Innova Global Inc, which is backed by Canadian private equity firm TriWest Capital Partners, has acquired Braden, a provider of auxiliary equipment for gas turbines. The seller was Global Power Equipment Group. No financial terms were disclosed. Also included in the deal are Tulsa-based Braden Manufacturing LLC, an Auburn, Massachusetts-based Consolidated Fabricators and Netherlands-based Braden-Europe.
CALGARY, Oct. 12, 2017 /PRNewswire/ – INNOVA Global Ltd. (INNOVA), an international leader in emissions and noise control, announced today that it has acquired the shares of the multinational gas turbine auxiliary equipment specialist, Braden, from Global Power Equipment Group. The acquisition includes Braden Manufacturing LLC (BUSA) in Tulsa, Consolidated Fabricators (CFI) in Auburn, Massachusetts and Braden-Europe (BEUR) located in Heerlen, the Netherlands.
The acquisition of Braden allows INNOVA to expand its global reach with added market presence in North, Central and South America, as well as Europe, the Middle East, North Africa, China and, Australasia.
INNOVA’s President and CEO Harry Wong said the combination of INNOVA and Braden brings together strong project experience and the product offering of two global leaders in their fields. “As a result of this transaction, INNOVA will expand its international footprint into Europe, China, the Middle East and North Africa as well as strengthen its presence in the US and the Americas”, Mr. Wong said. “Importantly, the clients of the combined entity will benefit greatly from the breadth of prequalified product designs and solutions to service its clients worldwide.”
“We look forward to strengthening our operations through extension of the technical capabilities, global supply chain, and expansion of product offerings through the combined INNOVA-Braden team,” he said. “Similarly, we also plan to work with the strong CFI team to strengthen its product offering to existing clients and to manufacture some of their current specialized parts.”
“Braden Europe provides INNOVA with an important base within the European Union and a pathway to offer additional products and services to clients within BEUR’s geographical markets.”
Braden has a unique gas turbine aftermarket retrofit and parts business, which offer clients the option of upgrading and improving auxiliary equipment requiring repairs or replacement – from filter houses to exhaust silencers and stacks, diverter dampers, and a complete line of in-duct products. “This aftermarket and retrofit operation will add a new dimension to INNOVA’s product and service offering which we plan to support with our in-house construction group and grow into a much larger business,” Mr. Wong said.
The Braden transaction, follows INNOVA’s acquisition earlier this year of the liquidated intellectual property assets of Express Integrated Technologies (EIT) a leader in Selective Catalytic Reduction Systems and Once Through Steam Generators (OTSGs).
Braden, headquartered in Tulsa, Oklahoma, and Heerlen, the Netherlands, is an international leader in the power generation industry for the design, manufacture, installation and retrofit of auxiliary equipment for gas turbines including filter houses, inlet cooling systems, anti-icing systems, intake silencers, expansion joints, diverter dampers, exhaust silencers, exhaust stacks and Selective Catalytic Reduction systems.
Its in-house engineering capabilities also include: 3-D solid modeling of complex shapes; computational fluid dynamics; structural design analysis; thermal, buckling and vibration frequency analysis; finite elemental analysis; and acoustical testing and analysis.
The company was founded in 1923 by Glenn T. Braden and now has more than 160 employees with specialized engineering staff in the United States and the Netherlands, and relationships with fabrication specialists in over 30 countries. Consolidated Fabricators has been in business since 1971 and operates 50,000 square feet of office and manufacturing space in Auburn, Massachusetts.
About INNOVA Global:
INNOVA Global, formerly ATCO Emissions Management, ATCO Noise Management and Higgott-Kane, is an international, fully integrated engineering, fabrication, procurement and construction management company that primarily serves clients in the power generation, oil and gas, petrochemical and industrial sectors. Over the past four decades, the company has developed a full-service suite of specialized solutions involving air and noise emissions control, acoustic consulting, gas turbine auxiliary systems, heat recovery systems, oil and gas facilities, and turnkey buildings.
INNOVA Global has offices throughout North America and overseas, with in-house fabrication facilities in Monterrey, Mexico and St. George, Utah.
About TriWest Capital Partners:
TriWest Capital Partners is a major shareholder of Innova Global. Founded in 1998, TriWest Capital Partners is one of Canada’s leading private equity firms with over $1.25 billion of committed capital. Based in Western Canada, TriWest makes significant investments in established, well-run companies with a proven track record of success and a sustainable competitive advantage, with experience in a broad range of industries, including the service, manufacturing and distribution sectors. The TriWest team consists of a group of professionals with significant operational, financial and transactional experience. TriWest works closely with management and Limited Partners, proactively putting in place a strategy that maximizes growth potential and value creation by emphasizing operational excellence and an efficient capital structure.