Robertshaw Successfully Completes Sale and Emerges from Chapter 11, Positioning the Company for Long-Term Growth

Eliminates approximately $650 million of debt and finalizes restructuring under new ownership

ITASCA, Ill.--(BUSINESS WIRE)--Robertshaw US Holding Corporation (“Robertshaw” or the “Company”), a leading global design, engineering, and manufacturing company yesterday announced the successful completion of its Chapter 11 sale and restructuring and its new ownership by a group of Robertshaw’s pre-existing primary senior secured lenders and an affiliate of the pre-existing sponsor.

Through completion of the sale and emergence from Chapter 11, Robertshaw eliminated approximately $650 million of debt, substantially reducing its debt service burden, greatly improving its liquidity, and giving the Company the financial flexibility to invest in growth and better serve its global customer base. Robertshaw also entered into a settlement with the Creditors’ Committee and resolved litigation issues related to the May 2023 and December 2023 liability management transactions.

Throughout the restructuring process, Robertshaw prioritized supporting its customers as well as trade creditors to secure the subcomponents needed to meet customer demand. With the confirmation of the Chapter 11 plan and completed sale, trade creditors as a whole will receive payment of over 75% of their pre-bankruptcy claims.

“This important milestone marks the conclusion of Robertshaw’s seven month restructuring process at a time when we are celebrating our 125th anniversary. With a stronger balance sheet, we look forward to continuing to serve our valued customers. We appreciate the overwhelming and meaningful support of our customers, vendors, and employees during this process, and we are excited to bring innovative and high-quality products to our customers for the next 125 years,” said John Hewitt, Chief Executive Officer, Robertshaw.

About Robertshaw
Robertshaw is a leading global design, engineering and manufacturing company that sells components and systems solutions into the residential white goods, commercial appliance, HVAC, and transportation industries. Robertshaw has been a leading innovator in flow control of gas, water, and other fluids for over 125 years. We are headquartered in Itasca, Illinois, and employ more than 5,000 employees in 14 countries.

Robertshaw's mission is to deliver unquestionable service to our customers by being the best at delivering innovative product solutions that increase safety, improve productivity, and protect the environment. Robertshaw helps manufacturers bring their visions to market.

Advisors
Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel, Weil, Gotshal & Manges LLP as counsel to the Restructuring Committee, Guggenheim Securities, LLC is serving as investment banker, AlixPartners LLP is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor.