May River Cornering Severe- Duty Valve Market

Hunt Valve Company, a portfolio company of May River Capital since December 2018, has acquired Pima Valve.

Pima Valve is primarily a supplier of standard and non-standard severe-duty bronze marine valves but can also supply valves made of aluminum-bronze, ductile and cast iron, cast steel, aluminum, and copper-nickel. The company’s capabilities include internal and external coatings to increase the life span of the valve particularly for products exposed to harsh environments, chemicals, or liquids that may erode the functioning parts of the valve.

The company’s products meet specific performance requirements for United States, Canadian and NATO-friendly Navy ships and commercial marine applications. Pima Valve was founded in 1967 and acquired by Frank Buzan and Lisa Buzan Smith in 2017. The company is headquartered in Chandler, AZ.

Hunt Valve is a specialty valve engineering and manufacturing company serving the United States Navy and industrial customers. 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 United States Navy nuclear-powered vessels, including all submarines and carriers in operation as well as the Virginia Class, Ford Class and Columbia Class. Hunt Valve, led by CEO Brad Sterner, is headquartered southwest of Youngstown in Salem, OH.

“The Pima Valve acquisition is yet another example of Hunt Valve’s commitment to strategically deploy capital in support of the United States Navy drive towards a 355-ship fleet and solving United States Navy supply chain challenges,” said Charles Ferrer, the president of Hunt Valve. “Pima Valve expands and complements Hunt Valve’s product offering and provides access to additional United States Navy and international shipyards as well as industrial customers.”

In March 2019, Hunt Valve acquired Montreal Bronze (MB Valve), a Terrebonne, QC-based supplier of severe-duty bronze marine valves. Like Pima, MB Valve also has a large variety of special bronze and alloy steel products that meet specific performance requirements for United States, Canadian and NATO-friendly Navy ships. The company is headquartered near Montreal in Terrebonne, QC.

“We are proud to support Hunt Valve’s growth both organically and through acquisitions of high-performing businesses such as MB Valve and now Pima Valve,” said Stephen Griesemer, a partner at May River.  “We continue to evaluate additional add-on acquisitions that would benefit from Hunt’s scale and capabilities in support of the Navy supply chain.”

The operations of MB Valve and now Pima Valve, both divisions of Hunt Valve, are led by President David Bala. “The financial and organizational resources afforded by Hunt Valve’s acquisition of Pima Valve underpins a strategic push toward high-performance, cost-effective manufacturing and technical know-how that will be a key part of the Navy supply chain in the coming years,” said Mr. Bala. “Hunt has demonstrated through its acquisition and integration of MB Valve in March 2019 that they understand our business.  The Hunt Valve team has deep bench strength in our industry.  Combine that strength with what MB Valve and now Pima Valve bring to the table, and our customers will see the benefit in the long haul.”

Chicago-based May River invests from $15 million to $40 million of equity in companies with enterprise values of $15 million to $75 million. Sectors of interest include precision manufacturing, engineered products, specialized industrial services, and value-added industrial distribution. May River was founded in February 2012 and closed its inaugural fund, May River Fund I LP, in March 2017 with total commitments of $170 million.

© 2019 Private Equity Professional | November 5, 2019

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