Turnspire Capital Partners has completed its buy of the Daniel Measurement and Control business from publicly traded Emerson Electric.
Daniel is a provider of flow and energy measurement products – instrumentation, valves, actuators and regulators – used by companies operating in the natural gas and refined hydrocarbon industries. Emerson Electric acquired then publicly traded Daniel for $460 million in 1999 and today the company is headquartered in Houston and operates a manufacturing facility in Chihuahua, Mexico.
With the closing of the transaction, Turnspire has named Keith Barnard as the CEO of Daniel. Mr. Barnard comes to Daniel from oilfield services company Weatherford International where he was Senior Vice President, North America Operations. Earlier in his career, he held senior leadership positions at Forum Energy Technologies, Halliburton, Sunbelt Supply, Flowserve, and Dresser Industries.
“I’m thrilled to collaborate with Turnspire in this exciting next chapter for Daniel, an iconic company in our markets with best-in-class technology,” said Mr. Barnard. “Turnspire’s track record of manufacturing excellence and investing in carve-outs will position Daniel for continued success over the long term.”
“Turnspire is excited to partner with Keith to establish Daniel as an independent global leader in the energy test and measurement instrumentation sector,” said Abel Osorio, a partner at Turnspire. “We are committed to supporting Keith and the company as we invest in R&D, pursue attractive organic growth opportunities and execute on a strong pipeline of strategic acquisition opportunities. We look forward to working collaboratively with the entire Daniel management to solidify the business’ market leadership.”
New York City-based Turnspire invests in companies with revenues between $50 million and $400 million and valuations up to $125 million. The firm prefers companies that are underperformers and/or in need of an operational turnaround and invests in a wide range of industries.
Emerson Electric is an American multinational corporation headquartered near St. Louis in Ferguson, Missouri. The company manufactures products and provides engineering services to the industrial, commercial, and consumer markets. Emerson has more than 80,000 employees and annual revenue of more than $16 billion.
The buy of Daniel by Turnspire includes all its brand rights, facilities, intellectual property and personnel. Daniel’s ultrasonic flowmeter and fiscal transfer system businesses are not included in the transaction.
© 2021 Private Equity Professional | September 3, 2021
