Reuters: Hot Stocks: UPDATE 1-Wire manufacturer Coleman Cable explores sale -sources

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UPDATE 1-Wire manufacturer Coleman Cable explores sale -sources Oct 30th 2013, 16:32 Share this Email Print Reprints Wed Oct 30, 2013 12:32pm EDT (Updates with company details, share movement) By Soyoung Kim NEW YORK Oct 30 (Reuters) - Coleman Cable Inc, a manufacturer of electrical and electronic wire and cable products, is exploring a sale of the company, according to people familiar with the matter. Coleman is in early-stage discussions with potential buyers before sending out detailed financial information in the next several weeks, the sources said on Wednesday, asking not to be identified because the matter is confidential. The Waukegan, Illinois-based company has about $90 million in annual earnings before interest, taxes, depreciation and amortization and may be valued at about 8.5 times EBITDA in a potential sale, or more than $750 million, two of the sources said. Shares of Coleman surged 10 percent to $24.75 in mid-day Nasdaq trading, giving the company a market capitalization of more than $450 million. Investment bank Jefferies is advising Coleman on the sale process, which is expected to draw interest mainly from larger cable and wire manufacturers, the sources said. Representatives from Coleman Cable and Jefferies did not immediately respond to requests for comment. Coleman makes electrical and electronic wire and cable products for residential and commercial construction, industrial and consumer markets, and operates in the United States, Honduras, and Canada, according to its website. In the first half of 2013, the company posted $44 million in EBITDA on $456.3 million in revenue. (Reporting by Soyoung Kim in New York; Editing by Gerald E. McCormick and Jeffrey Benkoe) Link this Share this Digg this Email Reprints

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