One Equity Partners has completed the all cash $205 million acquisition of the measurement solutions business of publicly traded TechnipFMC.
The business, which was rebranded at closing as Guidant, was part of TechnipFMC’s surface technologies segment and operates through three units: metering products; metering systems; and terminal management.
Guidant’s metering products and systems include positive displacement, turbine, ultrasonic and Coriolis meters used in leak detection, diagnostics, and custody transfer applications which measure and document the transfer of ownership of oil, gas, or other hydrocarbon products from one party to another. Custody transfers occur at various points along the production, transportation, and distribution chain, and involves accurately measuring the quantity and quality of the product being transferred. Guidant’s systems ensure accurate measurements of flow rate, temperature, pressure, and composition, enabling reliable data on transferred product volume and quality.
Guidant’s portfolio of metering products includes the Smith Meter, a positive displacement meter which was first built in the company’s Erie facility in 1940. Today, there are more than half a million Smith Meters in use in downstream, midstream and upstream applications including for gasolines and oxygenates, ethanol, kerosene, diesel fuel, jet fuels, and fuel oils.
Houston-headquartered Guidant, led by CEO Laura Schilling, has more than 450 employees and operates six facilities, including manufacturing locations in Erie, Pennsylvania, and Ellerbek, Germany.
“Our industry is experiencing increased demand for instrumentation and automation solutions due to new regulations, fuel diversification, green energy investment, evolving data security and increasing life of assets,” said Ms. Schilling. “We are excited to partner with OEP to support our core market focus and build on our portfolio through acquisitions to deliver best measurement practices, automation and technology across a growing global platform of manufacturing, product innovation and service for our customers.”
Guidant also provides terminal management systems that provide for the measurement, accounting and control of a customer’s facility through one single integrated interface. Energy terminals are located at key points along transportation routes, including ports, rail yards, pipelines, and major highways, and are used to store, process and transfer energy products from one transportation mode to another.
“We are thrilled to be partnering with Guidant’s talented management team,” said J.B. Cherry, a partner at One Equity Partners. “Its creation came about through consistent collaboration between the management team, OEP’s team, and a large group of dedicated outside advisors to complete a complex corporate carve-out, involving three separate business units spread across multiple countries. The newly standalone Guidant is well-positioned to build on the significant collective, global strengths of its existing measurement platforms and to grow via transformational acquisitions.”
One Equity Partners (OEP) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. Typical equity investments range from $30 million to $300 million. OEP specializes in corporate carve-outs and has completed 21 similar transactions across its latest 4 funds, including 11 which operate in industrial end markets.
In April 2022, OEP closed its latest fund, One Equity Partners VIII LP, with committed capital of $2.75 billion. The new fund was oversubscribed and closed above its increased hard cap. OEP, with offices in New York, Chicago, Frankfurt, and Amsterdam, spun out of JP Morgan in 2015 and has closed more than 300 transactions worldwide since its founding in 2001.
TechnipFMC (NYSE: FTI) is a provider of subsea and surface systems and infrastructure used in oil and gas production and transportation. The company was formed by the merger of FMC Technologies and Technip in 2017 and is headquartered in Newcastle, United Kingdom, with an operational headquarters in Houston, Texas. The company had more than $7.8 billion of revenue in 2023 and has more than 23,000 employees with operations in 48 counties.
© 2024 Private Equity Professional | March 28, 2024
Arsenal Capital Partners and BayPine have partnered on the acquisition of Poly-Wood, a portfolio company of Mayfair Capital Partners, a division of Oxford Financial.
“Poly-Wood’s longstanding track record of growth and industry-leading position are a testament to the differentiated business model and brand the team has built over the past three decades,” said George Abd, an operating partner at Arsenal. “Given its vertical integration and eye toward innovation, the company’s ability to serve its retail partners and consumers is unmatched in the market. We are excited to work with Doug and his leadership team to continue building on the business’ momentum.”
Partnering with Arsenal on this transaction is Boston-based 
“Poly-Wood has distinguished itself through its pioneering brand and sustainable manufacturing processes, unwavering commitment to operational excellence, and focus on fostering a highly collaborative and collegial culture,” said Steve Ko, a founding partner of BayPine. “We see a significant opportunity to further build lasting value at Poly-Wood by leveraging our differentiated digital and technology expertise in partnership with management.”
New York-headquartered 
Percheron Capital has held an oversubscribed and hard cap close of its second fund, Percheron Capital Fund II LP, with $1.55 billion in commitments.
“We are grateful for the resounding support from our returning and new limited partners,” said Mr. Collins. “This milestone is a testament to our differentiated approach of identifying strong essential services businesses and propelling their accelerated growth.”
“The significant interest in Fund II reflects the quality of our team, strategy and outcomes,” said Mr. Lawler. “We deeply appreciate the trust placed in us by our investors and are committed to delivering exceptional results.”
L Catterton has made an investment in Storyteller Overland, a maker of premium Class B RV and expedition vehicles.
“With its strong product offering, sizable dealer network, and engaged community of adventurers, Storyteller Overland is the clear leader in the adventure vehicle space,” said Matt Nugent, a partner in L Catterton’s Growth Fund. “In just a few years since its founding, Storyteller Overland has captured considerable market share and has established itself as the new standard of excellence for Class B RVs. We look forward to working with the Storyteller Overland team to continue growing its adventurer community and to help them reach new levels of success.”
Greenwich, Connecticut-headquartered 