Home Products International Inc. has agreed to be acquired by Storage Acquisition Co. LLC. The group will pay $2.25 per share, or about $16.3 million, to take the Chicago-based housewares injection molder private.
HPI announced the deal Oct. 29. A committee of independent directors negotiated the agreement, according to a news release. The committee unanimously recommended the bid to the company's board of directors.
Storage Acquisition members include Joe Gantz, a former HPI director, and Triyar Capital LLC of Los Angeles, along with current HPI shareholder Equity Group Investments LLC of Chicago. Equity Group is headed by billionaire investor Sam Zell. On Sept. 23, the group had submitted an offer to buy the firm for $1.75 per share.