M&A Deal Summary

Wynnchurch Capital and Clearlake Capital Acquire FloWorks

On January 24, 2023, private equity firms Wynnchurch Capital and Clearlake Capital acquired distribution company FloWorks from TowerBrook Capital Partners, The Stephens Group and Clearlake Capital

Acquisition Highlights
  • This is Wynnchurch Capital’s 5th and Clearlake Capital’s 3rd transaction in the Distribution sector.
  • This is Wynnchurch Capital’s 53rd and Clearlake Capital’s 83rd transaction in the United States.
  • This is Wynnchurch Capital’s 7th and Clearlake Capital’s 13th transaction in Texas.

M&A Deal Summary
Date 2023-01-24
Target FloWorks
Sector Distribution
Buyer(s) Wynnchurch Capital
Clearlake Capital
Sellers(s) TowerBrook Capital Partners
The Stephens Group
Clearlake Capital
Deal Type Secondary Buyout

Target

FloWorks

Pasadena, Texas, United States
FloWorks is a specialty distributor of critical flow control products and a provider of tailored technical solutions for MRO-focused applications. The Company serves customers across chemicals, downstream refining & renewables, high purity & sanitary, and other industrial end markets. Its product categories include valves & automation, corrosion-resistant flow control, rotating equipment, flanges, filters & purifiers, and instrumentation. FloWorks is based in Pasadena, Texas.

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Buyer(S) 2

Buyer

Wynnchurch Capital

Rosemont, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 9.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Wynnchurch Capital is a private equity firm focused on middle-market company investments in the US and Canada. Wynnchurch looks to commit $50 to $750 million of equity per platform. Sectors of interest include manufacturing, business services, logistics, energy and power services, and value-added distribution. Prospective transaction types include management buyouts, recapitalizations, corporate carve-outs, restructurings, turnarounds and growth capital situations. Wynnchurch Capital was formed in 1999 and is based in Rosemont, Illinois.

DEAL STATS #
Overall 65 of 72
Sector (Distribution) 5 of 6
Type (Secondary Buyout) 14 of 18
State (Texas) 7 of 10
Country (United States) 53 of 60
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-19 Industrial Service Solutions

Houston, Texas, United States

Industrial Service Solutions is a provider of industrial field services, repair, and refurbishment of equipment found in most industrial and manufacturing facilities in North America. Industrial Service Solutions was founded in 2007 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-05 Midland Industries

Kansas City, Missouri, United States

Midland Industries is a distributor and manufacturer of more than 25,000 SKUs comprising fittings, couplings, valves, hoses, and related products. The company serves general industrial, hose, fluid power, plumbing, oil and gas, agriculture, water, truck and trailer, power transmission, original equipment manufacturers, and other end-markets. Midland Industries was founded in 1980 and is based in Kansas City, Missouri.

Sell -
Buyer

Clearlake Capital

Santa Monica, California, United States
Category Private Equity Firm
Founded 2006
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.

DEAL STATS #
Overall 87 of 90
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 38 of 39
State (Texas) 13 of 13
Country (United States) 83 of 85
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-03 Knight Energy Services

Houston, Texas, United States

Knight Energy Services is an oilfield rental tool company. It supplies a wide offering of rental equipment and services for drilling, completion, and well control activities serving a diverse base of oil and natural gas E&P operators. Knight Energy Services is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-18 Alteryx

Irvine, California, United States

Alteryx is a provider of self-service data analytics software. Alteryx's software platform enables organizations to dramatically improve business outcomes and the productivity of their business analysts. Alteryx's subscription-based platform allows organizations to prepare, blend, and analyze data from a multitude of sources and more quickly benefit from data-driven decisions. The ease-of-use, speed, and sophistication that its platform provides is enhanced through intuitive and highly repeatable visual workflows. Alteryx was founded in 1997 and is based in Irvine, California.

Buy $4.4B

Seller(S) 3

SELLER

TowerBrook Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 17.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TowerBrook Capital Partners is a private equity firm focused on leveraged buyouts, leveraged build-ups and distressed situation investments throughout North America and Europe. TowerBrook prefers control-oriented investments and actively pursues complex situations that other firms may avoid. Target sectors include consumer services, distribution, beverages, pharmaceuticals, media, technology, communications, software, and healthcare. TowerBrook Capital Partners was established in 2001 and is headquartered in New York City.

DEAL STATS #
Overall 43 of 46
Sector (Distribution) 3 of 3
Type (Secondary Buyout) 10 of 10
State (Texas) 5 of 5
Country (United States) 23 of 24
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-20 IZIPIZI

Paris, France

IZIPIZI is a global eyewear brand, offering a large range of fashionable glasses, combining style and quality at attractive prices. The brand has a broad wholesale network, as well as its own direct to consumer online and retail distribution channels. IZIPIZI was founded in 2010 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-24 TXO Systems

Chepstow, United Kingdom

TXO Systems is a provider of critical telecom network hardware and asset management services which provide solutions to assist with extending the useful life and reducing the carbon footprint of telecom infrastructure through reuse and recycling. TXO Systems was founded in 2005 and is based in Chepstow, United Kingdom.

Buy -
SELLER

The Stephens Group

Little Rock, Arkansas, United States

Investor Investor Investor Investor Investor

Category Family Office
Founded 1933
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Stephens Group is a private investment firm focused on long-term investments in mid-sized companies. The Firm looks to partner with management teams when pursuing acquisitions. Sectors of interest include energy, energy services, business services, industrials, consumer products, consumer services, financial services, healthcare, technology, media, and communications. The Stephens Group was originally established in 1933 and is headquartered in Little Rock, Arkansas.

DEAL STATS #
Overall 24 of 28
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 5 of 6
State (Texas) 10 of 11
Country (United States) 21 of 25
Year (2023) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-08 Quality Valve

Mobile, Alabama, United States

Quality Valve is a distributor of OEM replacement parts for safety and relief valves repair companies. The company utilizes its significant product knowledge, industry-leading selection of parts and quick-turn capabilities to help customers react to valve repairs and ensure safety for end-users around world. Quality Valve was founded in 1994 and is based in Mobile, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-26 CoreLink Surgical

St. Louis, Missouri, United States

CoreLink Surgical is a developer, manufacturer, and marketer of branded spinal implants and surgical instruments, including interbody cage systems, pedicle screw systems, plate systems, biologics, and surgical instruments for cervical, lumbar, and thoracolumbar spinal procedures. CoreLink Surgical is based in St.Louis, Missouri.

Sell -
SELLER

Clearlake Capital

Santa Monica, California, United States
Category Private Equity Firm
Founded 2006
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Clearlake Capital Group is a private equity firm that focuses on corporate divestitures, recapitalizations, buyouts, restructurings, rescue financing, growth capital, turnarounds, and other equity investments. Clearlake seeks to partner with strong management teams by providing long-term capital and operational expertise. Areas of interest include technology, industrials, and consumer. Clearlake Capital Group was formed in 2006 and is based in Santa Monica, California.

DEAL STATS #
Overall 35 of 38
Sector (Distribution) 2 of 2
Type (Secondary Buyout) 9 of 11
State (Texas) 6 of 6
Country (United States) 33 of 35
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-03 Knight Energy Services

Houston, Texas, United States

Knight Energy Services is an oilfield rental tool company. It supplies a wide offering of rental equipment and services for drilling, completion, and well control activities serving a diverse base of oil and natural gas E&P operators. Knight Energy Services is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-18 Alteryx

Irvine, California, United States

Alteryx is a provider of self-service data analytics software. Alteryx's software platform enables organizations to dramatically improve business outcomes and the productivity of their business analysts. Alteryx's subscription-based platform allows organizations to prepare, blend, and analyze data from a multitude of sources and more quickly benefit from data-driven decisions. The ease-of-use, speed, and sophistication that its platform provides is enhanced through intuitive and highly repeatable visual workflows. Alteryx was founded in 1997 and is based in Irvine, California.

Buy $4.4B
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