Last updateThu, 12 Sep 2019 5pm

First Reserve Eyeing SPX Unit to Combine with Trillium

People with inside knowledge of the situation tell Bloomberg that First Reserve and Apollo Global Management LLC are “among the private equity firms interested in the power and energy business being sold by SPX Flow Inc.”

The price tag “is expected to be valued at about $700 million, said the people, who asked not to be identified because they weren’t authorized to speak publicly. First Reserve could combine the SPX unit with its Trillium Flow Technologies, one of the people said.”

EnPro Industries Purchases Aseptic Group

EnPro Industries, Inc. has acquired The Aseptic Group (comprising Aseptic Process Equipment SAS and Aseptic Services SARL), a privately held company which distributes, designs and manufactures aseptic fluid transfer products for the pharmaceutical and biopharmaceutical industries. The Aseptic Group will become part of EnPro’s Garlock family of companies. The business was acquired in a cash transaction.

Victaulic Appoints BlueScope as Distributor

Victaulic has appointed BlueScope Steel as a national distributor of the full line of its mechanical joining products for use in mining and commercial building piping systems. Victaulic products available through BlueScope Steel will include mechanical pipe joining products for a variety of applications.

BlueScope Steel is a major supplier of steel related products across a variety of industries throughout Australia and New Zealand.

Curtiss-Wright EST Group's Rep Expands Territory

The UK-based sales representative for Curtiss-Wright Industrial Division’s EST Group, Mactech Europe Ltd., will be expanding their territory coverage to include Ireland. This expansion will assist EST Group in reaching their growing customer base across Europe in the petrochemical, refining, power generation, LNG, offshore, ship building, industrial maintenance and installation market sectors.

IMI Announces the Proposed Acquisition of Specialty Valve Manufacturer PBM

IMI plc ("IMI" or the "Group") announces the proposed acquisition of PBM Inc., ("PBM") PBM will become part of IMI's Critical Engineering division. The proposed acquisition of PBM is fully aligned with IMI's strategy and represents an important opportunity to broaden IMI Critical Engineering's offering into attractive, adjacent markets. Closing is expected to take place within the next two months, subject to normal merger filings.

PBM overview
PBM is a manufacturer of high-quality industrial valves and flow control products. The company is based in Irwin, Pennsylvania, USA and end-markets include Pharmaceutical / Biotechnology, Consumer Products and Chemical. In its largest segment Pharma / Biotechnology, PBM enjoys a leading market position in the US. The company is owned by the senior management team who will remain with the business post-acquisition, apart from the retiring Chairman.

Transaction highlights

  • The acquisition extends IMI Critical Engineering's market presence into new, growing segments - including Pharmaceutical / Biotechnology - fully in-line with IMI's stated strategy.
  • PBM's reputation for responding quickly to customer needs and developing solutions to industry problems are characteristics that fit well with IMI's operating model.
  • PBM enjoys strong distributor and representative relationships - particularly within its main US markets. There are clear opportunities to broaden the market access of both PBM and IMI through their respective routes to market.
  • The sharing of best practice between the businesses will facilitate further operational improvement at PBM.
  • PBM will be both margin and earnings accretive to IMI.
  • The acquisition will deliver a financial return in excess of IMI's cost of capital by the end of year three, before revenue synergies, thereby maintaining the Group's record of strict financial discipline. 

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