31st Mar 2006 07:02
Marks & Spencer Group PLC31 March 2006 Issued on: Friday 31 March 2006, 0700 GMT MARKS & SPENCER ANNOUNCES SALE OF KINGS SUPER MARKETS, INC Marks and Spencer Group plc today announces the sale of Kings Super Markets, Inc('Kings") to a US investor group consisting of Angelo, Gordon & Co. ("AngeloGordon"), MTN Capital Partners LLC ("MTN Capital") and Mr. Bruce Weitz for$61.5 million in cash (£35.4m). Angelo Gordon and MTN Capital are co-sponsorsand Mr. Weitz is the operating partner in the transaction. The transaction is expected to close by the end of April. For the year to 2 April 2005, turnover of Kings was $405.9m (£219.8m) andoperating profit was $7.9m (£4.3m). This compares to a turnover in 2004 of$403.2m (£238.8m) and operating profit of $4.2m (£2.4m). As at 2 April 2005,net assets of Kings being disposed of, excluding cash, were $57.0m (£30.2m). Ian Dyson, Group Finance Director, Marks & Spencer, said: "The disposal of Kings is the last part of our programme to refocus Marks &Spencer. Kings is a strong brand with a committed workforce, but it doesn't fitwithin our core business. We wish them well under their new ownership." - Ends - -2- For more information, please contact: Marks & Spencer Investor RelationsAmanda Mellor + 44 208 718 3604/ + 44 7747 461241 Marks & Spencer Corporate Press OfficeClair Foster + 44 20 8718 8323 / + 44 7748 147851Sue Sadler + 44 20 8718 8642 / + 44 7831 829891 Hill and Knowlton, New York (for Marks & Spencer)Erica Keane + 1 212 885 0322Kristen Foster + 1 212 885 0354 Rubenstein Associates (for Angelo Gordon/MTN Capital and Mr Weitz)Marcia Horowitz + 1 212 843 8014Adam Isserlis + 1 212 843-8024 Notes to editors Kings Super Markets was founded in 1936 in Summit by the Bildner family. Itsheadquarters are in Parsippany, New Jersey, with 26 stores, ranging from 6,000to 27,000 sq ft net, serving northern New Jersey and Garden City, Long Island.Kings employs 2,250 full- and part-time associates in its stores and headoffice. Angelo Gordon (www.angelogordon.com) was founded in 1988 and currently has over50 investment professionals managing approximately $10 billion in capital acrossmultiple investment strategies. The New York-based private equity groupcurrently manages over $800 million in existing and committed capital. New York-based MTN Capital (www.mtncapital.com) is a private equity firm thatfocuses on middle market companies. MTN has extensive experience investing inretail companies and works on bringing both the capital as well as theoperational resources needed to achieve successful investments. Bruce Weitz has over 30 years of senior management experience working withsupermarket and retail companies. He was previously CEO at Duane ReadeDrugstores and Today's Man, Inc. and President of First National Supermarketsand Grossman's Home Centers. He has also held executive positions at WakefernFood Corporation/ShopRite Supermarkets and Price Chopper Supermarkets. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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