Exclusive financial advisor to Richards Industries, Inc.
KPMG Corporate Finance LLC is pleased to announce the sale of substantially all of the assets of Richards Industries, Inc. (“Richards Industries” or the “Company”) to Astor Place Holdings (“Astor Place”), the private investment arm of Select Equity Group, L.P. (“SEG”).
About the Engagement
Headquartered in Cincinnati, OH, Richards Industries is a leading manufacturer of highly engineered regulators, valves, and other flow control products. The Company’s products are marketed under a series of distinct brands, including Steriflow Valve® and Jordan Valve®, which serve unique applications that require precise technical attributes. Richards Industries serves a range of end markets including pharmaceutical, food & beverage, chemical, petrochemical, and various industrial processing industries.
“Astor Place is an ideal partner for us as we continue to execute on a range of organic and inorganic growth initiatives. The group’s long-term ownership mentality and deep sector knowledge will enable us to methodically build out additional capabilities,” said Mr. Bruce Broxterman, CEO of Richards Industries.
Astor Place Senior Advisor, Jim Graner, will assume the role of non-executive Chairman of the Board. Mr. Graner brings over 40 years of experience in the flow control sector and was most recently the CFO of Graco, Inc. “Richards’ customer service-oriented culture, custom engineering and competitive manufacturing turnaround times differentiate the Company in the marketplace,” said Mr. Graner. “The Astor Place team and I look forward to working with the management team to grow Richards as a leading flow control platform.”
Mr. Broxterman commented on the transaction, “KPMG’s level of professionalism, knowledge, organization and attention to detail during our entire process has been extraordinary. They have been invaluable to us as a true partner during this entire transaction and I have always felt that they have had our best interest at the forefront of their work. The success of the project was clearly the direct result of KPMG’s expertise as well as the depth of their contacts in the industry.”
About Astor Place Holdings
Astor Place is the private investment arm of Select Equity Group, L.P. It seeks to deploy patient capital in partnership with exceptional management teams to drive long-term value creation in lower middle market North American companies. SEG manages approximately $26 billion across long-only and long-short equity strategies that share a fundamental investment philosophy and centralized research effort.
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The global Corporate Finance practices of KPMG International’s network of independent member firms was ranked #1 as the top M&A middle-market adviser globally by Refinitiv, based on number of completed transactions, for 2018.
KPMG Corporate Finance LLC
KPMG Corporate Finance LLC was recently named Transaction Advisory Firm of the Year by The Global M&A Network, and previously named Investment Bank of the Year by The M&A Advisor. KPMG Corporate Finance LLC provides a broad range of investment banking and advisory services to its domestic and international clients. Our professionals have the experience and depth of knowledge to advise clients on global mergers and acquisitions, sales and divestitures, buyouts, financings, debt restructurings, equity recapitalizations, infrastructure project finance, capital advisory, portfolio solutions, fairness opinions, and other advisory needs.