Windjammer Capital has sold RegO, a maker of cryogenic gas flow control products, to Dover Corporation. The price of the deal was $631 million.
Windjammer Capital (“Windjammer”) is pleased to announce it has sold Engineered Controls International, LLC (“RegO” or the “Company”) to Dover Corporation for $631 million in cash, subject to customary purchase price adjustments.
RegO has manufactured cryogenic gas flow control products since 1908. Today the company has pioneering solutions for liquified petroleum gas (LPG), liquefied natural gas (LNG) and cryogenic industrial gas applications.
Windjammer acquired RegO in 2013. During its ownership, Windjammer added key senior managers to RegO’s leadership team and supported the Company’s growth through product innovation, an expansion of sales channels, and investment in manufacturing excellence. Under Windjammer’s ownership, Rego completed two strategic acquisitions to enhance its product offering and further accelerate growth.
Rob Quandt, Managing Director at Windjammer, said, “We congratulate Mike Lucas and the Rego team for their leadership. RegO has always had a best-in-class reputation for quality in an industry where safety and product reliability are critical. Under Mike’s leadership, RegO became a more growth-focused company, making significant investments in new products, and staking out a leadership position in rapidly growing clean energy technologies, including LNG and hydrogen.”
Mike Lucas, President and CEO of RegO, commented, “Windjammer has been a great partner and has provided valuable support and resources to assist RegO as we executed on our long-term strategic plan. Their growth-oriented approach, coupled with strategic, financial, and operational advice helped us accelerate new product development, sharpen our sales strategy, and expand our manufacturing capacity, ultimately driving growth.”
RegO was advised by Harris Williams, and co-advised by BlackArch Partners and Stifel, and Kirkland & Ellis provided legal counsel.
Windjammer Capital is a national private equity investment firm, based in Newport Beach, CA and Waltham, MA that invests control equity in middle-market businesses and in partnership with management. Since its founding in 1990, Windjammer has managed over $2 billion of committed capital with respect to its control equity investment strategy, and since inception has completed over 60 platform investments and more than 160 strategic add-ons. The firm targets investments in companies that are leaders in attractive niche markets and share several of the following characteristics: significant and defensible market positions; differentiated products and services; strong management teams; scalable business models; identifiable growth opportunities; and consistent financial performance. www.windjammercapital.com