Citi Capital Strategies Advises United Welding Services, Inc. on Its Acquisition by Thule Inc.

NEW YORK--United Welding Services, Inc., (UWS) a leading manufacturer of truck toolboxes and other pick-up truck accessories, has been acquired by Thule Inc., one of the nation’s leading manufacturers of car rack products. Citi Capital Strategies, a division of Citigroup Global Markets Inc. and a leading investment bank serving privately held businesses, was the exclusive financial advisor to UWS. The terms of the transaction were not disclosed.

“We are very pleased to team our client with such a quality buyer as Thule,” said Tom Elliott, Vice President at Citi Capital Strategies. “A high level of interest in UWS allowed the owner to select a buyer that appreciated the quality of its products, as well as the strength of its brand and distribution network,” said Mr. Elliott. Well-known for its high quality manufacturing and first-class customer service, United Welding Services has a loyal network of over 17,000 aftermarket dealers across the U.S.

According to Jimmy Giddens, the President of United Welding Services, "We greatly appreciate all the hard work and guidance that Citi Capital Strategies provided throughout this process. Joining the Thule family will provide our employees and dealers with the chance for significant growth opportunities."

“The acquisition of UWS will complement our successful line of professional truck racks and accessories,” commented Fred Clark, Thule Inc. President. “UWS shares our passion for manufacturing world-class products in the United States while providing great value to our customers.”

Citi Capital Strategies is a leading investment bank dedicated to serving the needs of closely held and family owned businesses. Ranked as the Number One M&A advisor to private-company sellers in 2006 by Thomson Financial (based on number of U.S. transactions, up to $100 million deal value), Citi Capital Strategies specializes in mergers, acquisitions, recapitalizations, ESOPs, and capital solutions for private businesses. Citi Capital Strategies is a division of Citigroup Global Markets Inc. Member SIPC. For more information, visit our website at www.citicapitalstrategies.com

United Welding Services, Inc. is an industry-leading manufacturer of branded aluminum truck toolboxes and other pick-up truck accessories.

Thule Inc., a wholly owned subsidiary of Thule AB, is the leading U.S. manufacturer of car rack products.