Bacharach Inc, a portfolio company of FFL Partners, has acquired Pennsylvania-based Neutronics Inc, a provider of refrigerant and gas analyzers. No financial terms were disclosed. BDO Capital Advisors LLC advised Neutronics while Houlihan Lokey Inc and Kirkland & Ellis advised FFL and Bachrach.
New Kensington, PA – July 9, 2018 – Bacharach, Inc., a leading provider of HVAC-R gas instrumentation and energy management solutions and a portfolio company of FFL Partners, today announced the acquisition of Neutronics Inc. (“Neutronics” or “the Company”), a world-class provider of refrigerant and gas analyzers.
Neutronics’ technologies serve the automotive and commercial HVAC markets, and provide high-purity oxygen analyzers to the semi-conductor industry, and self-contained breathing units to the safety and rescue industry. Financial terms of the private transaction were not disclosed.
The combination of Bacharach and Neutronics will significantly strengthen Bacharach’s ability to provide the worldwide HVAC-R and Automotive markets with high quality Fixed and Portable Gas Test and Measurement Instrumentation.
“Neutronics is the established leader in refrigerant identifiers for the global automotive and HVAC-R industries and has complimentary NDIR sensor technology in its instruments, which are designed and manufactured in its Exton, Pennsylvania facility,” said Doug Keeports, CEO of Bacharach. “This acquisition aligns well with Bacharach’s strategic plan and strong focus on growing our market leadership in instrumentation and refrigerant monitoring, as well as compliments Bacharach’s expertise and strengths in the combustion and emissions analysis markets. We are happy to welcome the Neutronics team and look forward to continue growing our combined business.”
Neutronics will continue to carry its existing brand and operate under the leadership of Gary Halpern, President, and David Halpern, COO, who joined their father Terry Halpern at the company over 40 years ago. Terry founded the business in 1976 with a focus on the measurement and control of oxygen and other gases for safety, environmental, and general industrial applications.
Gary, David and their Executive Team bring over 150 years of industry experience to the Bacharach team. Neutronics will operate as a wholly owned subsidiary of Bacharach and management teams of both businesses will work to leverage their combined strengths, while providing its customers and supplier partners with the same high quality service as always.
Neutronics was advised by BDO Capital Advisors, LLC, while FFL and Bachrach were advised by Houlihan Lokey, Inc., and Kirkland & Ellis.
Bacharach is a provider of cleantech solutions for gas and refrigerant leak detection, combustion and emissions analysis instrumentation, and energy management for commercial and industrial applications. Bacharach products make the heating, ventilation, air-conditioning and refrigeration (HVAC-R) industries safer, cleaner, and more energy efficient, enabling customers to increase productivity, reduce costs, and protect lives and the environment. Please visit www.mybacharach.com for additional information.
Neutronics Inc. is a world-class provider of gas analysis and gas handling technologies. The three operating divisions, Neutronics Refrigerant Analysis, Gas Analysis Solutions, and Biomarine Inc., provide state-of-the-art products and services for commercial, industrial, governmental, and military clients around the world. Please visit www.neutronicsinc.com for additional information.
About FFL Partners
FFL Partners is a San Francisco-based private equity firm with over $4.5 billion under management. For over fifteen years, the firm has helped build industry-leading companies, providing capital and advice to exceptional management teams to grow businesses and unlock value. FFL has deep experience in investing and operations, and has brought large-company best practices and professional networks to smaller companies. Business growth has provided over 75% of the value created by FFL for its investors. FFL invests in business services, industrials, consumer products and services, financial services, and healthcare services. For additional information about FFL, please visit FFL’s website at www.fflpartners.com.