Lincoln International Represents Detrex Corporation in the sale of Harvel Plastics, Inc. to Georg Fischer AG
The Building and Infrastructure Group of Lincoln International LLC today announced the completion, effective January 1, 2012, of the sale of Harvel Plastics, Inc. (“Harvel Plastics” or the “Company”) by Detrex Corporation (“Detrex”) (OTCQX: DTRX) to Georg Fischer AG (SWX: FI-N) for a purchase price of approximately $50 million in cash. The transaction was previously announced on December 1, 2011. Lincoln International acted as the exclusive investment banking advisor to Detrex on this transaction and also rendered a fairness opinion to the Board of Directors of Detrex.
Founded in 1964 and based in Easton, Pennsylvania, Harvel Plastics is a leading supplier in the North American market of polyvinyl (“PVC”) and chlorinated polyvinyl (“CPVC”) pipes for industrial applications. The Company’s top quality products are mainly used in water treatment and chemical processes. Harvel Plastics has two manufacturing facilities, located in Easton, Pennsylvania and Bakersfield, California. Georg Fischer plans to integrate the Company into its Piping Systems business unit.
Lincoln International worked closely with Detrex and the Company’s senior management team throughout the sale process. The sale of Harvel Plastics is another important transaction for Lincoln’s highly active Building and Infrastructure Group. “Lincoln International was a valued partner throughout the transaction” said Tom Mark, President and Chief Executive Officer, Detrex. “They managed a disciplined process that produced an attractive outcome for Detrex.” Pat Foose, President of Harvel Plastics, added “Lincoln’s extensive experience in the building products industry proved invaluable. They developed a deep understanding of our business while also providing expert guidance through the entire sale process.”
About Detrex Corporation
Founded in 1925, Detrex through its subsidiary Elco Corporation is a leading manufacturer of high performance specialty chemicals including additives for industrial petroleum products and high purity hydrochloric acid. More information about Detrex can be found at www.detrex.com.
About Harvel Plastics, Inc.
The Company is a leader in PVC and CPVC pipe technology for premium applications in industrial, institutional, commercial and residential end markets. Harvel Plastics makes and markets high quality PVC and CPVC products such as piping, duct systems and other specialty forms. More information about Harvel Plastics can be found at www.harvel.com.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions and valuations on a wide range of transaction sizes. With twelve offices (three in the Americas, two in Asia and seven in Europe) and strategic partnerships with leading institutions in China and Korea, Lincoln International has strong local knowledge and contacts in the key global economies. The firm provides clients with senior-level attention, in-depth industry expertise and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
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