Livingstone puts deal in motion for Apache

  • Oct 2017
  • Industrial
  • M&A: Sell-Side
  • US

Livingstone is pleased to announce the sale of Apache Hose and Belting Company, Inc. (“Apache” or “Company”) to Motion Industries, Inc. (“Motion”), a wholly-owned subsidiary of Genuine Parts Company (NYSE:GPC). Livingstone acted as the financial advisor to Apache.

Apache, founded in 1963 and headquartered in Cedar Rapids, Iowa, has grown to become one of the largest, most well-respected rubber products providers in North America, offering high-quality hose, conveyor belting, cut and molded products as well as custom fabrication and onsite belting services. Apache serves both the industrial and agricultural markets from seven sales and production locations in the United States and its established distribution network.

Motion is a $4.6 billion leading industrial parts distributor of bearings, mechanical power transmissions, electrical and industrial automation, hydraulic and industrial hose, hydraulic and pneumatic components, industrial products, safety products, and material handling.

Apache, a 100% employee-owned company, engaged Livingstone to run a sale process to identify and secure a transaction with the best strategic partner to further support its long-term growth strategies, customers, suppliers, and employees. Tom Pientok, Apache’s President and CEO commented, “From our first interaction with the Livingstone team, they demonstrated a unique awareness and understanding of Apache’s goals and objectives. The senior bankers crafted a tailored transaction process and managed it every step of the way, yielding an outstanding result for all of our stakeholders. We have had a great relationship with the Motion team for many years and this step is really a continuation of our growth strategy.

Partner Andrew Bozzelli, comments, “The Company has differentiated itself in the market by specializing in highly value-added products and services. It was a pleasure representing the Apache team on this transaction, and we are excited for their future with Motion. Apache represents another successful distribution transaction for the firm in the past several months, after also completing the sale of AeroVision to LKQ and Tecnopacking to Bunzl.

Partner Andrew Isgrig commented, “This transaction is an excellent example of our team’s ability to achieve exceptional outcomes for our clients by crafting and executing tailored processes focused on the specific goals and objectives of our clients. The Apache transaction is the 53rd transaction closed by Livingstone in 2017.

Shuttleworth & Ingersoll, P.L.C. served as legal counsel to Apache.

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