24th Apr 2015 07:11
LONDON (Alliance News) - JZ Capital Partners Ltd Friday said it has acquired Midwest Valve Parts alongside investment partner The Edgewater Funds as a bolt-on to Industrial Services Solutions' existing Specialty Products Group.
The deal marks the acquisition made into Specialty Products Group, following those of Worthington Compressors and Parts Service International.
In a statement, the private equity fund said that Midwest Valve Parts supplies replacement parts for valves, actuators, and related equipment to valve remanufacturers. The acquired company also supplies to direct to end users in oilfield services, power generation, mining, and process industries such as refineries, chemical plants and pharmaceutical companies.
The acquisition was funded with USD3.8 million in third party debt and a USD0.5 million subordinated seller note. JZ said it owns about 34% of the combined entity.
"MVP is an excellent addition to our Industrial Services platform. Together with the management team, we look forward to integrating MVP into our Specialty Products Group and helping to further grow this already strong asset," David Zalaznick, JZ's founder and investment advisor, said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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