Nautic Partners has acquired Harrington Industrial Plastics in partnership with the company’s management team.
Harrington is a distributor of valves, filters, pumps, and tanks used in corrosive and high purity industrial applications in the water treatment, chemicals, institutions, laboratory, and food and beverage sectors.
The company, founded in 1959, is led by CEO Eben Lenderking and is headquartered in Chino, California with more than 50 distribution and selling offices located nationwide.
“We are delighted to have found in Nautic a like-minded partner. Harrington has been growing at rates well above the market for several years based on our strategy of providing superior customer service, local product availability, and a level of product and application expertise that is unrivaled in the industry,” said Mr. Lenderking. “We look forward to working in close partnership with Nautic to cement these advantages and to continue our strong growth.”
“Harrington has a deep, experienced management team that has accelerated the business’s growth trajectory over recent years and has a great culture across the organization,” said Chris Pierce, a managing director of Nautic. “We are thrilled to partner with them to support the company’s continued organic growth, as well as to pursue selective acquisitions in Harrington’s fragmented market.”
Nautic is a middle-market private equity firm that makes majority equity investments of $25 million to $200 million in companies that are active in the healthcare, industrial products, and outsourced services sectors. In March 2019, the Providence, Rhode Island-based firm held a final closing of Nautic Partners IX LP at its hard cap with $1.5 billion of limited partner commitments.
© 2020 Private Equity Professional | March 4, 2020