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Nautic Acquires Specialty Distributor

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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.

Jefferies, Varagon Capital Partners, and AEA Debt Management provided the debt financing for this transaction.

© 2020 Private Equity Professional | March 4, 2020

Wynnchurch Adds to Midland

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Midland Industries, a portfolio company of Wynnchurch Capital since January 2018, has completed the add-on acquisition of Stainless Adapters.

Houston-based Stainless Adapters (SAI) supplies stainless steel hydraulic adapters and pipe fittings to companies operating in the oil & gas, agriculture, automotive, marine, and general industrial sectors.

Michael Baker, the CEO of SAI, will join Midland as the general manager of its new Houston distribution center, which is scheduled to open in the spring of 2020.

Midland Industries is a distributor and manufacturer of fittings, valves, clamps, hose, and sheet rubber. The company’s products are used in the hose, plumbing, fluid power, oil & gas, wholesale hardware and other general industrial sectors. Midland Industries is headquartered in Kansas City, Missouri.

“The acquisition of SAI strengthens our team and product offering, as we continue to build our specialty distribution and manufacturing platform,” said Vince Hodes, CEO of Midland.  “We welcome Michael and his team to the Midland family and look forward to learning from their deep product knowledge, which will enable us to continue to provide our customers with a distinct advantage in the marketplace.”

Wynnchurch makes investments in middle-market companies that have revenues of $50 million to $1 billion. Sectors of interest include aerospace & defense, automotive, building products, chemicals, food, logistics, energy services & equipment, environmental services, industrial products & services, metals & mining, and paper & packaging. Wynnchurch was founded in 1999 and is headquartered in the Chicago suburb of Rosemont with additional offices in Los Angeles (El Segundo), and Toronto.

© 2020 Private Equity Professional | January 22, 2020

May River Acquires Hunt Valve

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hunt nf3May River Capital has acquired Hunt Valve, a maker of valves and components used in severe duty applications in the fluid power industry.

hunt valve nf12Hunt Valve’s customers operate in the primary metals (steel, aluminum), energy (nuclear, hydro, oil & gas), and process chemicals sectors. The company’s products are also used in US Navy nuclear-powered vessels, including all submarines and aircraft carriers.  Hunt Valve is led by President and CEO Brad Sterner who joined the company in November 2015. The company is headquartered southwest of Youngstown in Salem, OH (www.huntvalve.com).

“We could not be more pleased to have Hunt Valve as our initial investment,” said Mr. Sterner, who invested alongside May River in the buy of the company. “The company’s management team has done an outstanding job of building a great business serving a variety of industrial blue chip customers, along with naval boat contractors Electric Boat and Huntington Ingalls Industries, and the US Navy.”

May River Capital invests from $10 million to $40 million of equity in companies with revenues of at least $15 million and EBITDA between $3 million and $15 million. Sectors of interest include manufacturing, commercial services, supply chain and value-added distribution. Control investments are preferred but the firm will consider significant minority investments. May River was founded in January 2012 by Chip Grace, Dan Barlow and Steve Griesemer and is headquartered in Chicago (www.mayrivercapital.com).

Chip Grace nf1May River will use the company as a platform to build a global fluidics engineering platform company. “Hunt Valve is our first step toward building a platform of engineered products, components and service businesses to solve the toughest fluidics application challenges for customers in the metals, energy, process, transportation, government and infrastructure market sectors,” said Mr. Grace.

Also co-investing on this transaction with May River was Bratenahl Capital (www.bratenahlcapital.com), a Cleveland-based family office led by Michael Howley, Managing Partner. Maranon Capital (www.maranoncapital.com) provided mezzanine debt and an also made an equity co-investment. The structured finance group of Fifth Third Bank (www.53.com) provided senior debt financing.

© 2016 Private Equity Professional • 2-8-16

Wasserstein Exits High Pressure Equipment Company

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HIP nf1Wasserstein & Co. has entered into an agreement for the sale of High Pressure Equipment Company to Graco for $160 million.  Wasserstein acquired High Pressure Equipment Company in June 2012.  The transaction is expected to close in the first quarter of 2015.

High Pressure Equipment Company is a manufacturer of valves, fittings, tubing and accessories for use in high pressure applications. The company’s products operate at pressures from 10,000 psi to 150,000 psi and are sold through a global distribution network to the oil and gas, waterjet cutting and blasting, institutional research, chemical and petrochemical end markets.  The company was founded in 1954 and is headquartered in Erie, PA (www.highpressure.com).

Robert Fogelson nf1“We are very grateful to all of the employees of High Pressure Equipment Company,” said Robert Fogelson, Senior Partner of Wasserstein. “It has been a particular pleasure to work closely with Larry Loper and Larry Serafin, who have flawlessly executed on the growth strategy set in place two and a half years ago.”

Wasserstein & Co. is focused primarily on leveraged buyout investments and related investment activities in the media, consumer products and water equipment and services industries.  The investment in High Pressure Equipment Company was made through the firm’s third investment fund, Wasserstein Partners III.  Wasserstein & Co. has offices in New York and Los Angeles (www.wasserco.com).

Graco (NYSE:GGG) designs, manufactures and markets systems and equipment that are used to move, measure, control, dispense, and spray fluid and powder materials. The company’s products are used in the manufacturing, processing, construction, and maintenance industries.  Graco is headquartered in Minneapolis (www.graco.com).

Houlihan Lokey provided financial advice to High Pressure Equipment Company and Skadden, Arps, Slate, Meagher & Flom provided legal counsel.

© 2015 PEPD • Private Equity’s Leading News Magazine • 1-5-15

Goldner Hawn Acquires Kerick Valve

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kerrick nfControl Devices, a portfolio company of Goldner Hawn Johnson & Morrison, has acquired Kerick Valve, a manufacturer of PVC float valves.

Kerick Valve is a manufacturer of PVC float valves and related components that are used in a variety of industrial and agricultural applications including cooling towers, irrigation and water treatment, livestock and animal watering, and commercial ice-making equipment. Kerick Valve is based in Jacksonville, FL (www.floatvalve.com).

“Kerick Valve is a name synonymous with the highest quality, made-in-America PVC float valves, and its product line is highly complementary to Control Devices’ existing broad line of Bob® and Bobby® branded industrial float valves. We look forward to upholding Kerick Valve’s reputation as a high-quality and highly responsive supplier to the industrial and agricultural trade,” said Control Devices’ CEO, Chris FitzGerald.

Control Devices designs and manufactures engineered flow control products. The company offers customized and standard valves, nozzles and accessories, condensate traps, refrigerant distributors and other products that serve as components in end-product applications including pressure washers, air compressors, fire suppression systems, specialty gas systems, HVACR, and heavy truck braking systems. Control Devices was acquired by Goldner Hawn in August 2013 and is based in Fenton, MO (www.cdivalve.com).

“We are pleased to support the Control Devices management team in yet another excellent acquisition,” said Goldner Hawn Managing Director, Jason Brass.

Goldner Hawn Johnson & Morrison invests from $10 million to $25 million in companies located in the upper Midwest that have enterprise values from $20 million to $150 million. Sectors of interest include food manufacturing and distribution, consumer products, business services, transportation and niche manufacturing. The firm was founded in 1989 and is based in Minneapolis (www.ghjm.com).

Dallas-based investment bank Generational Equity (www.genequityco.com) represented Kerick Valve in this transaction. Managing Director Don Sawyer led the Generational Equity deal team.

© 2013 PEPD • Private Equity’s Leading News Magazine • 12-6-13

Platte River Equity Acquires The WellMark Company

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Platte River Equity has acquired The WellMark Company, a manufacturer of liquid and pneumatic flow controls and valves. “WellMark has built a great reputation for high quality products, outstanding customer service and loyal employees,” said Platte River Managing Director Peter Calamari. “We are looking forward to working with the team at WellMark to help grow the business from the strong foundation that has been built over the last thirty years.”

“The significant development of unconventional resources in North America has driven the need for continued build-out of production and pipeline infrastructure.  We believe that the acquisition of WellMark provides an opportunity to capitalize on these growing demand trends and establishes a solid platform for future investments in the flow control industry,” said Platte River Principal Mark Brown.

WellMark produces a full line of liquid and pneumatic flow controls and valves to the oil and gas and petrochemical industries. Products include diaphragm operated valves, pneumatic and electrical level controls, safety relief valves, chemical pumps, liquid level indicators, switches, point level electronic controls, and various accessory products. The company’s brands include WellMark, Cemco and Major.  WellMark was founded in 1981 and is headquartered in Oklahoma City, OK (www.wellmarkco.com).

“We are pleased about WellMark’s new partnership with Platte River Equity,” said Dick Pfieffer, co-founder of the company. “The additional capital along with the significant operating and financial experience of the Platte River team creates exciting opportunities for WellMark as we remain focused on building quality products and maintaining the highest level of service for our customers.”

St. Charles Capital served as buy-side advisor to Platte River. Madison Capital Funding provided senior debt financing for the transaction.

Platte River Equity is a private equity firm focused on investments in lower middle market operating companies with enterprise values generally between $20 million and $250 million.  The firm focuses on investing in the aerospace and transportation; energy and industrial services; and chemicals, metals and industrial minerals sectors. Platte River Equity manages funds with committed capital of approximately $700 million.  The firm is based in Denver, CO (www.platteriverequity.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12

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