s/ Richard L. Cravey
- -------------------------------- --------------------------------
Date RICHARD L. CRAVEY
Page 14 of 19
<PAGE> 15
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
April 6, 2000 /s/ Edwin A. Whalen, Jr.
- -------------------------------- --------------------------------
Date EDWIN A. WAHLEN, JR.
Page 15 of 19
<PAGE> 16
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
CGW, INC.
April 6, 2000
- -------------------------------- By: /s/ James A. O'Donnell
Date ---------------------------------------
Name: James A. O'Donnell
-------------------------------------
Title: Vice President
------------------------------------
Page 16 of 19
<PAGE> 17
ANNEX A
EXECUTIVE OFFICERS AND DIRECTORS
OF
CGW SOUTHEAST IV, L.L.C.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NAME POSITION WITH REPORTING PERSON
- ------------------------------------------------------------------------------------------------------------
<S> <C>
Richard L. Cravey Director, President and Managing Director
- ------------------------------------------------------- ----------------------------------------------------
Edwin A. Wahlen, Jr. Director, Vice President, Secretary and Managing
Director
- ------------------------------------------------------- ----------------------------------------------------
William A. Davies Managing Director and Assistant Secretary
- ------------------------------------------------------- ----------------------------------------------------
Garrison M. Kitchen Managing Director
- ------------------------------------------------------- ----------------------------------------------------
Bart A. McLean Managing Director
- ------------------------------------------------------- ----------------------------------------------------
James A. O'Donnell Managing Director
- ------------------------------------------------------- ----------------------------------------------------
</TABLE>
For each person indicated above, the principal occupation or
employment is managing director of Cravey, Green & Wahlen, a private equity
investment firm that supports management teams in acquisitions and
recapitalizations of middle-market companies, and the business address is
Twelve Piedmont Center, Suite 210, Atlanta, Georgia 30305. Each person above if
a citizen of the United States of America.
Page 17 of 19
<PAGE> 18
EXECUTIVE OFFICERS AND DIRECTORS
OF
CGW, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NAME POSITION WITH REPORTING PERSON
- -----------------------------------------------------------------------------------------------------------
<S> <C>
Edwin A. Wahlen, Jr. Director, President and Treasurer
- -----------------------------------------------------------------------------------------------------------
Richard L. Cravey Director, Vice President and Secretary
- -----------------------------------------------------------------------------------------------------------
William A. Davies Vice President
- -----------------------------------------------------------------------------------------------------------
Michael D. Long Vice President
- -----------------------------------------------------------------------------------------------------------
Bart A. McLean Vice President
- -----------------------------------------------------------------------------------------------------------
Garrison M. Kitchen Vice President
- -----------------------------------------------------------------------------------------------------------
James A. O' Donnell Vice President
- -----------------------------------------------------------------------------------------------------------
Richard L. Cravey, Jr. Vice President
- -----------------------------------------------------------------------------------------------------------
Roy Bowman Vice President
</TABLE>
For each person indicated above, the principal occupation or
employment is managing director of Cravey, Green & Wahlen, a private equity
investment firm that supports management teams in acquisitions and
recapitalizations of middle-market companies, and the business address is
Twelve Piedmont Center, Suite 210, Atlanta, Georgia 30305. Each person above if
a citizen of the United States of America.
Page 18 of 19
<PAGE> 19
EXECUTIVE OFFICERS AND DIRECTORS
OF
JI ACQUISITION, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NAME POSITION WITH REPORTING PERSON
- -----------------------------------------------------------------------------------------------------------
<S> <C>
Ray R. Bowman Director and President
- -----------------------------------------------------------------------------------------------------------
Richard L. Cravey Director
- -----------------------------------------------------------------------------------------------------------
James A. O'Donnell Secretary and Treasurer
- -----------------------------------------------------------------------------------------------------------
</TABLE>
For each person indicated above, the principal occupation or
employment is managing director of Cravey, Green & Wahlen, a private equity
investment firm that supports management teams in acquisitions and
recapitalizations of middle-market companies, and the business address is
Twelve Piedmont Center, Suite 210, Atlanta, Georgia 30305. Each person above if
a citizen of the United States of America.
Page 19 of 19
<PAGE> 1
EXHIBIT (b)
JOINT FILING STATEMENT
Each of the undersigned agrees that (i) the Schedule 13D relating to the common
stock, $.10 par value, and the Series A convertible preferred stock of Johnston
Industries, Inc. has been adopted and filed on behalf of each of them, (ii) all
future amendments to such Schedule 13D will, unless written notice to the
contrary is delivered as described below, be jointly filed on behalf of each of
them, and (iii) the provisions of Rule 13d-1(k)(1) under the Securities Exchange
Act of 1934, as amended, apply to each of them.
Each of the persons signing this statement certifies to the other parties
hereto that:
- - None of such person or, to the knowledge of such person, any general
partner of such person or any executive officer or director of such person
or any general partner of such person has, during the last five years,
been convicted in any criminal proceeding (excluding traffic violations or
similar misdemeanors).
- - None of such person or, to the knowledge of such person, any general
partner of such person or any executive officer or director of such person
or any general partner of such person was during the last five years a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and, as a result of such proceeding, was or is
subject to a judgment, decree or final order enjoining future violations
of, or prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
Roy R. Bowman and James A. O'Donnell are hereby designated and authorized to
receive notices and communications from the Securities and Exchange Commission
with respect to the subject Schedule 13D and any amendments thereto filed
pursuant to this statement.
This statement may be terminated with respect to the obligations to file
jointly future amendments to the subject Schedule 13D as to any of the
undersigned upon such person giving written notice thereof to each of the other
parties hereto, at the principal office thereof. This statement may be executed
in counterparts.
April 6, 2000
<PAGE> 2
/s/ Richard L. Cravey
----------------------------------------
RICHARD L. CRAVEY
/s/ Edwin A. Wahlen, Jr.
----------------------------------------
EDWIN A. WAHLEN, JR.
CGW, INC.
By: /s/ James A. O'Donnell
--------------------------------------
Name: James A. O'Donnell
------------------------------------
Title: Vice President
-----------------------------------
CGW SOUTHEAST IV, L.L.C.
By: CGW, Inc.,
its manager
By: /s/ James A. O'Donnell
--------------------------------------
Name: James A. O'Donnell
------------------------------------
Title: Vice President
-----------------------------------
CGW SOUTHEAST PARTNERS IV, L.P.
By: CGW Southeast IV, L.L.C.
its general partner
By: CGW, Inc.
its manager
By: /s/ James A. O'Donnell
--------------------------------------
Name: James A. O'Donnell
-----------------------------------
Title: Vice President
----------------------------------
JI ACQUISITION CORP.
By: /s/ James A. O'Donnell
--------------------------------------
Name: James A. O'Donnell
-----------------------------------
Title: Secretary and Treasurer
----------------------------------
2
