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CLEVELAND, Ohio. – LESCO, a leading provider of products for the professional green and pest control industries, today announced that it has completed the sale of its supply chain assets and consumable products inventory to Turf Care Supply Corp., (TCS), an affiliate of Platinum Equity. LESCO originally announced its intent to sell in late July.
At closing, LESCO received $15 million in cash and $19 million in accounts receivable from TCS. Ultimately, LESCO expects to harvest $25 million in cash after settling all requirements associated with the transaction including the accounts payable due to vendors for the inventory sold to TCS. The transaction had been originally expected to close by the end of October. Western Reserve Partners LLC acted as the financial advisor to LESCO in this transaction.
LESCO expects to announce its third quarter 2005 results on Oct. 26, 2005, after the close of market.
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