M&A Roundup: Three distributors, five manufacturers and an equipment rental company make 12 acquisitions
Industrial Distribution staff -- Industrial Distribution, 10/2/2008 8:11:00 AM
A looming economic downturn hasn’t stopped a number of companies from walking the acquisitions trail, as three distributors, five manufacturers and an equipment rental firm made a total of 11 buyouts:VWR International buys OmniLab AG
VWR International LLC acquired OmniLab AG, a Swiss scientific laboratory supply distributor, for an undisclosed amount.
The deal complements the West Chester, Pa.-based lab supplies distributor’s reach into the European biotechnology, pharmaceutical and industrial scientific markets.
“OmniLab has the portfolio of products and customer-focused services to support VWR’s further growth in Western Europe,” VWR senior vice president and European operations managing director Manuel Brocke-Benz said. “This acquisition delivers benefits to both our customers and suppliers, by providing an expanded range of products and services to the scientific community in Switzerland.”
TTI Inc. buys Mateleco
TTI Inc. acquired French connector distributor Mateleco Group for an undisclosed amount.
The deal expands the Fort Worth, Texas-based specialty electronic components distributor’s reach into the French connectors market.
“Through our due diligence, we found there were limited duplications of Mateleco customers and TTI customers, thus giving the two companies the broadest customer base in France,” TTI president and CEO Paul Andrews said. “This acquisition will establish TTI and Mateleco as the number one distributor in both passives and connectors in France.”
Mateleco, which has six locations in France, will operate under its own banner as a wholly-owned TTI subsidiary.
Jackson Safety buys Highway Safety Devices International
Jackson Safety acquired Highway Safety Devices International, formerly known as Eastern Molding International, for an undisclosed amount.
Batavia, N.Y.-based HDSI manufactures work zone safety equipment, including channelizer cones and high and low density drums.
The deal expands the Fenton, Mo.-based safety products manufacturer/distributor’s resin-based product offering.
“This acquisition builds upon our market leading position within the work zone safety category,” president and CEO Tom Burns said. “In addition, their cultural bias to superior customer service, lean manufacturing principles and product development supports our commitment to the industry. We are excited to add the HSDI team to the Jackson family as we celebrate our 75th anniversary.”
Parker Hannifin buys one American and two European manufacturers
Parker Hannifin Corp. acquired one American and two European manufacturers with total sales of nearly $500 million last year.
The Cleveland-based motion control products manufacturer bought French fluid circuit components and systems maker Legris SA; German pneumatic, electric and hydraulic products manufacturer Origa Group; and Mooresville, N.C.-based Hargraves Technology Corp., which makes miniature pumps and valves.
“We continue to maintain our long-term focus on growth and positioning Parker for sustained financial performance,” chairman, president and CEO Don Washkewicz said. “The acquisitions … bring us new technologies and market opportunities. They also signal an ongoing commitment to our growth strategy, managing our assets conservatively and making appropriate use of strong cash flows.”
Rennes, France-based Legris manufactures fluid circuit components and systems for pneumatic, hydraulic and chemical processing applications in the automotive, transportation, agricultural machinery, food processing, construction and ship-building industries.
Legris, which employs about 1,800 workers, posted sales of about $340 million last year. The company has 10 plants and 25 international sales offices worldwide.
“Legris enhances Parker's worldwide presence in the pneumatic and hydraulic fluid circuit systems market while significantly bolstering our European presence,” Parker fluid connectors group president Bob Bond said.
Origa Group manufactures rodless pneumatic actuators, electric actuators, filter regulator lubricators, pneumatic cylinders and valves used in the transportation, semiconductor, packaging and conveying industries.
The company, which posted sales of about $98 million in 2007, employs about 350 people and has operations in Filderstadt, Germany, Wiener Neustadt, Austria, Glendale Heights, Ill., and smaller facilities in several other locations worldwide.
“Origa is a respected manufacturer and their world-class rodless actuator line strengthens the depth and breadth of our global product portfolio. The Origa brand is well known, particularly in European markets that offer growth opportunities for Parker,” Parker automation group president Roger Sherrard said.
Hargraves Technology Corp. manufactures miniature liquid and pneumatic diaphragm pumps, control valves and system solutions to control the movement and direction of precise amounts of fluid in medical devices and life science analytical instrumentation, diagnostic, gas detection and printing systems.
The company posted sales of roughly $14 million last year.
“Hargraves' products extend Parker's position as a fluidics provider to the life science and medical markets,” Sherrard said. “These products complement our existing capabilities and will strengthen our customer relationships through a broader offering and the ability to provide integrated solutions.”
Eaton buys Integ Holdings
Eaton Corp. acquired Integ Holdings Ltd., the parent company of Britain’s Integrated Hydraulics Ltd., for an undisclosed amount.
Integrated Hydraulics, which manufactures screw-in cartridge valves, custom-engineered hydraulic valves and manifold systems, employs about 290 workers.
“This acquisition expands the geographic presence of Eaton’s hydraulics business, enhances its current hydraulic product portfolio and helps us become a more significant partner for European customers,” said William VanArsdale, president of the Cleveland-based diversified manufacturer’s hydraulics division.
Lincoln Electric buys a stake in Brastak
Lincoln Electric Holdings Inc. acquired a 90 percent stake in Brazilian brazing products manufacturer Brastak.
Sao Paulo-based Brastak has annual sales of roughly $30 million.
“The Brastak acquisition represents the expansion of our brazing product line, as well as our continued expansion into developing international markets,” Lincoln chairman and CEO John Stropki said. "The Brastak business … will strengthen our presence in the Brazilian [brazing and soldering alloys] market and provide a platform for servicing the South American region with high quality brazing products.”
Columbus McKinnon buys Pfaff-silberblau
Columbus McKinnon Corp. acquired German lifting, material handling and actuator products manufacturer Pfaff Beteiligungs GmbH for about $53 million.
The deal expands the Amherst, N.Y.-based materials handling products manufacturer’s footprint in the European hoist and materials handling sector.
“Pfaff-silberblau is a leading European hoist and material handling equipment brand which complements our existing business in the region. Additionally, its actuator business provides us with technical engineering expertise, access to the growing European market and diversifies our existing North American business,” Columbus McKinnon president and CEO Officer Timothy Tevens said. “Pfaff-silberblau provides us with additional channels to market that enhance our position in the European market.”
Pfaff-silberblau, which posted sales of roughly $90 million last year, will continue to operate with its current management team.
“We believe there are numerous sales and operating synergies that can be realized through a combination of our Columbus McKinnon European and Duff Norton businesses with the 140-year-old Pfaff organization,” Tevens said.
IDEX Corp. buys Richter Chemie-Technik
IDEX Corp. acquired German pumps, valves and controls manufacturer Richter Chemie-Technik for roughly $101 million.
Kempen, Germany-based Richter Chemie manufactures lined pumps, valves and control equipment for the chemical, fine chemical and pharmaceutical industries. The company, which has facilities in Germany, China and the United States, posts annual sales of about $53 million. It will operate within IDEX's fluid and metering technologies division.
The deal expands the Northbrook, Ill.-based diversified manufacturer’s reach into the international PVF market.
“Richter is a recognized leader in the growing market for corrosion-resistant specialty pumps and valves. Richter has a superior understanding of pump and valve applications in this market, enabling us to extend our service capability in the process industry within the Fluid and Metering Technologies segment,” IDEX chairman and CEO Larry Kingsley said.
United Rentals buys Portland U-Rent-It
United Rentals Inc. acquired Portland U-Rent-It Inc. for an undisclosed amount.
Corpus Christi, Texas-based Portland U-Rent-It, which posts annual sales of roughly $11 million, rents industrial equipment to the Gulf Coast’s energy industry.
“The acquisition of U-Rent-It is consistent with our strategic focus on the industrial marketplace. We are actively pursuing growth in industrial rentals, where our depth of resources and branch footprint can give us a competitive advantage. Moreover, industrial rentals are subject to different cyclical pressures than the construction market, where we are seeing demand continue to soften as spending is curtailed,” said Michael Kneeland, CEO of the Greenwich, Conn.-based construction and industrial equipment rental firm.
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