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.
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.”
Equity firm to buy Standex ADP
April 1, 2012