Dunes Point Capital has acquired Power Distribution, Inc. from Smiths Group for $203 million.
Power Distribution (PDI) designs, manufactures, and services power distribution, static switching, and power monitoring equipment for corporate data centers, industrial and commercial customers. Company brand names include PDI and Onyx Power. The company is headquartered in Richmond, VA and has operating facilities in Virginia and California with approximately 450 employees (www.pdicorp.com) (www.onyxpower.com).
PDI had total revenues of $110 million in its last fiscal year (12 months ending July 2016) with an operating profit of $13.8 million.
Dunes Point Capital (DPC) is a family office and private investment firm that makes control investments in companies operating in the general industrial and energy sectors. DPC targets companies with enterprise values of up to $500 million. The firm was founded in 2013 by Timothy White, a former Senior Managing Director of GSO Capital Partners and Blackstone where he served as Head of GSO Private Equity Investing, Co‐Head of Mezzanine Investing, and Co-Portfolio Manager for GSO’s Capital Opportunities Fund I. Dunes Point Capital is based in Rye, NY (www.dunespointcapital.com).
Smiths Group (LSE: SMIN) is a diversified engineering business operating through five divisions: Smiths Detection is the world’s largest manufacturer of sensors for the detection of explosives, weapons, chemical agents, biohazards, narcotics and contraband; John Crane is a manufacturer of seals and associated products used in the process industries; Smiths Medical is a manufacturer and supplier of specialty medical devices and equipment; Smiths Interconnect is a manufacturer of electronic and radio frequency components; and Flex-Tek is a supplier of components used to heat and move fluids and gases. The company is headquartered in London and has approximately 23,500 employees (www.smiths-group.com).
Debt for the transaction, together with an equity co-investment, was provided by FS Investments (www.fsinvestments.com), GSO Capital (www.blackstone.com), and Bank of America Business Capital.
The Transaction Advisory Group of Alvarez & Marsal (www.alvarezandmarsal.com) was the financial advisor to Dunes Point Capital. Harris Williams & Co. (www.harriswilliams.com) served as financial advisor to Smiths Group.
© 2017 Private Equity Professional | January 27, 2017
