One Equity Partners has signed an agreement to acquire Anvil International, a maker pipe fittings and other system components, from publicly-traded Mueller Water Products (NYSE: MWA).
Anvil manufactures pipe couplings, steel fittings, hangers, channel connections, strut fittings and other components that are used in plumbing, mechanical, HVAC, industrial, fire protection, commercial, mining, and oil field infrastructure applications. The company’s products are sold through a network of more than 1,000 distributors. Company owned brand names include Anvil, Beck, Gruvlok, Merit, and Catawissa.
Anvil’s products are produced at seven manufacturing plants located in Pennsylvania, Texas, Rhode Island, Tennessee and Alabama. The company also operates six distribution centers and sources its products globally.
Anvil traces its roots back to 1850 when Fredrick Grinnell – the creator of the first practical automatic fire sprinkler – acquired a controlling interest in the Providence Steam and Gas Pipe Co.
“Anvil has been the industry leading manufacturer of pipe fittings in North America, and we look forward to building on the business’ market position and strong manufacturing capabilities,” said JB Cherry, Senior Managing Director at One Equity Partners. “This transaction is reflective of our strategy in identifying attractive investment opportunities through carve-outs where we can accelerate further growth with strategic acquisitions that build significant scale.”
One Equity Partners is a middle-market private equity firm that invests in industrial, healthcare, and technology companies that are based in North America and Europe. Since 2001, the firm has invested in more than 140 transactions worldwide. One Equity, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York and Chicago, and an advisory office in Frankfurt, Germany (www.oneequity.com).
“The North American pipe fittings and components systems industry is a large and highly fragmented market with attractive characteristics. Anvil will serve as an excellent platform to apply our strategy of using transformative combinations to build market-leading companies,” said Andrew Oliver, Managing Director at One Equity Partners.
Anvil, led by President and CEO Patrick Donovan, is headquartered in Exeter, NH (www.anvilintl.com).
Mueller Water Products is one of the largest manufacturers and distributors of fire hydrants, pipe fittings and valves in North America. The company has two business units—Mueller Co. and Anvil International—that together oversee 15 brands and subsidiaries including Echologics and Mueller Systems. Mueller Water Products is headquartered in Atlanta (www.muellerwaterproducts.com).
© 2017 Private Equity Professional | January 12, 2017
