Sentinel Capital Partners has sold IEP Technologies to HOERBIGER Group. No financial terms were disclosed. Based in Marlborough, Massachusetts, IEP is a provider of explosion protection systems and services.
PRESS RELEASE
NEW YORK, September 2, 2015 – Sentinel Capital Partners, a private equity firm that invests in promising companies at the lower end of the middle market, today announced the sale of IEP Technologies, a leading global, industrial explosion protection company, to Switzerland-based HOERBIGER Group. Terms of the transaction were not disclosed.
Headquartered in Marlborough, Massachusetts, IEP provides systems and services that detect and suppress combustible dust or vapor explosions in process industries, including best-in-class explosion protection systems, design engineering, replacement parts, and service and support to its global customer base. IEP was created two years ago through a carveout of the industrial explosion protection businesses of United Technologies Corp. Each business represented a legacy brand, operating in its own geographic market. Under Sentinel’s ownership, management integrated the legacy businesses and created the global IEP Technologies brand. Today, IEP operates under one brand from locations in the U.S., Germany, Switzerland, France, Turkey and the United Kingdom.
“Our investment in IEP began as a complex carveout and included the integration of five separate global business units spread across multiple locations throughout the U.S. and Europe,” said Eric D. Bommer, a partner at Sentinel. “During our ownership, management built a freestanding business that became the leader in a highly specialized, niche industry. We are proud to have been associated with such an outstanding business and are confident that IEP will continue to excel under the leadership of its talented management team.”
Under Sentinel’s ownership, IEP successfully completed a number of important strategic initiatives that resulted in a fully integrated, global platform, unified systems and infrastructure, and strong management architecture. In transitioning to a standalone business, IEP relocated to new facilities in Germany, the United Kingdom, and Massachusetts, expanded into new geographies and markets, and expanded its customer base. During this transformation, IEP also increased its revenue and profitability.
“We are very excited about what we have achieved in partnership with Sentinel. Their support and long-term perspective helped us perform well and also positioned us for continued success,” said Randy Davis, CEO of IEP Technologies. “This is an exciting time for our company, as IEP prepares for the next stage of growth. Under the umbrella of the HOERBIGER Group, we will have exceptional opportunities to execute our successful growth strategy long-term.”
Other Sentinel investments in specialty industrial businesses include Alemite (industrial lubrication equipment); Chase Doors (specialty door systems); Chromalox (precision heating technology); Colson (casters and wheels); Engineered Controls International (pressure regulators, valves); Fasloc (underground mine roof support systems); LTI Boyd (rubber and plastic sealing systems); PlayCore (commercial playground and recreation equipment), and RotoMetrics (precision rotary tooling).
About Sentinel Capital Partners
Sentinel Capital Partners specializes in buying and building businesses at the lower end of the middle market in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings, and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.
About HOERBIGER
HOERBIGER is active throughout the world as a leading player in the fields of compression technology, drive technology and hydraulics. In 2014, its 7,000 employees achieved sales of approximately 1.1 billion euros. The HOERBIGER brand is synonymous with performance-defining components in compressors, industrial engines and turbines, automobile transmissions, and multifaceted mechanical engineering applications. Innovations in attractive technological market niches are the basis for components, systems and services that offer unique selling propositions and long-term benefits for the customer. We set standards. For more information about HOERBIGER, visit www.hoerbiger.com.
About IEP Technologies
IEP Technologies is the worldwide leading provider of explosion protection systems and services and operates through locations in the U.S., Germany, Switzerland, France, Turkey, and the United Kingdom. IEP Technologies offers the industry’s leading array of industrial explosion systems, design engineering, replacement parts, material testing, and service and support to its global customers around the world. Please visit www.ieptechnologies.com for more information.
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