Irenic Encourages Barnes Group to Move with Greater Urgency to Collaborate on Necessary Board Improvements
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NEW YORK ~ New York City - Irenic Capital Management LP, a leading shareholder of Barnes Group Inc., has issued a statement urging the company to take action in light of underwhelming financial results for the fourth quarter and full-year 2023. The investment management firm, along with its affiliates, owns approximately 5.1% of Barnes' outstanding common stock.

Co-Founder and Chief Investment Officer Adam Katz stated, "We are committed to working constructively and in good faith to help Barnes realize its potential." He emphasized the need for a more engaged, independent, and well-rounded Board at Barnes and encouraged the company to act with greater urgency in adding independent directors with relevant industry and capital allocation expertise. Katz believes it is time for Barnes to prioritize the best interests of its shareholders.

Irenic Capital was founded by Adam Katz and Andy Dodge and is based in New York City. The firm collaborates with publicly traded companies to ensure that operating activities, capital deployment, and management incentives are aligned to create value for the company and its owners.

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In response to Irenic's statement, Barnes Group Inc. released a press release stating that they are aware of Irenic's intentions to file a preliminary proxy statement with the Securities and Exchange Commission (SEC). This statement will be used to solicit votes for Irenic's slate of director nominees at the 2024 annual meeting of stockholders.

The SEC advises all shareholders of Barnes Group Inc. to carefully review the proxy statement and other materials as they become available because they will contain important information. These materials will be available at no charge on the SEC's website or upon request from Irenic's proxy solicitor.

The participants in this proxy solicitation are expected to be Irenic Capital Management LP, Irenic Capital Evergreen Master Fund LP, Irenic Capital Opportunity Master Fund LP, Irenic Schooner LLC, Irenic Capital Evergreen Fund GP LLC, Irenic Capital Opportunity Fund GP LLC, Irenic Capital Management GP LLC, Andrew Dodge, Adam J. Katz, and Larry A. Lawson.

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As of the date of this press release, Irenic Evergreen directly owns 1,200,133 shares of Barnes Group Inc.'s common stock. Irenic Opportunity directly owns 489,464 shares and Irenic Schooner owns 882,445 shares. As the investment manager for these funds, Irenic Capital may be deemed to beneficially own the 2,572,042 shares owned by these three entities. The general partners of these funds may also be deemed to beneficially own a portion of these shares.

In addition to the above participants, Mr. Dodge and Mr. Katz may also be deemed to beneficially own a portion of the shares through their roles as Managing Members of various entities within Irenic Capital Management LP.

For any further inquiries or information about Irenic Capital Management LP and their involvement with Barnes Group Inc., please contact contact@irenicmgmt.com.

Longacre Square Partners can also be contacted for any media inquiries at irenic@longacresquare.com or by calling Greg Marose or Dan Zacchei at 646-386-0091.
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