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Flowserve makes wireless acquisition
IN BRIEF/NEWS
In Brief • Wood Group has completed the disposal of its Well Support division to GE Energy Manufacturing Inc (see Pump Industry Analyst, February 2011). The deal includes Wood Group ESP, a provider of electric submersible and surface pumps, variable speed controls and system integration to the oil and gas sector. The Well Support division had 2010 revenues of US$947 million and EBITDA of US$166 million. The Wood Group board expects to announce further details of the proposed return of cash to shareholders shortly after the company’s annual general meeting on 11 May 2011. www.woodgroup-esp.com, www. woodgroup.com and www.ge.com/oiland gas • Ampco-Pittsburgh Corp’s Air and Liquid Processing group reported gains in first quarter 2011 sales and operating income over the same period last year due to increased shipments of pumps for the US Navy and coils to the fossil fuel utility market. AmpcoPittsburgh is the parent company of centrifugal pump manufacturer Buffalo Pumps. www.ampcopittsburgh.com and www. buffalopumps.com • Torishima Pump has opened five new offices in Australia; Delhi, India; London, UK; Riyadh, Saudi Arabia; and Madrid, Spain. www.torishima.co.jp • Registration and housing are now open for WEFTEC 2011, the Water Environment Federation’s 84th annual technical exhibition and conference that takes place 15–19 October 2011 in Los Angeles, California. This year’s technical program will feature 115 technical sessions, 27 workshops and eight local facility tours, and the exhibition will have more than 1000 exhibiting companies. 2011 focus areas include facility operations and wastewater treatment; nutrients; collection systems; residuals and biosolids; utility management; water reuse and management; stormwater and green infrastructure; sustainability and energy management; industrial wastewater; and watershed management. www.weftec.org 12
Pump Industry Analyst
Greenbriar Equity acquires Ryan Herco Flow Solutions
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reenbriar Equity Group LLC has acquired filter distributor Ryan Herco Flow Solutions (RHFS) from Morgenthaler Private Equity. RHFS is a distributor of corrosionresistant fluid handling, filtration and flow control products in the US with a growing presence in Asia. Headquartered in Burbank, California, RHFS’s products include filters, filtration systems, pipes, valves, fittings, pumps, instrumentation and other equipment for use primarily in corrosive environments where high purity is critical to the production process or application. The company has a network of 27 distribution centres in the US and a location in Singapore. RHFS serves over 15 000 customers in a range of markets including industrial, semiconductor, water and wastewater, life science, power generation, and food and beverage. “I have been impressed by the distribution industry experience and operating expertise of the Greenbriar team,” said Dave Patterson, president and CEO of RHFS. “Greenbriar has assembled an exceptional group of senior executives and board members to assist the management team as we continue to grow the business.” “Under Dave Patterson’s leadership, RHFS has established a leading position in the specialised markets which it serves,” said John Daileader, managing director of Greenbriar Equity Group. “We are confident that our financial and operational resources, coupled with the experience and commercial success of this management team, will expand both organic and acquisition related growth opportunities for the business.” For further information, visit www.ryanherco.com, www.greenbriarequity.com and www.morgenthaler.com
Flowserve makes wireless acquisition
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lowserve Corp has bought the assets of FEDD Wireless LLC, a small, privately owned wireless data acquisition company based in Houston, Texas, USA.
Flowserve currently uses FEDD technology as part of its Intelligent Process Solutions (IPS) family of products. FEDD has developed proprietary technologies in wireless data acquisition, transmission and integration for industrial use and manufactures sensors, transmitters, receivers and intelligent repeaters. “This transaction provides Flowserve a proven wireless data acquisition technology for use in global industrial markets, a technology that is a key enabler for asset data management and optimization services. We’ll continue to build on our existing capabilities to collect, evaluate and interpret data through the use of these proprietary tools and technologies,” said Tom Ferguson, president, Flow Solutions Group. For further information, visit www.flowserve.com and www.feddwireless.com
Robbins & Myers finalises new credit facility
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obbins & Myers Inc has entered into a new five-year senior unsecured credit facility, replacing its previous credit facility that was scheduled to expire in December 2011. The new credit facility provides for US$150 million of revolving borrowing capacity and includes an expansion option of US$150 million, subject to certain conditions. Borrowings under the credit facility are subject to a pricing grid, with initial borrowings priced at LIBOR plus 125 basis points. The facility was arranged by JP Morgan Securities LLC and the bank group has increased from six to eight banks. “We are pleased to have an expanded group of banks to support our growth strategy,” said Christopher Hix, chief financial officer of Robbins & Myers. “Our new credit agreement includes attractive pricing and flexibility, recognizing our strong financial condition and the bank group’s confidence in the future of the company. The new facility, along with existing cash balances, proceeds from the sale of the Romaco businesses, and future cash flows, gives us ample capacity to fund our operating and strategic growth.” For further information, visit www.robbinsmyers.com
April 2011
In Brief • Wood Group has completed the disposal of its Well Support division to GE Energy Manufacturing Inc (see Pump Industry Analyst, February 2011). The deal includes Wood Group ESP, a provider of electric submersible and surface pumps, variable speed controls and system integration to the oil and gas sector. The Well Support division had 2010 revenues of US$947 million and EBITDA of US$166 million. The Wood Group board expects to announce further details of the proposed return of cash to shareholders shortly after the company’s annual general meeting on 11 May 2011. www.woodgroup-esp.com, www. woodgroup.com and www.ge.com/oiland gas • Ampco-Pittsburgh Corp’s Air and Liquid Processing group reported gains in first quarter 2011 sales and operating income over the same period last year due to increased shipments of pumps for the US Navy and coils to the fossil fuel utility market. AmpcoPittsburgh is the parent company of centrifugal pump manufacturer Buffalo Pumps. www.ampcopittsburgh.com and www. buffalopumps.com • Torishima Pump has opened five new offices in Australia; Delhi, India; London, UK; Riyadh, Saudi Arabia; and Madrid, Spain. www.torishima.co.jp • Registration and housing are now open for WEFTEC 2011, the Water Environment Federation’s 84th annual technical exhibition and conference that takes place 15–19 October 2011 in Los Angeles, California. This year’s technical program will feature 115 technical sessions, 27 workshops and eight local facility tours, and the exhibition will have more than 1000 exhibiting companies. 2011 focus areas include facility operations and wastewater treatment; nutrients; collection systems; residuals and biosolids; utility management; water reuse and management; stormwater and green infrastructure; sustainability and energy management; industrial wastewater; and watershed management. www.weftec.org 12
Pump Industry Analyst
Greenbriar Equity acquires Ryan Herco Flow Solutions
G
reenbriar Equity Group LLC has acquired filter distributor Ryan Herco Flow Solutions (RHFS) from Morgenthaler Private Equity. RHFS is a distributor of corrosionresistant fluid handling, filtration and flow control products in the US with a growing presence in Asia. Headquartered in Burbank, California, RHFS’s products include filters, filtration systems, pipes, valves, fittings, pumps, instrumentation and other equipment for use primarily in corrosive environments where high purity is critical to the production process or application. The company has a network of 27 distribution centres in the US and a location in Singapore. RHFS serves over 15 000 customers in a range of markets including industrial, semiconductor, water and wastewater, life science, power generation, and food and beverage. “I have been impressed by the distribution industry experience and operating expertise of the Greenbriar team,” said Dave Patterson, president and CEO of RHFS. “Greenbriar has assembled an exceptional group of senior executives and board members to assist the management team as we continue to grow the business.” “Under Dave Patterson’s leadership, RHFS has established a leading position in the specialised markets which it serves,” said John Daileader, managing director of Greenbriar Equity Group. “We are confident that our financial and operational resources, coupled with the experience and commercial success of this management team, will expand both organic and acquisition related growth opportunities for the business.” For further information, visit www.ryanherco.com, www.greenbriarequity.com and www.morgenthaler.com
Flowserve makes wireless acquisition
F
lowserve Corp has bought the assets of FEDD Wireless LLC, a small, privately owned wireless data acquisition company based in Houston, Texas, USA.
Flowserve currently uses FEDD technology as part of its Intelligent Process Solutions (IPS) family of products. FEDD has developed proprietary technologies in wireless data acquisition, transmission and integration for industrial use and manufactures sensors, transmitters, receivers and intelligent repeaters. “This transaction provides Flowserve a proven wireless data acquisition technology for use in global industrial markets, a technology that is a key enabler for asset data management and optimization services. We’ll continue to build on our existing capabilities to collect, evaluate and interpret data through the use of these proprietary tools and technologies,” said Tom Ferguson, president, Flow Solutions Group. For further information, visit www.flowserve.com and www.feddwireless.com
Robbins & Myers finalises new credit facility
R
obbins & Myers Inc has entered into a new five-year senior unsecured credit facility, replacing its previous credit facility that was scheduled to expire in December 2011. The new credit facility provides for US$150 million of revolving borrowing capacity and includes an expansion option of US$150 million, subject to certain conditions. Borrowings under the credit facility are subject to a pricing grid, with initial borrowings priced at LIBOR plus 125 basis points. The facility was arranged by JP Morgan Securities LLC and the bank group has increased from six to eight banks. “We are pleased to have an expanded group of banks to support our growth strategy,” said Christopher Hix, chief financial officer of Robbins & Myers. “Our new credit agreement includes attractive pricing and flexibility, recognizing our strong financial condition and the bank group’s confidence in the future of the company. The new facility, along with existing cash balances, proceeds from the sale of the Romaco businesses, and future cash flows, gives us ample capacity to fund our operating and strategic growth.” For further information, visit www.robbinsmyers.com
April 2011