Arlington Capital Acquires Fulton Bellows

Arlington Capital Acquires Fulton Bellows

fulton bellows n1United Flexible, a portfolio company of Arlington Capital Partners since January 2015, has acquired Fulton Bellows. Post closing, Fulton Bellows will continue to be run from its existing headquarters as an independent wholly-owned subsidiary of United Flexible.

fulton bellows f1Fulton Bellows is a manufacturer of bellows and thin-walled metal components that are used in gas and fluid control systems. The company has a base of just more than 175 customers and is led by its CEO John George. Fulton Bellows is headquartered in Knoxville (

Fulton Bellows was founded in 1902 by Weston Fulton, a University of Tennessee meteorologist, who created a thermodynamic device he named the sylphon – a cylindrically symmetrical metal bellows – after the Norse Goddess of weather. Mr. Fulton’s invention was used by the Allied forces to develop the depth charge in World War I and the Norden Bomb sight of World War II.

“Fulton Bellows brings a unique set of capabilities in hydroforming and specialized bellows manufacturing techniques with a strong reputation and legacy built over its 110-year plus history,” said John Devine, CEO of United Flexible. “These capabilities will allow United Flexible to offer a wider range of critical bellows and highly engineered fluid and gas transfer solutions to our combined customer base.”

united flexible nf11United Flexible designs and manufactures products that are used for the transfer of fluids and gases in extreme environments. Products include braided metal, fluoropolymer, polytetrafluoroethylene (PTFE – aka Teflon) and composite hoses, precision bellows, and expansion joints assemblies. The company sells its products to OEMs and distributors that are active in the aerospace & defense; satellite; power generation; general industrial; oil & gas; cooling; and transportation sectors. United Flexible has manufacturing operations near Chicago in Romeoville, IL (headquarters); Houston, TX; Merthyr Tydfil, UK (near Bristol); Stockholm, Sweden; and Rotterdam, The Netherlands (

Peter Manos nf2“We are pleased to provide additional capital in support of the organic and acquisition growth plans for United Flexible,” said Peter Manos, a Managing Partner at Arlington Capital. “With the acquisition of Fulton, United Flexible is executing on its strategy of expanding its portfolio of technically differentiated high pressure and extreme temperature conduit system product offerings and further expanding its blue chip customer base.”

“Fulton Bellows’ unique position as one of a few established players in the bellows space fits well with our investment thesis for United Flexible,” said Daniel Di Piazza, an Associate at Arlington Capital. “The company has a long-seeded base of recurring business with its OEM customers and presents an opportunity to further expand United Flexible’s presence in several attractive end markets.”

Arlington Capital Partners has $1.5 billion of committed capital and invests in buyouts and recapitalizations of companies valued from $50 million to $500 million. Sectors of interest include government services and technology, aerospace & defense, healthcare, and business services & software. Arlington Capital is based in Chevy Chase, MD (

© 2016 Private Equity Professional • 2-17-16

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