Livingstone’s Industrial sector team is pleased to announce that Global Power Equipment Group, Inc. has acquired Koontz-Wagner Custom Controls Holdings LLC, a portfolio company of Chicago-based private equity fund High Street Capital.
Global Power will fund the $31.5m purchase price from existing cash. Indiana-based Koontz-Wagner is a leading manufacturer and integrator of engineered packaged control house solutions for the energy, oil & gas and electrical industries. The addition of Koontz-Wagner’s engineered packaged control house solutions will expand Global Power’s product offering, and supports its global expansion into adjacent infrastructure products and services. In 2011, Koontz-Wagner had revenue of $34m.
“Koontz-Wagner is a terrific fit for the Global Power business,” said Luis Manuel Ramírez, President and Chief Executive Officer of Global Power. “Koontz-Wagner complements our current customer offering, as well as expands our reach in the rapidly expanding energy segments. It also represents a significant step forward in realising our strategic goal to establish Global Power as a leader in the design and manufacture of natural gas turbine auxiliary equipment. With this first important step, we are well positioned to continue to invest in growth through acquisitions and global expansion.”
“Koontz-Wagner has established a superior reputation manufacturing highly engineered packaged control house solutions, and provides a strategic product line addition to Global Power,” commented Koontz-Wagner CEO Mike Pound. “Livingstone’s guidance and deal expertise throughout the acquisition process was critical to the successful closing of the transaction.”
“We’re proud to have advised Koontz-Wagner and High Street on a successful sale,” said Livingstone Chicago’s Vice President Karl Freimuth. “Livingstone’s Industrial team facilitated a competitive global auction process, and we are pleased to have found the ideal long-term partner for Koontz-Wagner in Global Power.”
Global Power is another in a long line of global strategic counterparties to recent Livingstone transactions, which includes Anheuser-Busch InBev, Chart Industries, Hubbell, ITT Exelis, Mattel, Middleby Corp., Pearson and TE Connectivity.