American Dryer Enters Into Agreement To Be Acquired By Whirlpool

FALL RIVER, Massachusetts – May 18, 2015. American Dryer Corporation (“ADC”) announced that it has entered into an agreement to be acquired by Whirlpool Corporation. The planned acquisition gives Whirlpool Corporation’s commercial laundry business a platform to reach new markets and channels, while building on a strong foundation of industry-leading innovation, quality and service.

“The acquisition of ADC by Whirlpool is an important milestone in the evolution of innovative global commercial laundry equipment,” said Chris FitzGerald, Chief Executive Officer of ADC. “Whirlpool Corporation commercial laundry business and ADC are each leaders in global commercial laundry innovation and development. Together they will be able to offer an impressive array of commercial laundry equipment as well as significant research and development capabilities. I firmly believe this combination will be good for both Whirlpool and ADC, and just as importantly it will be good for ADC’s customer base due to the expanded product portfolio as well as the combined strength of the two companies in manufacturing and R&D.”

Whirlpool Corporation expects to close on the purchase in early July with integration activities happening throughout the balance of 2015. ADC is headquartered in Fall River, Mass., and is home to approximately 230 employees, a 300,000 square foot manufacturing facility, and state-of-the art engineering and design center. The ADC manufacturing facility will become a valuable part of the Whirlpool manufacturing portfolio. Terms of the planned transaction will not be disclosed.

About American Dryer Corporation
American Dryer Corporation (ADC), a Stonebridge Partners portfolio company, is trusted by commercial and industrial laundry distributors and facilities worldwide for the supply of innovative, engineering-driven product designs that improve efficiency and performance, extend product life, and enhance serviceability. Since its founding 50 years ago, the company has become one of the world’s leading manufacturers and suppliers of commercial and industrial laundry equipment. Headquartered in Fall River, Massachusetts, ADC is proud of its heritage as an innovative designer and manufacturer of world-class products. Additional information about the company can be found at ADCLaundry.com.

About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is the number one major appliance manufacturer in the world, with approximately $20 billion in annual sales, 100,000 employees and 70 manufacturing and technology research centers throughout the world in 2014. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in more than 170 countries. Additional information about the company can be found at WhirlpoolCorp.com.

About Stonebridge Partners
Stonebridge Partners was founded in 1986 as an operations-oriented private investment firm with an interest in acquiring well-managed companies or divisions of public companies with purchase prices between $30 million and $200 million. Within this segment, Stonebridge has historically focused on niche manufacturing industries, including building products, infrastructure, specialty packaging and specialty manufacturing. During its three decades of activity, Stonebridge has invested over $600 million of capital in 59 separate acquisitions. More information on Stonebridge Partners can be found at StonebridgePartners.com.