M&A Deal Summary

Crest Rock Partners and Ascent Industries Acquire Specialty Pipe & Tube

On November 21, 2014, private equity firm Crest Rock Partners and Ascent Industries acquired energy services and equipment company Specialty Pipe & Tube from Ferguson Waterworks for 32M USD

Acquisition Highlights
  • This is Crest Rock Partners’ 1st and Ascent Industries’ 2nd transaction in the Energy Services and Equipment sector.
  • This is Crest Rock Partners’ and Ascent Industries’ 2nd largest (disclosed) transaction.
  • This is Crest Rock Partners’ 1st and Ascent Industries’ 3rd transaction in the United States.
  • This is Crest Rock Partners’ 1st and Ascent Industries’ 1st transaction in Ohio.

M&A Deal Summary
Date 2014-11-21
Target Specialty Pipe & Tube
Sector Energy Services and Equipment
Buyer(s) Crest Rock Partners
Ascent Industries
Sellers(s) Ferguson Waterworks
Deal Type Divestiture
Deal Value 32M USD
Advisor(s) BB&T Capital Markets (Financial)

Target

Specialty Pipe & Tube

Mineral Ridge, Ohio, United States
Specialty Pipe & Tube is a distributor of hot finish, seamless, carbon steel pipe and tubing, with an emphasis on large outside diameters and exceptionally heavy wall thicknesses. Specialty Pipe & Tube was founded in 1964 and is based in Mineral Ridge, Ohio.

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Buyer(S) 2

Buyer

Crest Rock Partners

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2019
Size Small
Type Sector Agnostic
DESCRIPTION

Crest Rock Partners is a private equity firm that looks to acquire and invest in businesses that can benefit from an operationally focused investor. The Firm will consider a variety of investment situations including corporate divestitures, companies in transition, buyouts, recapitalizations, and growth capital financings. Crest Rock can invest across the capital structure and seeks to commit $15 to $60 million per investment. Sectors of interest include software, technology, business services, manufacturing, and industrial. Crest Rock Partners was formed in 2019 and is headquartered in Denver, Colorado.

DEAL STATS #
Overall 1 of 9
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (Ohio) 1 of 1
Country (United States) 1 of 7
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-17 Unbounce

St. Vancouver, British Columbia, Canada

Unbounce is a provider of conversion optimization tools and technology for marketers that help small and mid-size businesses (“SMBs”) optimize conversions and accelerate growth. Unbounce was formed in 2009 and is based in St. Vancouver, British Columbia.

Buy -
Buyer

Ascent Industries

Oak Brook, Illinois, United States
Category Company
Founded 1945
Sector Manufacturing
Employees514
Revenue 262M USD (2022)
DESCRIPTION

Ascent Industries encompasses a portfolio of highly respected manufacturing businesses including Manufacturers Chemicals, DanChem, CRI Tolling, Bristol Tubular Products, the stainless steel and galvanized pipe and tube operations of Marcegaglia USA, and American Stainless Tubing. Ascent Industries was founded in 1945 and is based in Oak Brook, Illinois.

DEAL STATS #
Overall 3 of 5
Sector (Energy Services and Equipment) 2 of 2
Type (Divestiture) 1 of 1
State (Ohio) 1 of 1
Country (United States) 3 of 5
Year (2014) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-04 Ram-Fab

Crossett, Arkansas, United States

Ram-Fab is a fabricator of custom piping systems. Ram-Fab regularly works with both carbon and exotic metals and can provide complete turnkey fabrication solutions. They serve multiple market segments, including the petro-chemical, water/wastewater, mining, and heavy manufacturing industries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-29 Universal Stainless

Bridgeville, Pennsylvania, United States

Universal Stainless is a producer of semi-finished and finished specialty steel long products and plate, including nickel alloy, stainless steel, tool steel and aircraft quality low alloy steels, in a wide variety of grades and product forms. Universal Stainless was founded in 1994 and is based in Bridgeville, Pennsylvania.

Buy -

Seller(S) 1

SELLER

Ferguson Waterworks

Newport News, Virginia, United States
Category Company
Founded 1953
Sector Distribution
Employees1,900
DESCRIPTION

Ferguson is a diverse wholesale distributor with operations spanning multiple business groups. The company is ranked by trade publications as the largest wholesale distributor of residential and commercial plumbing supplies and pipe, valves and fittings(PVF) in the US. It is also the fourth largest distributor of heating and cooling equipment (HVAC/R) and the second largest company within the waterworks industry.

DEAL STATS #
Overall 1 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 1 of 2
State (Ohio) 1 of 1
Country (United States) 1 of 2
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-09 HP Products

Indianapolis, Indiana, United States

HP Products Corp. is a distributor of janitorial, safety, packaging and laundry/dietary products serving customers in a variety of industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-09 Builders Appliance Center

Englewood, Colorado, United States

Builders Appliance Center LLC is a luxury appliance dealer.

Buy -
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