HARTFORD, Conn.--(BUSINESS WIRE)--BC Partners, a leading international private equity firm, and global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced the completion of their previously announced acquisition of Hamilton Sundstrand Industrial from United Technologies Corporation (NYSE: UTX) in a transaction valued at $3.46 billion. With the sale, the newly independent company is now Neodyne Industries. Neodyne, a manufacturer of highly engineered, mission-critical pumps and compressors for the global industrial, infrastructure and energy markets, operates three global industrial businesses -- Milton Roy, Sundyne and Sullair.
“The Neodyne brand reflects our renewed emphasis on product innovation, engineering and manufacturing excellence. We will focus on our core industrial products businesses while we better position our company for sustained global growth,” stated John Doucette, President and Chief Executive Officer of Neodyne. “Neodyne will continue to deliver strong engineering and proprietary design technology behind all of our industrial products.”
In a joint statement, Carlyle and BC Partners said, “Neodyne has consistently achieved best-in-class performance in its highly engineered products and we are excited about the company’s continued growth prospects, especially in high-value product segments and emerging markets. We believe the combination of our resources and expertise, the company’s experienced leadership and the continued growth trends in the energy, chemicals and industrials sectors will help us achieve a successful future for Neodyne as an independent global company.”
About Neodyne Industries
Neodyne Industries is a leading
global provider of highly engineered industrial solutions and
aftermarket parts and services serving a broad array of end-markets. The
company operates through two strategic platforms: Flow Control and
Industrial Air Compressors and goes to market under the Milton Roy,
Sundyne and Sullair family of brands. The company employs approximately
3,300 people globally and operates 19 high-quality manufacturing
facilities in seven countries across four continents. For more
information, please visit www.miltonroy.com,
www.sundyne.com
and www.sullair.com.
About BC Partners
BC Partners is a leading private equity
firm with advised funds of $16.4 billion. Established in 1986, BC
Partners has played an active role in developing the European buyout
market for 25 years. BC Partners executives operate as an integrated
team through the firm’s offices in North America and Europe, acquiring
and developing businesses to create value in partnership with
management. Since inception, BC Partners has completed over 80
investments in companies with a total enterprise value in excess of $100
billion. The acquisition of Neodyne Industries is the fourth investment
from BC Partners’ ninth fund which held its final closing on $8.8
billion in February 2012. BC Partners has significant expertise in the
industrials sector. Relevant investments include those in Brenntag, a
global leader in chemical distribution, SGB-SMIT Group, a global
manufacturer of power transformers, and Interpump, a leading
manufacturer of high pressure pumps.
BC
Partners – Website
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a
global alternative asset manager with $157 billion of assets under
management across 101 funds and 64 fund of fund vehicles as of September
30, 2012. Carlyle’s purpose is to invest wisely and create value on
behalf of our investors, many of whom are public pensions. Carlyle
invests across four segments – Corporate Private Equity, Real Assets,
Global Market Strategies and Fund of Funds Solutions – in Africa, Asia,
Australia, Europe, the Middle East, North America and South America.
Carlyle has expertise in various industries, including: aerospace,
defense & government services, consumer & retail, energy, financial
services, healthcare, industrial, technology & business services,
telecommunications & media and transportation. The Carlyle Group employs
1,300 people in 32 offices across six continents.
The
Carlyle Group – Website
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Carlyle Group – YouTube Channel
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Carlyle Group - Twitter