M&A Deal Summary

The Weir Group Acquires Seaboard International

On November 23, 2011, The Weir Group acquired energy services and equipment company Seaboard International from PNC Mezzanine Capital and Industrial Growth Partners for 675M USD

Acquisition Highlights
  • This is The Weir Group’s 3rd transaction in the Energy Services and Equipment sector.
  • This is The Weir Group’s 2nd largest (disclosed) transaction.
  • This is The Weir Group’s 2nd transaction in the United States.
  • This is The Weir Group’s 2nd transaction in Texas.

M&A Deal Summary
Date 2011-11-23
Target Seaboard International
Sector Energy Services and Equipment
Buyer(s) The Weir Group
Sellers(s) PNC Mezzanine Capital
Industrial Growth Partners
Deal Type Add-on Acquisition
Deal Value 675M USD
Advisor(s) Simmons & Company (Financial)

Target

Seaboard International

Houston, Texas, United States
Seaboard International, Inc. is a wellhead solutions provider that manufactures proprietary, highly engineered wellhead and pressure control equipment. Seaboard also offers related critical field service, equipment repair and frac tree rental.

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Buyer(S) 1

Buyer

The Weir Group

Glasgow, United Kingdom
Category Company
Founded 1871
Sector Engineering
Employees12,391
Revenue 2.6B GBP (2023)
DESCRIPTION

The Weir Group is a global engineering solution provider, we focus on designing, manufacturing and supplying innovative products and expert engineering services for the minerals, oil & gas, and power & industrial markets. The Weir Group was founded in 1871 and is based in Glasgow, United Kingdom.

DEAL STATS #
Overall 9 of 16
Sector (Energy Services and Equipment) 3 of 4
Type (Add-on Acquisition) 9 of 16
State (Texas) 2 of 2
Country (United States) 2 of 7
Year (2011) 2 of 2
Size (of disclosed) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-22 H.I.M Tech

Danwon-gu Ansan-si Gyeonggi-do, South Korea

We are working hard to manufacture and supply the most reliable valve products for various service environments through our technical collaboration with numerous companies throughout the world including 'WEIR VALVE & CONTROL' which is recognized as a world's best company for its long years of experience and accumulated technology. The performance of our products are well recognized in many areas such as nuclear power plants, power generation facilities, fresh water business, environment facilities and petrochemical businesses. In addition, we are developing and manufacturing multi-spring diaphragm actuators and pneumatic rotary actuators whose qualities are well recognized in overseas markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-25 NovaTech

Pennsylvania, Pennsylvania, United States

NovaTech have been making process industries and power grids more reliable, efficient, and secure for over three decades. From utility substations to plastics, steel, chemicals, pharmaceuticals, food and beverage, and nascent alternative energy applications, NovaTech customers provide the energy and materials that the world depends on. NovaTech is proud in turn to provide the products and services that they rely on to do their jobs. Bitronics® Instruments, the D/3® Distributed Control System, and the Orion Substation Automation Platform are Best-in-Class measurement, communication and control technologies used extensively by electrical utilities and Fortune 100 process manufacturers around the world.

Buy $176M

Seller(S) 2

SELLER

PNC Mezzanine Capital

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

PNC Mezzanine Capital is the subordinated debt investing arm of PNC Bank. PNC Mezzanine looks to provide $10 to $50 million of junior capital to middle-market companies in a variety of industries. Prospective companies generally have revenues of $20 million and EBITDA greater than $4 million. Broad sectors of interest include niche manufacturing, value-added distribution, and business or consumer services. PNC will not invest in early-stage or technology-driven businesses; real estate, commodity-based or capital-intensive companies; businesses with high customer or vendor concentration; or declining businesses. PNC Mezzanine was formed in 1989 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 13 of 49
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 3 of 15
State (Texas) 1 of 5
Country (United States) 12 of 47
Year (2011) 3 of 4
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-02 Pacon

Appleton, Wisconsin, United States

Pacon Corporation is an manufacturer, converter and supplier of paper products, educational aids and arts & crafts products, and markets its products worldwide. With facilities in Appleton and Neenah, Wis., as well as Barrie, Ontario, Pacon primarily sells its products into two markets: school and art.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-23 Davis-Standard

Pawcatuck, Connecticut, United States

Davis-Standard designs develop and manufacture extrusion systems and process controls for the flexible web converting, plastics processing, and rubber industries. Davis-Standard manufactures extrusion equipment for the blown film, blow molding, cast film, extrusion coating and laminating, and other applications. Davis-Standard was founded in 1848 and is based in Pawcatuck, Connecticut.

Sell -
SELLER

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 12 of 34
Sector (Energy Services and Equipment) 1 of 2
Type (Add-on Acquisition) 3 of 18
State (Texas) 1 of 2
Country (United States) 12 of 33
Year (2011) 1 of 1
Size (of disclosed) 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-02 Ideal Tridon

Smyrna, Tennessee, United States

Ideal Tridon is a global engineering solutions designer and manufacturer of stainless steel worm gear and specialty clamps and couplings for industrial, heavy duty, plumbing, irrigation, marine and automotive applications. Ideal Tridon was founded in 1913 and is based in Smyrna, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-26 O Brien

St. Louis, Missouri, United States

O'Brien Corp. is a manufacturer of industrial tubing bundles and equipment enclosures used for analytical, instrumentation and mechanical applications in the refining, petrochemical, power generation, offshore oil & gas, pharmaceutical, solar, and semiconductor markets.

Sell $175M
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