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Archives for 2015

Wasserstein Exits High Pressure Equipment Company

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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

Mistral to Exit Country Pure Foods

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country pure foods nf1Mistral Equity Partners has reached an agreement to sell its portfolio company, Country Pure Foods, to a joint venture of Sapporo International and Toyota Tsusho America.  The agreement was signed on December 23, 2014, and the closing will occur before the end of January 2015.

Country Pure Foods makes individually packaged fruit juices, drinks, and nectars that are sold to the foodservice, grocery and convenience stores, and contract manufacturing segments. The company currently offers over 350 products, across 24 packaging types and 38 flavors. Country Pure Foods has facilities in Akron, OH (headquarters); Ellington, CT; Deland, FL; and Houston, TX (www.juice4u.com).

Mistral Equity Partners invests in companies in the consumer, retail, and consumer-focused media sectors.  The firm invests from $25 million to $50 million of equity in each transaction, and generally looks for businesses with enterprise values of $100 million to $300 million. Mistral Equity Partners is headquartered in New York (www.mistralequity.com).

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

Berkshire Partners Names Three New Managing Directors

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berkshire partners nf1Berkshire Partners has appointed Dave Bordeau, Marni Payne and Raleigh Shoemaker as the firm’s newest Managing Directors.  Berkshire’s investment team is comprised of investment professionals who have a range of backgrounds and experiences, including operations, consulting and finance.

bordeau nf1Mr. Bordeau joined Berkshire Partners in 2006 and has experience with Berkshire’s consumer products, retail and business services companies. Prior to joining Berkshire, Mr. Bordeau worked in private equity and investment banking, holding positions with Ripplewood Holdings and Gleacher Partners. He received an AB from Princeton University and an MBA from Harvard Business School.

payne nf1Ms. Payne originally joined Berkshire Partners in 2000 as an Associate and returned to Berkshire in 2004 after graduating from business school. Ms. Payne has worked with Berkshire’s consumer products and retailing companies. Prior to joining Berkshire, Ms. Payne was a business analyst at McKinsey & Co. She received a BA from Dartmouth College and an MBA from Harvard Business School.

shoemaker nf1Mr. Shoemaker joined Berkshire Partners in 2006 with the primary focus of coordinating Berkshire’s business development activities. He became Director of Investor Relations in 2013 and now focuses his efforts on Berkshire’s relationships with its limited partners. Prior to Berkshire, Mr. Shoemaker held various roles at Sterling Capital Management, Audax Group, Bain & Co. and Bowles, Hollowell, Conner & Co. He received an AB from Duke University and an MBA from Harvard Business School.

Berkshire Partners invests from $50 million to $500 million of equity capital in mid-sized companies operating in the following sectors: consumer products and retail, business services, industrials, communications and transportation.  The firm is currently investing from Berkshire Fund VIII, a $4.5 billion fund raised in 2011. Berkshire Partners was founded in 1986 and is based in Boston (www.berkshirepartners.com).

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

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