Wasserstein Exits High Pressure Equipment Company
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Wasserstein Exits High Pressure Equipment Company

HIP nf1Wasserstein & Co. has entered into an agreement for the sale of High Pressure Equipment Company to Graco for $160 million.  Wasserstein acquired High Pressure Equipment Company in June 2012.  The transaction is expected to close in the first quarter of 2015.

High Pressure Equipment Company is a manufacturer of valves, fittings, tubing and accessories for use in high pressure applications. The company’s products operate at pressures from 10,000 psi to 150,000 psi and are sold through a global distribution network to the oil and gas, waterjet cutting and blasting, institutional research, chemical and petrochemical end markets.  The company was founded in 1954 and is headquartered in Erie, PA (www.highpressure.com).

Robert Fogelson nf1“We are very grateful to all of the employees of High Pressure Equipment Company,” said Robert Fogelson, Senior Partner of Wasserstein. “It has been a particular pleasure to work closely with Larry Loper and Larry Serafin, who have flawlessly executed on the growth strategy set in place two and a half years ago.”

Wasserstein & Co. is focused primarily on leveraged buyout investments and related investment activities in the media, consumer products and water equipment and services industries.  The investment in High Pressure Equipment Company was made through the firm’s third investment fund, Wasserstein Partners III.  Wasserstein & Co. has offices in New York and Los Angeles (www.wasserco.com).

Graco (NYSE:GGG) designs, manufactures and markets systems and equipment that are used to move, measure, control, dispense, and spray fluid and powder materials. The company’s products are used in the manufacturing, processing, construction, and maintenance industries.  Graco is headquartered in Minneapolis (www.graco.com).

Houlihan Lokey provided financial advice to High Pressure Equipment Company and Skadden, Arps, Slate, Meagher & Flom provided legal counsel.

© 2015 PEPD • Private Equity’s Leading News Magazine • 1-5-15

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