Lincoln Partners Represents SPX Corporation in the Sale of its DeZURIK Municipal Water and Wastewater Business
Charlotte, North Carolina SPX Corporation (NYSE: SPW) today announced that it has completed the sale of its DeZURIK municipal water and wastewater business ("DeZURIK Water") to St. Cloud, Minnesota-based Granite Equity Partners. DeZURIK Water has annual estimated revenues of $60 million. Lincoln Partners initiated this transaction, assisted in the negotiations, and served as the exclusive financial advisor to SPX Corporation.
DeZURIK Water, based in Sartell, Minnesota, is a leading provider of flow control valves sold to the water and wastewater processing industries. The companys primary products include butterfly valves, eccentric plug valves and other critical flow control components primarily for use by North American water municipalities. DeZURIK Waters products have set the standard for innovation, performance and durability for over 75 years.
Don Canterna, President of SPX Process Equipment said, "Completing the sale of this business allows us to reallocate our resources to the growth opportunities in our key served markets. This is a good business, however our growth strategy for our valve business is focused on those global markets where our Copes-Vulcan, Febco, Daniel Valve, DeZurik and Mueller Steam Specialty brands are well-recognized and have opportunities to expand."
About SPX Corporation
SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology, cooling technologies and services, and service solutions. The Internet address for SPX Corporation's home page is www.spx.com.
About Granite Equity Partners
Granite Equity Partners, based in St. Cloud, Minnesota, is a private equity firm focused on investing in established companies in the upper Midwest. Granite specializes in financing buyouts and growth company transactions which include the sale or purchase of a business, generational transfers, or business expansions.
About Lincoln Partners
Lincoln Partners is the second largest investment bank headquartered in Chicago, specializing in middle-market mergers and acquisitions, private capital raising and financial recovery for global clients. The firm's fundamental commitment is to complete assignments on the best terms for clients by committing hands-on attention, ingenuity and significant expertise to every transaction.
