M&A Deal Summary

Pelican Energy Partners Acquires Air Relief

On July 18, 2016, private equity firm Pelican Energy Partners acquired machinery company Air Relief from IR

Acquisition Highlights
  • This is Pelican Energy Partners’ 2nd transaction in the Machinery sector.
  • This is Pelican Energy Partners’ 7th transaction in the United States.
  • This is Pelican Energy Partners’ 1st transaction in Kentucky.

M&A Deal Summary

Date 2016-07-18
Target Air Relief
Sector Machinery
Buyer(s) Pelican Energy Partners
Sellers(s) IR
Deal Type Divestiture

Target

Air Relief

Mayfield, Kentucky, United States
Air Relief provides comprehensive aftermarket services, repairs, parts, and upgrades for centrifugal compressors to customers in the general industrial and oil and gas industries. Air Relief’s design-enhanced aftermarket products such as TurboLogix™ System Controllers, Inlet Guide Vanes, CenLube compressor lubricant, and inner coolers all significantly reduce customers’ operating costs. Air Relief was founded in 1985 and is based in Mayfield, Kentucky.

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Buyer(S) 1

Buyer
DESCRIPTION

Pelican Energy Partners is a private equity firm focused on making strategic investments in energy services and manufacturing companies. The Firm typically pursues profitable, established companies across North America with EBITDA generally between $1 million and $10 million. Pelican Energy Partners was formed in 2011 and is headquartered in Houston, Texas.


DEAL STATS #
Overall 8 of 29
Sector (Machinery) 2 of 4
Type (Divestiture) 1 of 4
State (Kentucky) 1 of 1
Country (United States) 7 of 27
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-05 Downhole Technology

Houston, Texas, United States

Downhole Technology LLC is a provider of composite frac plugs used to isolate sections of the wellbore during plug-and-perf hydraulic fracturing operations. Downhole Technology’s simple, patented design improves reliability and offers more efficient pump down and drillout versus competing products. Additionally, Downhole Technology is the only vertically-integrated manufacturer of composite frac plugs in the industry, enhancing product development capabilities and quality control.

Sell $152M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-30 Global Heat Transfer

Humble, Texas, United States

Global Heat Transfer Ltd. engages in manufacturing and repair of radiators, oil coolers, gas coolers and industrial cooling systems for oil and gas, mining and power generation markets. GHT's flagship product, the Jumbotron, is a high-performance radiator engineered specifically for the demands of today's pressure pumping equipment. The Jumbotron's patent-pending cube design offers considerable advantages as compared to legacy horizontal frac radiators, including significant cost savings from reduced downtime and less costly and less frequent maintenance, lower operating costs, greater noise reduction and Tier II/Tier IV engine emissions compliance.

Buy -

Seller(S) 1

SELLER

IR

Davidson, North Carolina, United States

Category Company
Founded 1859
Sector Machinery
Employees18,000
Revenue 6.8B USD (2023)
DESCRIPTION

IR is a manufacturer of highly engineered products, including compressors, liquid ring pumps and blowers for various industrial, medical, environmental, transportation and process applications, pumps used in the petroleum and industrial market segments and other fluid transfer equipment, such as loading arms and dry break couplers, serving chemical, petroleum and food industries. IR was founded in 1859 and is based in Davidson, Wisconsin.


DEAL STATS #
Overall 6 of 8
Sector (Machinery) 1 of 2
Type (Divestiture) 3 of 5
State (Kentucky) 1 of 1
Country (United States) 5 of 7
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-21 Hussmann

Bridgeton, Montana, United States

Hussmann Corp. is a manufacturer of refrigerated display cases and systems.

Sell $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-01 Zinsser Analytic

Frankfurt, Germany

Zinsser Analytic GmbH is a provider of customized laboratory solutions and complementary consumable products. ZA has unique capabilities in developing automated fluid and powder handling systems for the biochemical, pharmaceutical and diagnostic research markets.

Buy -