Hunt Valve Company, a portfolio company of May River Capital, has acquired Precision Technology, a maker of linear motion actuators. This is the first add-on acquisition for Hunt Valve since being acquired by May River in February 2016. At closing, Precision Technology will be rebranded Hunt Valve Company – Actuator Division.
Precision Technology designs, manufactures and supplies severe environment linear motion actuators used in automation, machinery, material handling and positioning applications. The company’s specializes in electro-mechanical actuation with a range of rod-less and rod-style linear actuators, screw jacks, linear tables, and other motion control products. Company owned brand names include Wiesel and Victory. Precision Technology has a 50,000 sq. ft. manufacturing and headquarters facility in Roanoke, VA (www.pt-usa.net).
Hunt Valve’s customers operate in the primary metals (steel and aluminum), energy (nuclear, hydro, and downstream oil & gas), and process chemicals sectors. The company’s products are also used in US Navy nuclear-powered vessels, including all submarines and carriers in operation as well as the Virginia Class, Ford Class and soon-to-be-in-production Ohio Replacement (Columbia Class). Hunt Valve is led by President and CEO Brad Sterner who joined the company in November 2015. The company is headquartered southwest of Youngstown in Salem, OH (www.huntvalve.com).
The buy of Precision Technology complements Hunt Valve’s severe duty, fluid power engineering products used by military and industrial customers. “The acquisition of Precision Technology’s assets extends our expertise as we move into the motion control segment and allows us to capitalize on the change from hydraulic and pneumatic to electro-mechanical actuation technologies in applications requiring heavier loads, longer run lengths, faster speeds and precise positioning,” said Mr. Sterner. “An example of this trend is the use of electro-mechanical actuation to replace hydraulics in severe duty applications aboard the US Navy’s new Ford Class aircraft carriers.”
“Precision Technology’s product lines will allow Hunt to serve a variety of industrial blue chip customers, along with naval boat contractor Huntington Ingalls Industries and the US Navy,” said Steve Griesemer, a Partner at May River. “We expect these capabilities to enhance our product offerings and allow us to provide better service to our customers, accelerating the company’s profitable growth.”
May River Capital invests from $10 million to $40 million of equity in companies with revenues of at least $15 million and EBITDA between $3 million and $15 million. Sectors of interest include manufacturing, commercial services, supply chain and value-added distribution. Control investments are preferred but the firm will consider significant minority investments. May River was founded in January 2012 by Chip Grace, Dan Barlow and Steve Griesemer and is headquartered in Chicago (www.mayrivercapital.com).
© 2017 Private Equity Professional | February 21, 2017
