Astor Place Holdings, the private investment arm of Select Equity Group, L.P., has acquired substantially all of the assets of Richards Industries, Inc. Terms of the transaction were not disclosed.
CEO Bruce Broxterman and the management team will remain in their current roles. Astor Place Senior Advisor Jim Graner will assume the role of non-executive Chairman of the Board. Graner brings over 40 years of experience in the flow control sector and was most recently the CFO of Graco, Inc.