KKR & Co Inc said on Wednesday it has agreed to acquire industrial firm Flow Control Group from private equity firm Bertram Capital.
Terms of the deal were not disclosed, but a person familiar with the matter said the deal values Flow Control at more than $1 billion, including debt.
Headquartered in Charlotte, North Carolina, Flow Control provides industrial machinery and engineering systems, including pumps, valves and air compressors, to more than 10,000 customers in the United States and Canada. The company was founded in 2014 and was acquired by Bertram Capital from buyout firm AEA Investors in 2019.
About 1,200 Flow Control employees are expected to benefit from KKR’s signature stock ownership program, which has been implemented across all the firm’s eight industrial portfolio companies and was devised by Pete Stavros, co-head of Americas private equity at KKR.
KKR’s investment in Flow Control was made out of the $13.9 billion KKR Americas XII Fund.
Source: Reuters.com