PE Deals

Investindustrial makes move for Procon businesses

The transaction, valued at $75m, is expected to close in the coming weeks.

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  • Investindustrial will merge one of its portfolio companies, Ceme Group, with Procon
  • Ceme is a manufacturer of highly engineered, precision fluid control solutions with a footprint in Europe and Asia
  • Investindustrial is a European investment and advisory firm based in London

Investindustrial will acquire Procon’s North American and European business from the Specialty Solutions Group of Standex International Corporation.

Smyrna, Tennessee-based Procon is a provider of custom fluid solutions, offering a comprehensive portfolio of precision rotary pumps and gear pumps to a global customer base. In 2022, the firm recorded around $35 million of revenue.

The transaction, valued at $75 million, will likely be completed in the coming weeks.

Investindustrial will merge one of its portfolio companies, Ceme Group, with Procon, which will strengthen Ceme’s product offering and expand its overall end-markets reach, according to a release.

“This acquisition provides an attractive presence in the US market to complement Ceme’s existing strong European and Asian footprint, creating a truly global platform in the industry,” said Andrea C Bonomi, chairman of the Industrial Advisory Board of Investindustrial. “Management will now be focused on continuing to invest in product quality, research & development and leveraging global scale to boost further operating efficiencies.”

Ceme is a manufacturer of highly engineered, precision fluid control solutions with a footprint in Europe and Asia. The firm employs 1,650 people and had a turnover close to €350 million in 2022. It is headquartered in Trivolzio, Italy.

Investindustrial is a European investment and advisory group with more than €11 billion of raised fund capital. The London-headquartered firm provides industrial products and capital to mid-market companies. It has offices in Switzerland, Spain, UK, France, US, Luxembourg, and China.

Standex is a global multi-industry manufacturer with operations in US, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, India, and China.

Robert W Baird acted as financial advisor to Investindustrial, and Skadden, Arps, Slate, Meagher & Flom served as legal advisors.