Anvil International, a portfolio company of One Equity Partners and Smith-Cooper International, which is backed by Tailwind Capital, have agreed to merge. No financial terms were disclosed. Based in Exeter, New Hampshire, Anvil is a maker of products that connect and support piping systems while Smith-Cooper is a provider of branded, high-quality pipes, valves, and fittings. UPDATE: OEP will exit Anvil upon the closing of the merger and Tailwind will own the majority of the newly combined company.
NEW YORK – APRIL 26, 2019 – One Equity Partners (“OEP“), a leading middle market private equity firm, today announced that it has entered into a definitive agreement to merge Anvil International (“Anvil” or “the Company”), a global designer, manufacturer and provider of high-quality products that connect and support piping systems, with Smith-Cooper International (“Smith-Cooper”), a global designer and provider of branded, high-quality pipes, valves, and fittings. The realization represents the second exit from OEP’s $1.65 billion Fund VI. Financial terms of the private transaction were not disclosed.
Anvil, headquartered in Exeter, N.H., manufactures branded fittings, seismic bracing, struts, pipe shields and valves for U.S. and global businesses across the industrial, mechanical, fire protection, mining and energy industries. The Company’s complete line of piping and connection support systems are manufactured in Pennsylvania, Texas, Rhode Island, Tennessee and Alabama.
“When we partnered with Anvil, we saw an excellent opportunity to bring OEP’s expertise and resources to bear in supporting CEO Tom Fish and his team to establish an independently-managed business serving attractive end markets,” said Andrew Oliver, Managing Director, OEP. “This has been an exceptional investment for our investors, reflecting OEP’s core strengths in acquiring an orphaned business in partnership with management to build a truly global and scalable business in one of our target industry verticals.”
“Our investment in Anvil is evidence of OEP’s successful approach that includes developing an investment theme, applying analytics, conducting thorough research and identifying an exit path at the time of investment,” said JB Cherry, Senior Managing Director, OEP.
OEP acquired Anvil through a carve-out transaction in January 2017. The Company subsequently made acquisitions of five complementary businesses that transformed it into a leader with strong global distribution operations. The firm and Anvil’s management team optimized manufacturing facilities, expanded its piping business into higher-margin product segments and nearly doubled its EBITDA during OEP’s ownership.
“These add on acquisitions were transformational for Anvil, expanding its product offerings and generating significant growth,” said Lee Gardner, Managing Director, OEP.
“We found an outstanding partner in OEP who worked collaboratively with Anvil to identify and execute several attractive complementary acquisitions that drove our strong growth trajectory over the last two years,” said Fish. “The merger with Smith-Cooper is testament to OEP’s ability to build businesses and attract the interest of a strong buyer.”
About One Equity Partners
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 180 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com.
About Anvil International
Anvil International is one of the largest and most complete manufacturers of pipe fittings, couplings, pipe hangers and piping support systems in the world. For more than 165 years, Anvil has provided the highest-quality pipe products and services with integrity and dedication to superior customer service.
The company offers expertise and product solutions for a wide range of applications, from plumbing and mechanical, HVAC, industrial and fire protection, to mining and oil and gas. Anvil offers products and services worldwide. Anvil’s portfolio of brands includes AFCON, JBS, Anvil-Strut, SprinkFLEX, SPF/Anvil, Catawissa, Gruvlok, Beck, Merit, FlexHead, Basic-PSA, North Alabama Pipe, Anvil EPS and Megawatt. Its ISO 9001:2008 certified manufacturing facilities are located in PA, TN, TX, AL and RI. For more information, contact Anvil’s corporate offices at 603-418-2800, 2 Holland Way, Exeter, NH 03883 or visit www.anvilintl.com.