Harvest Partners, LP, a New York-based private equity firm, has acquired FCX Performance Inc., in partnership with management, from Sterling Investment Partners.
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Sterling will maintain an ownership stake in the company.
FCX, Columbus, OH, is a specialty process flow control distribution company. The company’s target end markets include chemicals; upstream, midstream and downstream oil and gas; power; steel; pulp and paper; pharmaceuticals; food and beverage and general industrials.
FCX is No. 37 on MDM’s list of the top 40 industrial distributors. It has been growing rapidly via acquisition in recent years, growing its geographic reach with 13 acquisitions since it was formed in 1999. It has 24 locations serving 32 states.
FCX also provides complementary products including valves, instruments, pumps, hoses, fittings and process flow control equipment, supported by technical expertise, integration, repair and ancillary services.
FCX’s management team, including founder and CEO Charles M. Simon, President and CFO Charles Hale, Executive Vice President Chris Hill and CIO Russ Frazee, has been in place since 1999 and will continue to lead the company and maintain a significant investment.
Hale was featured on a panel in the recent MDM Webcast, the 2012 Distribution M&A Update. Get a copy of that webcast here.
“With the support of Harvest, FCX will accelerate its long-held strategy of expanding its geographic footprint and broad portfolio of mission-critical products and services through both organic and acquisition growth initiatives,” said Simon.
“As an industrial distributor focused on the process and energy verticals, FCX is positioned at the intersection of two investment focus areas in which Harvest has a longstanding commitment," said Christopher D. Whalen, managing director at Harvest. "… Support for FCX’s continuing role as a leading consolidator of the flow controls industry is a central tenet of our investment strategy.”