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June 26, 2007
NEW YORK, NY, June 26, 2007 — The GSI Group, Inc. announced that its parent company, GSI Holdings Corp., which is controlled by Charlesbank Capital Partners, has entered into an agreement pursuant to which affiliates of Centerbridge Partners, L.P. will acquire a majority stake. Covington & Burling LLP advised The GSI Group and Charlesbank Capital Partners on the transaction, which is expected to close in the third quarter of 2007. The GSI Group is a leading manufacturer and distributor of agricultural equipment including storage, conditioning, and handling equipment within the grain market, as well as feeding and climate control systems within the protein production markets. Charlesbank Capital Partners is a middle-market private equity investment firm managing approximately $1.5 billion of capital. Centerbridge Partners is a $3.2 billion multi-strategy private investment fund.
The Covington team, based in New York and Washington, included partners Stephen Infante, Peter Schwartz, Carey Roberts, Michael Francese, Carolyn Taylor, George Chester, and Corinne Goldstein, and associates Andrew Ment, Andrew Muratore, Robert Heller, Jessica Milner, and Michael Tzartzouras. In the first quarter of 2007, Covington was ranked among the top 25 M&A legal advisors in US-announced transactions by Thomson Financial, Bloomberg, and Mergermarket.