Regal Beloit Corporation (NYSE: RBC) today announced it has acquired Hy-Bon Engineering Company, Inc. (Hy-Bon), a leader in vapor recovery solutions for oil and gas applications.
See the Regal Beloit and Pfingsten Partners press releases here.
From the Pfingsten Partners Press Release:
[box] Pfingsten Partners, L.L.C. (“Pfingsten”) announces the sale of Hy-Bon Engineering Company (“Hy-Bon”) to Regal Beloit Corporation (“Regal Beloit”) (NYSE: RBC).
Headquartered in Midland, TX, Hy-Bon is a leading provider of vapor recovery solutions for oil & gas customers. The company provides highly technical and customized vent gas management solutions which capture wet, low pressure natural gas streams. Key offerings include emissions measurement and assessment services, vapor recovery units, vapor recovery towers, vapor combustion units and aftermarket parts and services.
“We’re very excited to welcome Hy-Bon to the Regal Beloit family. Hy-Bon is a nice strategic addition to our existing Unico business, allowing us to further grow both businesses with a stronger combined sales and service infrastructure,” stated Mark Gliebe, Regal Beloit Chairman and CEO.”
“Hy-Bon management, in partnership with Pfingsten, built a leading provider of highly technical vent gas management solutions. Pfingsten’s support for new products, regional service center expansion and acquisitions was invaluable. As part of Regal Beloit, we look forward to new growth opportunities on a global basis and enhancing our market-leading position,” added Larry Richards, Hy-Bon President and CEO.
“We were pleased to partner with the Hy-Bon management team to deliver this outstanding return for our shareholders. The successful sale of Hy-Bon to Regal Beloit clearly demonstrates the continuing strength of Hy-Bon’s business model,” stated Scott Finegan, Pfingsten Managing Director. The transaction closed on February 7, 2014. Baird acted as the exclusive financial advisor to Hy-Bon and Pfingsten. Terms of the deal were not disclosed.
Pfingsten is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago, IL and representative offices in ChangAn, China and New Delhi, India, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten has raised four investment funds with total commitments of approximately $1.0 billion and has acquired 93 manufacturing, distribution and business services companies. For more information, visit pfingsten.com[/box]