Saw Mill Capital Acquires Victory Energy Operations
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Saw Mill Capital Acquires Victory Energy Operations

Saw Mill Capital Partners has acquired Victory Energy Operations, a manufacturer of fired packaged boilers.  Saw Mill partnered with John Viskup, President and Chief Executive Officer of Victory Energy Operations, on this transaction.

“We are very excited to consummate a partnership where we bring important resources to the table that will have a long-lasting impact on the development of Victory.  This new partnership will unlock opportunities for continued growth into new products and end markets, and expand Victory’s horizon to a global scale,” said Tim Nelson, Principal at Saw Mill Capital.

Victory Energy Operations designs, engineers, manufactures and services fired packaged boilers, waste heat boilers, and heat recovery steam generators and related equipment utilized in a variety of industrial and institutional end markets, including power generation, bio-renewable, oil sands, petrochemical, district heating, education and healthcare.  The company manufactures from its two locations in Collinsville (headquarters) and Cushing, OK (www.victoryenergy.com).

As part of this transaction, Larry Edwards, the former President, CEO and Chairman of Global Power Equipment Group, has agreed to join the Board of Directors of Victory.  Global Power was a former portfolio company of Saw Mill, and under Mr. Edward’s leadership, the business more than quintupled in size and expanded internationally.  He has agreed to assist the Victory team with its strategic direction, business development and international expansion activities.

“I am thrilled to continue the exceptional growth Victory has enjoyed with a strategic partner that will bring not only fresh capital in support of our programs but also new resources that will accelerate our growth,” said Mr. Viskup.

Saw Mill Capital invests in manufacturing and service companies with enterprise values of $25 million to $200 million. Platform investments typically have at least $5 million of EBITDA and revenues of $40 million to $150 million. The firm is located in Briarcliff Manor, NY (www.sawmillcapital.com).

GulfStar Group, a middle-market investment bank based in Houston, served as Victory’s exclusive financial advisor and, through its merchant banking affiliate, invested in the transaction.

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-30-12

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