Watlow® Signs Agreement to Sell to Tinicum L.P.
2/5/2021 12:00:00 AM
Watlow®, an industry leader in the design and manufacture of complete thermal systems, announced that it recently signed a definitive agreement to sell to Tinicum L.P. and expects to close the deal as quickly as reasonably possible pending receipt of customary regulatory approvals. The financial terms of the deal were not disclosed, although Desloge family shareholders will continue to have minority ownership in the nearly 100-year-old company. In addition, the company headquarters will remain in St. Louis, Missouri.
Over the course of the last 15 years, Watlow has transformed itself into a world class, diversified, industrial technology company providing innovative thermal solutions to many of the world’s largest companies in industries such as semiconductor manufacturing, sustainable power generation, environmental technologies and medical equipment manufacturing. Watlow’s business transformation has resulted in tremendous growth opportunities.
To realize these opportunities, Watlow is accelerating internal investments to rapidly scale its business globally, including growing its presence in all regions, advancing key technologies such as Industry 4.0, adding strategic capabilities through acquisitions and strengthening and expanding operating capabilities and capacity. In order to more rapidly achieve these strategies Watlow chose Tinicum as a partner that will continue Watlow’s legacy while helping to fund significant investments, enable its acquisition strategy and accelerating its broader long-term strategy.
“After thorough analysis, we have determined that the best way to achieve our full potential is to partner with Tinicum, a committed long-term investor that is equally dedicated to our strategy and values and will provide us with the capital and acquisition expertise needed to achieve our vision,” said Watlow’s Chairman and CEO, Peter Desloge. “They operate with a strong heritage of good stewardship through a long-view investment perspective.”
“Tinicum is the ideal partner for Watlow. They have a proven track record for growing companies like Watlow by investing for the long term. We have worked hard to achieve Watlow’s current success and accelerating our growth at this stage of the company’s history is vital,” said CFO, Executive Vice President of Operations and Watlow Board Member, Steve Desloge.
William Blair & Company, L.L.C. served as financial advisor and Sullivan & Cromwell LLP served as legal advisor to Watlow.
Watlow is a global technology and manufacturing leader that provides world class engineering expertise and innovative thermal products and systems that enable customers to thrive.
Watlow brings its experience to numerous industries, including semiconductor processing, environmental chambers, energy processes, diesel emissions, medical and foodservice equipment.
Since 1922, Watlow has grown in product capability, market experience and global reach. The company holds more than 980 patents and employs 2,000 employees working in nine manufacturing facilities and three technology centers in the United States, Mexico, Europe and Asia. Watlow also has sales offices in 50 countries around the world. The company continues to grow, while the commitment remains the same – to provide its customers with superior products and services for their individual needs.