Clearlake Capital Group has made an investment in FloWorks International, a portfolio company of TowerBrook Capital Partners and The Stephens Group. TowerBrook and The Stephens Group formed FloWorks in March 2012 through the acquisition and merger of Shale-Inland, then a portfolio company of The Stephens Group, with the industrial pipe, valves and fittings business of HD Supply.
FloWorks is a supplier of pipe, valves, fittings and related products to the energy and industrial sectors. The company’s products are sold under the following brand names: Sunbelt Supply and Major, suppliers of manual and automated valve products and accessories; Southwest Stainless & Alloy, stainless and alloy steel piping products, fittings, and flanges; J&J Alloys, a distributor and manufacturer of nickel alloy fittings and flanges; and J&J Bar Plus, a nickel and stainless alloy round bar distributor to the Southwest and Gulf Coast regions of the United States. In total, FloWorks has global distribution capabilities and operates 44 facilities across North America, China and Saudi Arabia. The company is led by CEO Frank Riddick and is headquartered in Houston (www.floworkspvf.com).
The company’s two flagship distribution facilities in Texas, including its 205,000 sq. ft. state-of-the-art distribution center and seven acre pipe yard in Pearland, Texas and its 185,000 sq. ft. distribution center in Pasadena, Texas, are open and fully operational after the events of hurricane Harvey. FloWorks stocks an inventory of more than 128,000 products from over 1,900 vendors and serves more than 5,000 customers.
“This is an exciting time to invest in FloWorks’ award-winning family of brands as the company continues to demonstrate a track record of providing customers with the highest quality specialized PVF products and services,” said José Feliciano, Managing Partner and Co-Founder of Clearlake. “FloWorks can now leverage Clearlake’s substantial resources and expertise in the company’s core industrial and energy end markets to propel its growth strategy.”
“We look forward to supporting the company in its strategic growth initiatives, including further strengthening its product and service offerings and pursuing strategic acquisitions, all underpinned by the company’s unwavering focus on customer service,” added James Pade, a Principal of Clearlake.
Clearlake Capital Group has over $3.5 billion of assets under management and invests in the following sectors: industrials and energy; software and technology-enabled services; and consumer. The firm was co-founded by Mr. Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, CA (www.clearlakecapital.com).
© 2017 Private Equity Professional | September 7, 2017
