Boyd Corporation Announces Agreement to be Acquired by Affiliates of Goldman Sachs from Genstar Capital

Boyd Corporation (“Boyd”), a leading global provider of
highly-engineered thermal management and environmental sealing
solutions, announced today that it has entered into a definitive
agreement to be acquired by affiliates of Goldman Sachs (NYSE:GS). The
announcement comes after over three years of partnership with Genstar
Capital, a San Francisco based private equity firm.

With over 85 years of customer-focused performance success, Boyd is a
market leader in thermal management and environmental sealing across a
broad range of end markets. Boyd’s specialty is identifying and solving
customer challenges with deep expertise in the materials sciences for
engineered rubber, plastic, metal, flexible environmental sealing and
energy management solutions.

“We are excited to partner with Goldman Sachs’s Merchant Banking
Division,” stated Mitch Aiello, President and CEO, who has been with
Boyd for over 20 years. “Goldman Sachs is an ideal partner whose
expertise and resources will help Boyd continue to drive growth and
value creation through a dedication to solving our customers’ most
challenging thermal management and environmental sealing needs. Goldman
Sachs will provide us with differentiated financial support, valuable
relationships, global capabilities and a like-minded commitment to
excellence. We believe our new investors will help us build on the
successful and transformative partnership we have had with Genstar
Capital over the past three years during which time we expanded
geographically, entered new end markets, completed three acquisitions
and enhanced the new product development and engineering focus on the

“We’ve been incredibly impressed with Boyd’s best-in-class design and
engineering capabilities and customer focused culture,” said Charlie
Gailliot, Managing Director at Goldman Sachs.

“We look forward to partnering with Boyd’s world class management team
to further strengthen the Company’s leading market position and continue
to deliver for Boyd’s customers.” added Leonard Seevers, Managing
Director at Goldman Sachs.

“It has been a privilege to work alongside Mitch and the Boyd executive
team as they built Boyd into a leading provider of highly-engineered
solutions to some of the most difficult product challenges faced by
global high-growth companies,” said Rob Rutledge, Managing Director at
Genstar Capital. “We look forward to following Boyd’s success in their
next phase of growth.”

Goldman Sachs & Co. LLC is serving as financial advisor and Davis Polk &
Wardwell LLP is serving as legal counsel to affiliates of Goldman Sachs.

Baird is serving as financial advisor and Weil, Gotshal & Manges LLP is
serving as legal counsel to Boyd Corporation and to Genstar.

About Boyd Corporation

Boyd Corporation is a global provider of thermal management and
environmental sealing solutions critical to products that keep the world
running. The company operates in markets around the world with specific
expertise in engineering and design, manufacturing and supply chain
management and commits to proactive customer satisfaction across
electronics, mobile computing, medical technology, transportation,
aerospace and other B2B and consumer-critical industries. Boyd
Corporation: One Company, Many Solutions. Visit us at

About Goldman Sachs Merchant Banking Division

Founded in 1869, The Goldman Sachs Group, Inc. is a leading global
investment banking, securities and investment management firm. Goldman
Sachs Merchant Banking Division is the primary center for the firm’s
long-term principal investing activity. With nine offices across seven
countries, Goldman Sachs Merchant Banking Division is one of the leading
private capital investors in the world with equity and credit
investments across corporate, real estate, and infrastructure
strategies. Since 1986, the group has invested approximately $180
billion of levered capital across a number of geographies, industries
and transaction types.

About Genstar Capital

Genstar Capital is a leading private equity firm that has been actively
investing in high quality companies for more than 25 years. Based in San
Francisco, Genstar works in partnership with its management teams and
its network of strategic advisors to transform its portfolio companies
into industry-leading businesses. Genstar currently has $9.7 billion of
assets under management and targets investments focused on targeted
segments of the software, industrial technology, healthcare, and
financial services industries.

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