RECENT RELEASESHarvest Partners, LP Reaches Definitive Agreement to Sell FCX Performance
NEW YORK, NYJANUARY 9, 2018
Harvest Partners, LP (“Harvest”), a New York-based private equity firm, announced today that it has reached a definitive agreement to sell FCX Performance, Inc. (“FCX Performance”, “FCX” or the “Company”) to Applied Industrial Technologies (NYSE: AIT) (“Applied Industrial Technologies” or “AIT”), a leading value-added industrial distributor of bearings, power transmission products, fluid power components and other industrial supplies. The sale is expected to close within 30 days. After the closing, Tom Cox, FCX’s Chief Executive Officer, and the rest of the management team will continue to lead the business and the Company will remain headquartered in Columbus, Ohio.
FCX Performance is a leading distributor of mission-critical products and value-added services to end users, OEMs and contractors across the industrial process, oil and gas, power, life sciences, municipal and commercial markets. The Company is known for its technical application expertise and offers customers a full range of valves and automation, pumps and seals, process instruments, steam and piping products, and related equipment, all backed by a full complement of life-cycle services.
Tracing its origins to 1984, FCX has grown to 68 locations serving 43 states with more than 1,000 team members, including over 300 service and repair technicians. Since the Company’s acquisition by Harvest in 2012, FCX has completed 13 strategic acquisitions to expand its product and service capabilities as well as broaden the Company’s geographic footprint.
Tom Cox said: “Harvest was instrumental in our growth over the years as we have expanded to become the leading technical flow control platform, and we are extremely excited for our team members, customers and suppliers to partner with AIT to build upon our combined success.”
Michael DeFlorio, Partner of Harvest Partners, said: “It has been a pleasure working with Tom and his team to nearly triple revenue and significantly expand capabilities to best serve FCX customers.” Stephen Carlson, Partner of Harvest Partners, added: “AIT is combining market leaders in fluid power and flow control and we are excited to track the future progress of the combined organization.”
Robert W. Baird & Co. and Stephens Inc. acted as financial advisors and White & Case LLP acted as legal advisor to FCX. James Mitchel of Harvest Partners also worked on the transaction.
About Harvest Partners
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the industrial services, manufacturing and distribution, business services and consumer, and healthcare services sectors. This strategy leverages Harvest Partners’ more than 35 years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit www.harvestpartners.com.