New York private equity firm Blue Wolf Capital Partners LLC has agreed to purchase Standex International Corp.’s Air Distribution Products Group. Terms were not disclosed.
New York private equity firm Blue
Wolf Capital Partners LLC has agreed to purchase Standex International Corp.’s Air Distribution
Terms were not disclosed.
The Philadelphia-based company is a
manufacturer of steel duct products for HVAC systems. Chief Executive Officer
Tom Smid and other top executives are expected to remain with the product group,
and will become investors in the company.
“The acquisition of the Air Distribution Products
Group by Blue Wolf affords our business many exciting opportunities,” Smid
said. “We now have a financial partner who is eager to invest in enhancing our
systems and growing our business both organically and through broadening our
presence in the air-distribution market. Blue Wolf’s vision and support,
coupled with our market knowledge and relationships, create a strong team
focused on value creation for our customers and growth.”
Michael Ranson, a Blue Wolf partner, said he
expects big things from Standex Air Distribution Products.
“We are excited about the opportunity to invest in SADP, an
industry leader with deep customer relationships across the country, and a
top-class management team,” he said. “Together we will put Blue Wolf’s proven
operational focus to work as we actively pursue a broad range of opportunities -
including investing in key growth areas such as human capital, customer
relationships, capital equipment and information systems - to grow this dynamic
organization and further strengthen the company’s leadership position.”
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