Wasserstein & Co. to sell High Pressure Equipment Company
ERIE, PA – January 2, 2015– Wasserstein & Co. (“Wasserstein”), on behalf of its private equity fund Wasserstein Partners III, today announced that it has entered into a definitive agreement for the sale of High Pressure Equipment Company (“HiP”) to Graco Inc. (NYSE: GGG) for $160 million. The transaction is subject to customary regulatory review and is expected to close in the first quarter of 2015. HiP has been a portfolio company of Wasserstein Partners III since June 2012.
“We are very grateful to all of the employees of High Pressure Equipment Company,” said Robert Fogelson, Senior Partner of Wasserstein. “It has been a particular pleasure to work closely with Larry Loper and Larry Serafin, who have flawlessly executed on the growth strategy set in place two and a half years ago.”
Dr. Rengarajan Ramesh, Partner of Wasserstein, said, “We wish the HiP team every continued success. The Company’s unique culture and specialized capabilities will serve it well in moving forward to the next chapter of its 60-year history.”
Lawrence Loper, President of HiP, said, “We have greatly enjoyed our collaboration with Wasserstein. During Wasserstein’s ownership, HiP has positioned itself for sustainable, long term growth as we enter our seventh decade serving the global high pressure industry.” Houlihan Lokey provided financial advice to HiP and Skadden, Arps, Slate, Meagher & Flom was legal counsel.
About High Pressure Equipment Company
High Pressure Equipment Company is a leading manufacturer of mission critical valves, fittings, tubing and accessories for use in high pressure applications. The Company’s products operate at pressures up to 150,000 psi and are sold through a global distribution network to diverse end markets, including oil and gas, waterjet cutting and blasting, institutional research, chemical and petrochemical. The Company was founded in 1954 and is headquartered in Erie, PA. For more information, visit www.highpressure.com.
About Wasserstein & Co.
Wasserstein & Co. is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. Wasserstein & Co. manages capital on behalf of institutional and individual investors. The firm is focused on investments primarily in the media and communications, consumer products and water and industrial sectors. Wasserstein & Co. has offices in New York and Los Angeles.
For more information, visit www.wasserco.com.