Wasserstein & Co. (“Wasserstein”), on behalf of its private equity fund
Wasserstein Partners III, today announced that it has entered into a
definitive agreement for the sale of High Pressure Equipment Company
(“HiP”) to Graco Inc. (NYSE:GGG) for $160 million. The transaction is
subject to customary regulatory review and is expected to close in the
first quarter of 2015. HiP has been a portfolio company of Wasserstein
Partners III since June 2012.
"We are very grateful to all of the employees of High Pressure Equipment
Company," said Robert Fogelson, Senior Partner of Wasserstein. "It has
been a particular pleasure to work closely with Larry Loper and Larry
Serafin, who have flawlessly executed on the growth strategy set in
place two and a half years ago."
Dr. Rengarajan Ramesh, Partner of Wasserstein, said, "We wish the HiP
team every continued success. The Company's unique culture and
specialized capabilities will serve it well in moving forward to the
next chapter of its 60-year history."
Lawrence Loper, President of HiP, said, "We have greatly enjoyed our
collaboration with Wasserstein. During Wasserstein’s ownership, HiP has
positioned itself for sustainable, long term growth as we enter our
seventh decade serving the global high pressure industry." Houlihan
Lokey provided financial advice to HiP and Skadden, Arps, Slate, Meagher
& Flom was legal counsel.
About High Pressure Equipment Company
High Pressure Equipment Company is a leading manufacturer of mission
critical valves, fittings, tubing and accessories for use in high
pressure applications. The Company's products operate at pressures up to
150,000 psi and are sold through a global distribution network to
diverse end markets, including oil and gas, waterjet cutting and
blasting, institutional research, chemical and petrochemical. The
Company was founded in 1954 and is headquartered in Erie, PA. For more
information, visit www.highpressure.com.
About Wasserstein & Co.
Wasserstein & Co. is a leading independent private equity and investment
firm, focused primarily on leveraged buyout investments and related
investment activities. Wasserstein & Co. manages capital on behalf of
institutional and individual investors. The firm is focused on
investments primarily in the media and communications, consumer products
and water and industrial sectors. Wasserstein & Co. has offices in New
York and Los Angeles.
For more information, visit www.wasserco.com.
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