Sun Capital Partners Inc has acquired Curtiss-Wright’s downstream oil and gas business units. The acquisition included DeltaValve and TapcoEnpro International. No financial terms were disclosed.
BOCA RATON, FL – June 1, 2015 – Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that an affiliate has completed the acquisition of the downstream oil & gas business units of Curtiss-Wright Corporation (NYSE: CW), which include DeltaValve, TapcoEnpro International (“TEI”), and GROQUIP. Terms of the private transaction were not disclosed.
The acquired businesses deliver a range of products and services to the petroleum refining industry.
DeltaValve manufactures a variety of highly engineered flow control products and solutions that enhance the heavy crude refining process and improve both safety and efficiency. DeltaValve’s product offering includes automated valves, actuators and other ancillary products integral to the delayed coking process of refineries, and also provides aftermarket service and maintenance on its installed base. The business is a leader in technology and innovation, revolutionizing the de-coking process through the introduction of automated valves in 2001.
TEI provides highly-engineered solutions for the fluid catalytic cracking process of refineries, and has a market leading installed base of valves. Given the level of customization of its products, TEI also performs aftermarket maintenance/service work on a vast majority of its installed valves.
GROQUIP supplies pipeline and offshore valve and actuation services to oil and gas production and exploration industries, relief valves, pressure storage devices, and rupture discs to the chemical, petrochemical and refining markets, and provides field and in-shop engineering servicing for pressure relief and specialty valves.
The companies will continue to operate through their existing facilities which are located in Texas, Louisiana, Utah and Barnsley, UK.
“Given their strong market positions and world class product offerings, these combined businesses are poised for success as a preferred producer of safety-critical and process critical valves and related services for the petroleum refining industry,” said Aaron Wolfe, Managing Director at Sun Capital. “We look forward to working with management, as our deep experience transitioning successful corporate subsidiaries into thriving standalone businesses will help these companies achieve their full potential.”
“We look forward to working with DeltaValue, TapcoEnpro and GROQUIP as we have been impressed with the strength of their collective product offering, strong customer relationships and focus on innovation and development,” said Jared Wien, Principal at Sun Capital.
Sun Capital Partners has significant experience in completing corporate carve-out transactions through current and former affiliated portfolio companies including Aclara, a vendor of Advanced Meter Infrastructure solutions; American Standard Brands, a manufacturer of a wide range of high quality kitchen and bath products; Emerald Performance Materials, a global producer and marketer of specialty chemicals for niche consumer and industrial end-markets; and Robertshaw, a design, engineering and manufacturing company that sells an extensive range of critical components and control systems.
“We are excited to utilize the breadth of resources and capabilities provided by Sun Capital,” said Ruben Lah, General Manager of DeltaValve.
“We look forward to continuing to provide market-leading products and services to customers worldwide,” added Mark Kraemer, General Manager of TEI.
About Sun Capital Partners, Inc.
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemical, building products, automotive, restaurant and retail sectors. Since 1995, Sun Capital has invested in more than 315 companies worldwide across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Paris, Stockholm and Shenzhen. For more information, visit www.SunCapPart.com.