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MidOcean Partners And A Co-Investor Deliver An Acquisition Proposal To EDAC Technologies

NEW YORK, March 28, 2013 /PRNewswire/ -- MidOcean Partners (through one of its affiliates), a leading private equity firm, today announced that it has made a proposal to the board of directors of EDAC Technologies Corporation (Nasdaq: EDAC) to acquire all of the outstanding shares of EDAC for $18.25 per share in cash. 

The proposed transaction represents a $0.50 per share premium to the price offered by GB Aero Engine LLC, an affiliate of the Greenbriar Equity Group, in a transaction announced on March 18, 2013. It also represents a 23.2% premium to the average closing per share price of EDAC over the 30 trading days ending March 15, 2013 which precede the announcement of the deal with Greenbriar. 

The proposal, which is being made jointly with a large North American pension plan investment manager, is not subject to a financing condition.

In its letter to the board of directors of EDAC, MidOcean and its co-investor have stated that they would be prepared to enter into an agreement to acquire EDAC on terms that are substantially similar to, and in the aggregate at least as favorable to EDAC as, those in EDAC's existing merger agreement with Greenbriar, including structuring the transaction as a cash tender offer.

"We have full confidence that the board of directors of EDAC Technologies will see the merits and strength of our proposal, and determine that it is a 'Superior Proposal' under their existing merger agreement with Greenbriar. We look forward to a constructive dialog with the board and to quickly reaching an agreement to acquire the company."

Gibson, Dunn & Crutcher LLP is acting as legal counsel to MidOcean and its co-investor.

About MidOcean PartnersMidOcean Partners is a premier private equity firm headquartered in New York focused on the middle market. MidOcean is committed to investing in high quality companies with stable market positions and multiple opportunities for growth. Targeted sectors include consumer, business services, and industrial services. MidOcean utilizes a broad foundation of expertise in its focus industries to create value for its investors and partners. For more information, visit www.midoceanpartners.com.

This press release does not constitute and should not be construed as an offer to purchase or a solicitation of an offer to sell any securities of EDAC Technologies Corporation. There can be no assurance that the proposal to the board of directors of EDAC Technologies Corporation will result in a definitive agreement with EDAC Technologies Corporation with respect to any transaction, or of the timing or terms of any such agreement.

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