M&A Deal Summary

Spirax-Sarco Engineering Acquires Chromalox

On May 26, 2017, Spirax-Sarco Engineering acquired electrical equipment company Chromalox from Irving Place Capital for 415M USD

Acquisition Highlights
  • This is Spirax-Sarco Engineering’s 1st transaction in the Electrical Equipment sector.
  • This is Spirax-Sarco Engineering’s largest (disclosed) transaction.
  • This is Spirax-Sarco Engineering’s 5th transaction in the United States.
  • This is Spirax-Sarco Engineering’s 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2017-05-26
Target Chromalox
Sector Electrical Equipment
Buyer(s) Spirax-Sarco Engineering
Sellers(s) Irving Place Capital
Deal Type Add-on Acquisition
Deal Value 415M USD

Target

Chromalox

Pittsburgh, Pennsylvania, United States
Chromalox, Inc. is a provider of electrical products, systems and solutions for industrial process heating and temperature management. Chromalox, Inc. was founded in 1915 and is based in Pittsburgh, Pennsylvania.

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Buyer(S) 1

Buyer

Spirax-Sarco Engineering

Cheltenham, United Kingdom
Category Company
Founded 1888
Sector Engineering
Employees10,000
Revenue 1.7B GBP (2023)
DESCRIPTION

Spirax-Sarco Engineering is a multi-national industrial engineering group that has its headquarters in Cheltenham, England. The Group comprises two leading businesses: Spirax Sarco for steam specialties and Watson-Marlow for niche peristaltic pumps and associated fluid path technologies.????????????????????????????????????????????????????????????????????????????????????????? From the food and beverage industry to precious metal processing, Company help customers to implement environmentally friendly solutions for energy and water savings, process efficiency, product quality and improvements in plant health, safety and regulatory compliance. Spirax-Sarco Engineering was founded in 1888 and is based in Cheltenham, United Kingdom.

DEAL STATS #
Overall 17 of 19
Sector (Electrical Equipment) 1 of 2
Type (Add-on Acquisition) 11 of 13
State (Pennsylvania) 1 of 1
Country (United States) 5 of 5
Year (2017) 2 of 2
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-03 Gestra AG

Bremen, Germany

Gestra AG specialises in the design and production of valves and control systems for steam and fluid process control. Gestra, which has its headquarters in Bremen, Germany, is a technology leader in advanced industrial boiler control systems.

Buy €186M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-13 Thermocoax

Suresnes, France

Thermocoax is a manufacturer of customised thermal solutions and temperature measurement systems based on mineral insulated cable technology. Thermocoax was founded in 1957 and is based in Suresnes, France.

Buy -

Seller(S) 1

SELLER

Irving Place Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 4.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Irving Place Capital (formerly Bear Stearns Merchant Banking) is an independent private equity firm focused on making investments in middle-market companies located in North America and Western Europe. Irving primarily looks for opportunities in the retail, financial services, consumer products and packaging sectors, but will also consider investments in other traditional and service based businesses such as restaurants, transportation/logistics, healthcare, energy, and industrial products/services. The Firm's target investment size is $50 to $250 million of equity capital and EBITDA in excess of $7 million. Prospective transaction situations include traditional management buyouts, growth capital financings, divestitures, consolidations, and recapitalizations. Irving Place is based in New York City.

DEAL STATS #
Overall 32 of 39
Sector (Electrical Equipment) 1 of 1
Type (Add-on Acquisition) 15 of 17
State (Pennsylvania) 2 of 2
Country (United States) 26 of 32
Year (2017) 3 of 3
Size (of disclosed) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-10 National Surgical Healthcare

Chicago, Illinois, United States

National Surgical Hospitals, Inc. partners with orthopedic surgeons and neurosurgeons to build specialty hospitals through development of de novo specialty hospitals, and by acquiring and converting ambulatory surgery centers into specialty hospitals.

Sell $760M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-15 Coker Tire

Chattanooga, Tennessee, United States

Coker Tire is a provider of collector vehicle enthusiasts with tires and wheels for many applications. With such brands as Firestone, Michelin, U.S. Royal, and BFGoodrich, the product line at Coker Tire is filled with high-quality bias ply and radial tires. Coker Tire was founded in 1958 and is based in Chattanooga, Tennessee.

Buy -
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