GEO Holdings Corp. Completes Acquisition of Gundle/SLT Environmental, Inc.

Gundle/SLT Environmental, Inc. (NYSE: GSE) today announced that GEO Holdings Corp. has completed the acquisition of GSE. On May 18, 2004, a wholly owned subsidiary of GEO Holdings Corp. was merged with and into GSE, resulting in GSE becoming a wholly owned subsidiary of GEO Holdings Corp., an entity controlled by Code Hennessy & Simmons LLC. As previously announced, the stockholders of GSE have adopted and approved the merger agreement among GSE, GEO Holdings Corp. and GEO Sub Corp. and the related merger of GEO Sub with and into GSE. As a result of the merger, each outstanding share of common stock of GSE was converted into the right to receive $18.50 per share in cash, without interest.
Mellon Investor Services LLC, the disbursing agent for the merger, will mail to the stockholders of GSE materials to be used to surrender stock certificates for payment. GSE stockholders are urged to read these materials in full, as such contain important information.
Samir Badawi, Chairman and Chief Executive Officer of GSE said, “The completion of this merger marks an important step forward for GSE. We look to further our commitment to meeting and exceeding customers’ needs as well as to work with our suppliers and staff to take advantage of opportunities to increase our range of products and the markets we serve.”
“GSE is already a global leader in geosynthetic lining solutions with a reputation for technical innovation and superior customer service,” commented Dan Hennessy, Partner at Code Hennessy & Simmons. “We are excited by the chance to work with the management team to grow the business to reach new markets and expand the Company’s product line. We look forward to helping GSE achieve its true business potential.”
Gundle/SLT Environmental, Inc., headquartered in Houston, is a global manufacturer and marketer of geosynthetic lining solutions, products and services used in the containment and management of solids, liquids and gases for organizations engaged in waste management, mining, water and wastewater treatment, and aquaculture. Additional information is available at www.gseworld.com .
Founded in 1988, Code Hennessy & Simmons LLC is a private equity firm that manages approximately $1.5 billion in capital in four funds. CHS focuses on building shareholder value in middle-market manufacturing, distribution and service companies through strong relationships with management teams and sound investment strategies. Additional information is available at www.chsonline.com . – SOURCE Gundle/SLT Environmental, Inc.