Sun Sells Robertshaw to One Rock

Sun Capital Partners has sold Robertshaw Controls Company, a maker of electronic and electromechanical controls, to One Rock Capital Partners.

Robertshaw designs, engineers and manufactures control products that are used in the white goods industry (white goods are heavy consumer durables such as air conditioners, refrigerators, stoves, etc., which used to be painted only in white enamel finish. Despite their availability in varied colors now, they are still called white goods). Robertshaw manufactures more than 10,000 controls for commercial and home appliances including clothes washers and dryers, dishwashers, refrigerators, electric and gas cooking, ice makers, fluid dispensing, storage water heaters, gas valves for space/central heating, and automotive/off road temperature and fluid controls. The company has more than 6,300 employees and is headquartered near Chicago in Itasca, IL and also has four engineering centers, eleven manufacturing plants, and seven distribution centers. The company was founded in 1899 by Frederick Robertshaw (www.robertshaw.com).

Sun Capital Partners acquired the Invensys Appliance division from its parent company Schneider Electric in June 2014 and renamed the business Robertshaw Controls. During its ownership term, Sun Capital worked with the management team to build out a back-office infrastructure for the newly standalone business, streamlined procurement, and improved manufacturing processes.

“Sun Capital saw the company’s potential to be a market leader when it was the Invensys Appliance division of Schneider Electric,” said Marc Leder, Co-CEO at Sun Capital. “We are proud to have helped Robertshaw progress from good to great through a series of operational improvements and the strategic acquisition of Burner Systems International in June 2016. This resulted in a doubling of profitability in less than four years.”

Sun Capital invests in leveraged buyouts, equity, and debt in companies that can benefit from its in-house operating professionals and experience. Sun Capital has invested in and managed more than 340 companies worldwide with combined sales in excess of $45 billion since the firm’s inception in 1995. The firm has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Stockholm and Shenzhen (www.SunCapPart.com).

Mark Balcunas, who has been with Robertshaw since 1979, will remain CEO under One Rock ownership. “We will become an even stronger supplier of controls and solutions to the industries we serve through our One Rock partnership,” said Mr. Balcunas. “Robertshaw will continue to invest in new product offerings, state of the art engineering and manufacturing capabilities, and the expansion of our market-leading product positions through targeted niche acquisitions, with the most recent being Burner Systems International.”

“Robertshaw is a proven industry leader with a strong reputation in the market and proven commitment to its customers,” said Tony Lee, Managing Partner of One Rock. “We are excited to work alongside Robertshaw’s management team to continue developing the business and enhancing its ability to serve customers globally.”

One Rock makes control investments of $10 million to $60 million in companies that are active in the chemicals and process industries; specialty manufacturing; healthcare products; business services; environmental services; and automotive retail. One Rock has a strategic relationship with Mitsubishi Corporation – the firm’s largest investor – which provides resources to One Rock and its portfolio companies.  One Rock was formed in 2010 by Tony Lee and Scott Spielvogel and is based in New York (www.onerockcapital.com).

© 2018 Private Equity Professional | January 8, 2018

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