M&A Deal Summary

Industrial Growth Partners Acquires Process Insights

On July 18, 2023, private equity firm Industrial Growth Partners acquired test/measurement equipment company Process Insights from Union Park Capital

Acquisition Highlights
  • This is Industrial Growth Partners’ 4th transaction in the Test/Measurement Equipment sector.
  • This is Industrial Growth Partners’ 43rd transaction in the United States.
  • This is Industrial Growth Partners’ 5th transaction in Texas.

M&A Deal Summary
Date 2023-07-18
Target Process Insights
Sector Test/Measurement Equipment
Buyer(s) Industrial Growth Partners
Sellers(s) Union Park Capital
Deal Type Secondary Buyout

Target

Process Insights

Houston, Texas, United States
Process Insights focus on process monitoring, analytics, control, and safety applications around the globe. The company's premium brands are used across a wide range of applications and end markets to ensure safe operations, increase product quality, and attain increasingly higher levels of efficiency and throughput in process industries. Sensors, monitors, detectors, analyzers, instrumentation, and software used in these applications are mission-critical to continually improve quality, reduce disruptions, downtime, and lost productivity, all while managing increasing regulatory complexity and operating cost in industrial processes. Process Insights was formed in 2017 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

Industrial Growth Partners

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 3.4B USD
Size Large
Type Sector Focused
DESCRIPTION

Industrial Growth Partners (IGP) is a private equity firm that invests in privately held, lower middle-market manufacturing and manufacturing services companies. Specific areas of interest include industrial components and equipment, electrical and electronic equipment, process instrumentation and controls, analytical instruments and measuring devices, filtration and pumps, specialty chemicals, plastics, and healthcare/safety equipment. Prospective transaction situations include management buyouts, leveraged buyouts, corporate divestitures, recapitalizations, management buy-ins, and growth capital financings. Target companies typically are profitable and have annual revenues up to $250 million. IGP was formed in 1997 and is based in San Francisco, California.

DEAL STATS #
Overall 44 of 45
Sector (Test/Measurement Equipment) 4 of 4
Type (Secondary Buyout) 20 of 20
State (Texas) 5 of 5
Country (United States) 43 of 44
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-01 ASPEQ Heating Group

St. Louis, Mississippi, United States

ASPEQ Heating Group is a provider of custom-configured electric heating and thermal management products to the industrial, commercial, military, marine, and transportation markets. ASPEQ serves a highly diversified customer base and provides over 30 distinct product categories, including immersion and circulation heaters, duct heaters, tubular elements, unit and comfort heaters, and explosion-proof heaters, among others, as well as integrated controls and spare parts. Products are marketed through a multi-channel approach under the longstanding and well-known INDEECO, Heatrex, AccuTherm, and Brasch brands. ASPEQ Heating Group was formed in 2008 and is based in St. Louis, Mississippi.

Sell $418M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-31 Great North

Edmonton, Alberta, Canada

Redco provides a full suite of wellhead, frac completion products, and related services for blue-chip, oil and gas operators and prides itself on its breadth of products, reputation for quality, and outstanding field service capabilities. Redco is based in Edmonton, Alberta.

Sell $80M

Seller(S) 1

SELLER

Union Park Capital

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2012
Size Middle-Market
Type Sector Focused
DESCRIPTION

Union Park Capital is a private equity firm focused exclusively on industrial technology companies. Target companies provide products and services that are utilized in technical, application specific industrial environments. Union Park will consider lower middle-market opportunities throughout North America and Europe, and generally looks for situations where it can commit $10 to $50 million per investment. Prospective transaction situations include family-held businesses, roll-overs of a portion of existing equity, acquisition financing, take-private transactions, management buyouts, recapitalizations, growth equity investments, and other businesses simply in need of successors. Union Park Capital was formed in 2012 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 2 of 2
Sector (Test/Measurement Equipment) 2 of 2
Type (Secondary Buyout) 2 of 2
State (Texas) 1 of 1
Country (United States) 2 of 2
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-11 Industrial Physics

New Castle, Delaware, United States

Industrial Physics manufactures and markets testing instruments worldwide for measuring physical and analytical properties of a wide range of materials, products, and packaging types including plastics, metals, barrier films, paper, corrugated materials, foil, ink, coatings, cans, medical devices, paints, and surfaces. Industrial Physics was formed in 2014 and is based in New Castle, Delaware.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-30 HydroGeoLogica

Golden, Colorado, United States

HydroGeoLogica provides specialized domestic and international mining consulting services in geologic, hydrogeologic, and geochemical sciences with a focus on mine water and mine waste management. HydroGeoLogica was founded in 2007 and is headquartered in Golden, Colorado.

Buy -
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