Anvil International, a portfolio company of One Equity Partners (OEP), has acquired the assets of FlexHead Industries and SprinkFLEX from publicly-traded Atkore International Group.
FlexHead Industries and SprinkFLEX manufacture adjustable steel hoses, brackets and fittings for fire safety systems used in commercial buildings, hospitals, schools, government buildings and other facilities. Both businesses are headquartered near Boston in Holliston, MA (www.flexhead.com) (www.sprinkflex.com).
“FlexHead Industries and SprinkFLEX are highly complementary to Anvil,” said Andrew Oliver, a Managing Director at OEP. “The company’s acquisition reflects OEP’s focus on partnering with management teams to grow through carve-out transactions that drive market expansion.”
One Equity Partners acquired Anvil International from publicly-traded Mueller Water Products (NYSE: MWA) in February 2017. In April 2017, Anvil acquired AFCON, a provider of fire protection pipe hangers and seismic bracing products; and in August 2017 it acquired Johnson Controls’ Grinnell Grooved Mechanical Product suite which includes grooved couplings, fittings and valves. This transaction also included a foundry located in Anniston, AL.
Today, Anvil manufactures pipe couplings, steel fittings, hangers, channel connections, strut fittings and other components that are used in plumbing, mechanical, HVAC, industrial, fire protection, commercial, mining, and oil field infrastructure applications. The company’s products are sold through a network of more than 1,000 distributors. Company-owned brand names include Anvil, Beck, Gruvlok, Merit, and Catawissa, among others.
Anvil’s products are produced at nine manufacturing plants located in Pennsylvania, Texas, Rhode Island, Tennessee, California and Alabama. The company also operates six distribution centers and sources its products globally. Anvil is headquartered in Exeter, NH (www.anvilintl.com).
“FlexHead Industries and SprinkFLEX enable us to serve our customers with a broader range of high quality, cost-effective solutions that meet their needs in major grid and drop ceiling spaces, while reducing installation, inspection and maintenance costs,” said Tom Fish, CEO of Anvil International.
One Equity Partners is a middle-market private equity firm that invests in industrial, healthcare, and technology companies that are based in North America and Europe. Since 2001, the firm has invested in more than 140 transactions worldwide. One Equity, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York and Chicago, and an advisory office in Frankfurt, Germany (www.oneequity.com).
Atkore International Group (NYSE: ATKR) manufactures and distributes electrical conduits and fittings, armored cable and fittings, and other products that are used in the non-residential construction and renovation markets, and industrial markets. The Harvey, IL-based company had revenues of approximately $1.5 billion in 2017 (www.atkore.com).
© 2018 Private Equity Professional | April 3, 2018
