Baird's Investment Banking Group is pleased to announce the following transaction:

Date:
May 2018
Company:
Privet Fund Management LLC
Description:
Acquisition of Hardinge Inc.
Sector(s):
Industrial
Baird served as the exclusive debt advisor and financial advisor to Privet Fund Management LLC on this transaction
$245.0 Million

An affiliate of Privet Fund Management LLC (“Privet”) recently completed its acquisition of Hardinge Inc. (NASDAQ: HDNG), (“Hardinge” or the “Company”) a leading international provider of advanced metal-cutting solutions and accessories. Under the terms of the agreement, Privet acquired all shares of Hardinge common stock not currently owned by Privet for $18.50 in cash, for a total transaction value of approximately $245 million. The purchase price represents a premium of 12.1% over the closing price of $16.50 on November 1, 2017, the last unaffected trading day prior to the public announcement by Privet that it was evaluating a potential transaction to acquire Hardinge, and represents a 26.7% premium over the unaffected volume weighted average price for the three-month period ending on November 1, 2017. Privet financed the transaction through a combination of equity and debt. The debt financing was provided by White Oak Global Advisors, LLC, on behalf of certain funds and/or accounts managed by it.

Hardinge is a leading global designer and manufacturer of high precision, computer-controlled machine tool solutions developed for critical, hard-to-machine metal parts and of technologically advanced workholding accessories. The Company’s strategy is to leverage its global brand strength to further penetrate global market opportunities where customers will benefit from the technologically advanced, high quality, reliable products Hardinge produces. With approximately two-thirds of its sales outside of North America, Hardinge serves the worldwide metal working market. Hardinge’s machine tool and accessory solutions can also be found in a broad base of industries to include aerospace, agricultural, automotive, construction, consumer products, defense, energy, medical, technology and transportation. Hardinge has manufacturing operations in China, France, Germany, India, Switzerland, Taiwan, the United Kingdom and the United States. The Company is headquartered in Berwyn, Pennsylvania.

Privet is a private investment firm offering flexible, long-term capital with the ability to effectuate investments across all levels of the capital structure, including going-private transactions. Privet was founded in 2007 and is based in Atlanta, Georgia.

For additional information about this transaction, please contact:

Howard Lanser +1-312-609-5478
Chris McMahon +1-312-609-4983
Sean Dunn +1- 312-609-4962
Eric Stetler +1-312-609-7022
Lydia Xu +86-18-5182-3759