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Robertshaw Receives Court Approval for Sale, Positioning Company for Long-Term Growth

Company expects no impact to operations with backing from multiple existing financial partners

Sale strengthens financial foundation, eliminating approximately $660 million of debt

Follows Court’s ruling reaffirming Company’s position regarding its required lenders

Robertshaw US Holding Corporation (“Robertshaw” or the “Company”), a leading global design, engineering, and manufacturing company, received approval from the United States Bankruptcy Court for the Southern District of Texas (the “Court”) pursuant to Section 363 of the United States Bankruptcy Code, for the sale of substantially all of its assets to an entity formed by certain existing lenders and its sponsor (the “Sale Transaction”). The Sale Transaction will eliminate approximately $660 million of debt and is expected to provide Robertshaw with the financial flexibility to invest in growth across key markets, and better serve its global customer base with its best-in-class products.

“With our strengthened financial footing, we are well-positioned to further solidify our position as the global market leader in design, engineering, and manufacturing of flow control components, systems, and technologies, and further invest in innovating safe and reliable solutions and cutting-edge technologies,” said John Hewitt, Chief Executive Officer, Robertshaw. “We look forward to serving as an even better partner to our valued customers, vendors, suppliers, and partners as we remain focused on delivering best-in-class service and products to our customers that increase safety, improve productivity, and protect the environment.”

The Company is working to close the Sale Transaction on an expedited timeline, subject to customary closing conditions.

Upon consummation of the Sale Transaction, agreements and contracts will be transferred and Robertshaw is expected to continue operating as usual.

The Court’s approval of the sale comes on the heels of a successful litigation ruling where Judge Lopez ruled in favor of Robertshaw’s position and certain of its lenders and sponsor. The Court’s ruling reaffirmed the Company’s arguments regarding the critical issue of required lender status and marked a landmark victory for Robertshaw, paving the way for today’s approval of the Sale Transaction. By leveraging the Chapter 11 process and a well-thought-out strategy, Robertshaw swiftly moved through the process and is now well-positioned for long-term growth.

Advisors

Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel, Guggenheim Securities, LLC is serving as investment banker, AlixPartners LLP is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor.

About Robertshaw

Robertshaw is a leading global design, engineering and manufacturing company that sells components and systems solutions into the residential white goods, commercial appliance, HVAC, and transportation industries. Robertshaw has been a leading innovator in flow control of gas, water, and other fluids for over 120 years. We are headquartered in Itasca, Illinois, and employ more than 5,000 employees in 14 countries.

Robertshaw's mission is to deliver unquestionable service to our customers by being the best at delivering innovative product solutions that increase safety, improve productivity, and protect the environment. Robertshaw helps manufacturers bring their visions to market.

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