May River Capital, together with Longview Asset Management and Knox Capital Holdings, has formed Industrial Flow Solutions to facilitate the merger of BJM Pumps with Stancor
BJM Pumps was acquired by May River in August 2017 and was the firm’s first acquisition in a strategy to create an industrial pump platform. Stancor was acquired by Knox Capital and Longview Asset Management in October 2014. The merged businesses will now be a part of Industrial Flow Solutions, a portfolio company of May River Capital (majority owner), Longview Asset Management and Knox Capital.
BJM Pumps provides submersible pumps that are used in industrial and municipal/wastewater environments, along with “dewatering” tasks in mining, construction, fire-damaged sites and power generation pumping.
BJM’s products are designed to operate in very demanding and harsh conditions and are constructed of cast stainless steel, non-metallic Noryl (a family of polyphenyl ethers resins), chrome iron and cast iron. The company was founded in 1983 and is headquartered near New Haven in Old Saybrook, CT (www.bjmpumps.com).
Stancor is a designer and manufacturer of submersible pumps and pumping controls systems that are used in the building trades, construction, mining, utilities and wastewater applications. The company is headquartered in Monroe, CT with an additional manufacturing facility in Prospect, CT (www.stancorpumps.com).
With the closing of the transaction, Chris Stevens, the CEO of BJM Pumps, now becomes the CEO of Industrial Flow Solutions; and Bill Tipton, the CEO of Stancor, will now lead the combined companies in Connecticut as president (www.industrialflowsolutions.com).
“These two companies offer differentiated yet complementary products and technologies that will benefit the other,” said Mr. Stevens. “We look forward to bringing the strengths of both organizations to bear in the market and accelerate our ability to solve customer problems with their wastewater and pumping challenges.”
Chicago-based May River invests from $15 million to $40 million of equity in companies with enterprise values of $15 million to $75 million, revenues of at least $10 million, and EBITDA of at least $3 million. Sectors of interest include precision manufacturing, engineered products, specialized industrial services, and value-added industrial distribution businesses. May River was founded in February 2012 and closed its inaugural fund, May River Fund I LP, in March 2017 with total limited partner commitments of $165 million. The new fund was raised in just six months and closed above target (www.mayrivercapital.com).
Knox Capital invests in founder and entrepreneur-owned middle market businesses. The firm was founded in 2013 and is headquartered in Chicago (www.knox-cap.com).
Longview Asset Management invests in public and private investments across a range of industries including health care, manufacturing, aerospace, software, and business and financial services. The firm is the investment arm of Henry Crown & Co., the Chicago-based Crown family’s investment office.
© 2019 Private Equity Professional | February 19, 2019
