Climax Portable Machine Tools, a portfolio company of Industrial Growth Partners (IGP), has acquired Calder Testers, a manufacturer of valve testing equipment. The transaction closed on September 13, 2013 and was supported with an additional equity investment from IGP and management.
Calder Testers is a manufacturer of hydrostatic and pneumatic testing equipment for the oil & gas, power generation, automotive and diesel engine industries. The company is headquartered in Houston (www.caldertesters.com).
Climax Portable Machine Tools, acquired by IGP in June 2013, is a manufacturer of portable machine tools and welding systems used in the power generation, mining, construction, shipbuilding and general industrial markets. Climax is headquartered in Newberg, OR (www.climaxportable.com).
IGP continues to seek add-on acquisitions for Climax that will enhance its position as a global manufacturer of portable machining solutions in the power generation, oil & gas, mining, construction, shipbuilding and general industrial markets.
Industrial Growth Partners provides equity capital to lower-middle market manufacturing and manufacturing services companies with revenues of $30 million to $100 million. The firm invests equity in a range of transactions involving a change of ownership, such as management buyouts, leveraged buyouts, corporate divestitures, recapitalizations and management buy-ins. The firm was founded in 1997 and is based in San Francisco (www.igpequity.com).
“We are very excited about the completion of the Calder acquisition as it considerably strengthens Climax’s position in the worldwide valve repair and testing market. Now, in addition to our comprehensive line of valve repair machines, we can also offer customers valve testing and safety protection equipment that will enable them to accurately and safely confirm the integrity of both repaired and newly manufactured valves” said Geoff Gilmore, CEO of Climax. “Calder’s new Houston facility will also serve as an expanded Climax rental depot, giving customers in the region access to a broader range of portable machining and automated welding rental options.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-9-13