Colfax Announces Binding Offer to Acquire Fläkt Woods Group's Global Infrastructure and Industry Business
Fulton, MD (September 3, 2013) -- Colfax Corporation ("Colfax") (NYSE: CFX), a leading global manufacturer of gas- and fluid-handling and
fabrication technology products today announced that it has made a binding offer to acquire the Global Infrastructure and Industry ("GII") business of Fläkt Woods Group, subject to certain conditions. The transaction would value GII at €193 million, including the assumption of debt.
With approximate revenues of $225 million and EBITDA of $27 million over the last twelve months, GII has operations around the world and is a pre-eminent supplier of industrial fans and related products. The acquisition would complement the geographic and end-market footprint of Colfax's Howden business, as well as extend Howden's product portfolio into new segments and applications.
In making the announcement, Steve Simms, President and Chief Executive Officer of
Colfax, stated, "GII is exactly the type of acquisition we look for. It's a great strategic fit, extending Howden's reach into some key long-term markets, and expanding our product bundle into new segments and technologies. In addition, it offers numerous opportunities for synergies. We look forward to welcoming GII's nearly 1,000 associates to the Colfax family.
Mr. Simms continued, "With a robust acquisition pipeline and capital remaining from the May 2013 offering, we expect to continue executing our stated bolt-on acquisition strategy over the coming months."
Canaccord Genuity Limited provided financial advice for the proposed transaction.
ABOUT COLFAX CORPORATION - Colfax Corporation is a diversified global manufacturing and engineering company that provides gas- and fluid-handling and fabrication technology products and services to commercial and governmental customers around the world under the Howden, Colfax Fluid Handling and ESAB brands. Colfax believes that its brands are among the most highly recognized in each of the markets that it serves. Colfax is traded on the NYSE under the ticker "CFX." Additional information about Colfax is available at www.colfaxcorp.com.
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