May River Buys Montreal Bronze
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May River Buys Montreal Bronze

Hunt Valve Company, a portfolio company of May River Capital, has acquired Montreal Bronze (MB Valve).

MB Valve is a supplier of severe-duty bronze marine valves. The company also has a large variety of special bronze and alloy steel products that meet specific performance requirements for US, Canadian and NATO-friendly Navy ships, pharmaceutical and nuclear applications. The company is headquartered near Montreal in Terrebonne, QC (www.montrealbronze.com).

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 US 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 (www.huntvalve.com).

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

“The financial and organizational resources afforded by Hunt Valve’s acquisition of MB Valve underpins a new wave of 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 David Bala, President of MB Valve.  “It’s not very often that we find an organization that really understands our business.  The Hunt Valve team has deep bench strength in our industry.  Combine that strength with what we bring to the table, and our customers will see the benefit in the long haul.”

“Our team is looking forward to fueling Hunt Valve’s growth, both organically and through acquisitions of high-performing businesses such as Montreal Bronze,” said Stephen Griesemer, a partner at May River Capital.  “Our infusion of new capital in Hunt Valve will support additional add-on acquisitions, both within the Navy supply chain as well as complimentary industrial fluidics companies.”

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).

May River and its co-investors acquired Hunt Valve in November 2015. In December 2018, May River Fund I LP acquired a majority equity interest in the company.

© 2019 Private Equity Professional | March 22, 2019

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