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CI Capital Portfolio Company Conney Safety Products to Be Acquired by WESCO
Paul, Weiss advised CI Capital in its agreement to sell Conney Safety Products, LLC, a specialty distributor of safety supplies and a portfolio company of CI Capital, to WESCO Distribution, Inc., the operating subsidiary of WESCO International, Inc., a publicly traded Fortune 500 holding company and a leading provider of electrical, industrial, and communications maintenance, repair and operating and original equipment manufacturers product, construction materials, and advanced supply chain management and logistic services. The sale is expected to be completed in July 2012. Terms of the transaction, announced on Monday, were not disclosed. CI Capital acquired Conney in October 2007, as a platform investment in the safety products market. Paul, Weiss advised CI Capital in this acquisition.
The Paul, Weiss team includes corporate partners Carl L. Reisner and Eric Goodison, counsel Didier Malaquin and Claudine Meredith-Goujon; employee benefits partner Robert C. Fleder; environmental counsel William J. O'Brien; tax partner Richard J. Bronstein; and real estate partner Peter E. Fisch.