News

  • May 3, 2021

    Richards Industrials, a Portfolio Company of Astor Place Holdings, Acquires Equilibar

    Back May 3, 2021

    Richards Industrials, a Portfolio Company of Astor Place Holdings, Acquires Equilibar

    CINCINNATI, OH —Richards Industrials, Inc. (“Richards”), a manufacturer of regulators, valves, and other flow control products, has announced the acquisition of Equilibar LLC (“Equilibar”). Equilibar is the second strategic add-on acquisition for Richards, which partnered with Astor Place Holdings in July 2019.

    Founded in 2007 and headquartered in Fletcher, North Carolina, Equilibar offers a wide range of back pressure, vacuum, and electronic regulators, as well as specialty valves and other fluid control products. Equilibar’s unique, patented, dome-loaded multiple orifice technology provides best-in-class fluid control for some of the most challenging applications in the world.

    Jeff Jennings, President of Equilibar said, “We are thrilled to be joining the Richards team. Partnering with Richards and its global network of technical Sales Representatives will allow us to offer our highly engineered solutions to a wider range of customers, particularly in the pharmaceutical and bio-pharmaceutical markets. We look forward to continuing to serve the most demanding fluid applications in collaboration with Richards.”

    Equilibar is a highly complementary addition to Richards’s portfolio of precision fluid control equipment. “Equilibar’s product technology and problem-solving capabilities are unparalleled. The team’s impressive track record of innovation will bolster our existing pipeline of new products,” said Jordan Bast, President and CEO of Richards. “We share the same strong commitment to exceptional customer service and responsiveness as Equilibar, and we are excited to welcome their employees to the Richards family.”

    Baker & McKenzie LLP acted as legal advisor to Richards. J. Lee Lloyd, LLC and Forrest Firm served as financial and legal advisors, respectively, to Equilibar.

    About Equilibar

    Equilibar specializes in precision fluid control for the most challenging applications in research and industry. The company works collaboratively and creatively with scientists and engineers around the world on innovative solutions to complex problems. Its patented dome-loaded, multiple orifice back pressure regulators are able to perform in situations where traditional valves and regulators cannot and are often used in groundbreaking research and emerging technologies. Equilibar products are used in a broad range of industries, including catalysis, fuel cells, aerospace, biopharma, and green energy.  www.equilibar.com

    About Richards Industrials

    Richards is the parent company of seven distinct industrial product lines: Regulators and control valves from Jordan Valve®; sanitary regulators, diaphragm valves and control valves from Steriflow Valve®; 3A regulators, butterfly valves, ball valves and steam traps from Steriflow Food & Beverage; ball valves and automated products from Marwin Valve®; high pressure – extreme low flow regulators and control valves from LowFlow Valve®; instrument valves and manifolds from Hex Valve®; steam traps and steam specialty equipment from Bestobell Steam Traps®. www.richardsind.com

    About Astor Place Holdings

    Astor Place Holdings is the private investment arm of Select Equity Group, L.P. Astor Place deploys patient capital in partnership with exceptional management teams to drive long-term value creation in lower middle market North American companies. www.astorplaceholdings.com

  • September 1, 2020

    Astor Place Holdings Announces the Acquisition of Douglas Electrical Components

    Back September 1, 2020

    Astor Place Holdings Announces the Acquisition of Douglas Electrical Components

    NEW YORK, NY—Astor Place Holdings (“Astor Place”), the private investment arm of Select Equity Group, L.P. (“SEG”), announced that it has acquired a majority interest in Douglas Electrical Components (“Douglas” or the “Company”), a third-generation, family-owned manufacturer of custom-made, proprietary hermetic components and other interconnect solutions. President and CEO Ed Douglas has retained a significant ownership stake in the Company. Terms of the transaction were not disclosed.

    Founded in 1944 and headquartered in Randolph, New Jersey, Douglas manufactures hermetic connectors, wires, feedthroughs and pin headers designed for use in harsh environments, primarily high-pressure and vacuum applications. The Company’s core expertise is in the application of epoxy-based materials to create hermetic seals with a broad range of materials, including fiber optics, plastic, brass, steel and aluminum. Douglas provides end-to-end solutions for its customers and serves a variety of end markets including space, power distribution, air conditioning and refrigeration, semiconductor, electricity transmission, aerospace, military and medical.

    Mr. Douglas will continue to serve as President and CEO, and members of the management team will remain in their current roles. “As a third-generation family business, finding the right partner was very important to me. Astor Place and I share a longsighted objective to scale Douglas both organically and through add-on acquisitions with long-term, patient capital. I also appreciated Astor Place’s deep domain knowledge in the interconnect space,” said Mr. Douglas.

    Astor Place Senior Advisor Andy Wilson will assume the role of non-executive Chairman of the Board, bringing over 20 years of experience in manufacturing from diversified global businesses. Most recently, Mr. Wilson served as CFO and Senior Vice President of PerkinElmer, Inc. “The Astor Place team and I see many organic and inorganic growth opportunities for Douglas. We look forward to working closely with Ed to build a leading, harsh environment interconnects platform,” said Mr. Wilson.

    “Douglas has an excellent reputation in the hermetic seal and connector market due to its engineering capabilities and focus on product quality and short lead times,” said Astor Place Managing Director Charlie Durkin. “We are excited to partner with Ed and the experienced team at Douglas to build upon their excellent record of organic growth and pursue add-on acquisitions.”

    Baker & McKenzie LLP acted as the legal advisor to Astor Place. Dinan Capital Advisors and McGuireWoods LLP served as financial and legal advisors, respectively, to Douglas. Debt financing for the transaction was provided by Maranon Capital, L.P.

    About Douglas Electrical Components

    Douglas Electrical Components pioneered the development and practical application of epoxy technology to electrical wire feedthroughs. Since then, the Company has developed a comprehensive line of hermetically sealed connectors, high performance military hermetic connectors, hermetic wires, hermetic feedthroughs, bulkhead electrical connectors, high-pressure and vacuum electrical feedthroughs to pin headers and electronics encapsulation products. Douglas Electrical Components is an ISO 9001 and ISO 14001 certified manufacturer. www.douglaselectrical.com

    About Astor Place Holdings

    Astor Place Holdings is the private investment arm of Select Equity Group, L.P. Astor Place deploys patient capital in partnership with exceptional management teams to drive long-term value creation in lower middle market North American companies. www.astorplaceholdings.com

    About Select Equity Group, L.P.                       

    Select Equity Group manages over $31 billion across long-only and long/short equity strategies that share a fundamental investment philosophy and centralized research effort. SEG was founded on the premise that rigorous, independent research and disciplined investing will generate superior returns for our clients. Its investment team of over 55 professionals includes a field research division composed of 16 former journalists and sourcing specialists who are full-time SEG employees. SEG is employee-owned and has been located at 380 Lafayette Street in lower Manhattan since the early 1990s. www.selectequity.com

  • February 3, 2020

    Richards Industrials Purchases MBF Stainless Valves Pharma Product Line From Montreal Bronze Ltd

    Back February 3, 2020

    Richards Industrials Purchases MBF Stainless Valves Pharma Product Line From Montreal Bronze Ltd

    CINCINNATI, OH —Richards Industrials, Inc. (“Richards”), a portfolio company of Astor Place Holdings, has announced the acquisition of the pharmaceutical product line of MBF Stainless Valves (“MBF”) from Montreal Bronze Ltd, a subsidiary of Hunt Valve, a portfolio company of May River Capital. Richards is a manufacturer of regulators, valves and other flow control products based in Cincinnati, Ohio. MBF is a full line of sanitary diaphragm, diverting, and sampling valves. 

    MBF operations will be integrated into Richards’ Cincinnati facility. The MBF line is a complementary addition to the Steriflow family of sanitary products. “This acquisition deepens our capabilities and broadens the solutions that we can offer our customer base in the pharmaceutical, bio-pharmaceutical, health, beauty as well as the food & beverage markets,” said Bruce Broxterman, President and CEO of Richards. “We look forward to supporting this product line with the exceptional customer service and industry-leading delivery times that Richards is known for.”

    “Montreal Bronze is pleased to transfer the MBF product line to Richards Industries.  Divesting this high quality line of pharmaceutical valves enables Montreal Bronze to focus on continued growth in our Defense / Navy product lines,” commented David Bala, President of Montreal Bronze.

    Baker & McKenzie LLP acted as legal advisor to Richards Industrials, Inc. EC M&A and Goldberg Kohn served as financial and legal advisors, respectively, to May River Capital.

    About Richards Industrials

    Richards is the parent company of seven distinct industrial product lines: Regulators and control valves from Jordan Valve®; sanitary regulators and control valves from Steriflow Valve®; 3A regulators, butterfly valves, ball valves and steam traps from Steriflow Food & Beverage; ball valves and automated products from Marwin Valve®; high pressure – extreme low flow regulators from LowFlow Valve®; instrument valves and manifolds from Hex Valve®; steam traps and steam specialty equipment from Bestobell Steam Traps®. www.richardsind.com

    About Astor Place Holdings

    Astor Place Holdings is the private investment arm of Select Equity Group, L.P. Astor Place deploys patient capital in partnership with exceptional management teams to drive long-term value creation in lower middle market North American companies. www.astorplaceholdings.com

    About Select Equity Group, L.P.                      

    Select Equity Group manages over $31 billion across long-only and long/short equity strategies that share a fundamental investment philosophy and centralized research effort. SEG was founded on the premise that rigorous, independent research and disciplined investing will generate superior returns for our clients. Its investment team of over 55 professionals includes a field research division composed of 16 former journalists and sourcing specialists who are full-time SEG employees. SEG is employee-owned and has been located at 380 Lafayette Street in lower Manhattan since the early 1990s. www.selectequity.com

    About May River Capital

    May River Capital is a Chicago-based private-equity firm focused on investing in lower middle-market industrial growth companies. May River invests in high-quality industrial growth businesses, including precision manufacturing, engineered products and instrumentation, specialized industrial services, and value-added industrial distribution businesses. www.mayrivercapital.com

    About Hunt Valve & Montreal Bronze

    Hunt Valve, together with its subsidiary Montreal Bronze, brings decades of fluid power engineering innovations and solutions to a wide range of industrial and military customers. It specializes in severe duty valves and complementary engineered components and system solutions for applications that include primary metals, energy, process, and U. S. Navy nuclear-powered vessels, including all submarines and carriers in operation as well as the Virginia Class, Columbia Class and Ford Class.  www.huntvalve.com

  • August 1, 2019

    Astor Place Holdings Announces the Acquisition of Assets of Richards Industries, Inc.

    Back August 1, 2019

    Astor Place Holdings Announces the Acquisition of Assets of Richards Industries, Inc.

    NEW YORK, NY —Astor Place Holdings (“Astor Place”), the private investment arm of Select Equity Group, L.P. (“SEG”), announced that it has acquired substantially all of the assets of Richards Industries, Inc. (“Richards”), a leading manufacturer of regulators, valves and other flow control products, through a newly-formed portfolio company of Astor Place. Terms of the transaction were not disclosed.

    Headquartered in Cincinnati, Ohio, Richards’ products are marketed under a series of distinct brands, each of which serve unique applications that require precise technical attributes. Richards serves a range of end markets including pharmaceutical, food & beverage, chemical, petrochemical and various industrial processing industries.

    CEO Bruce Broxterman and the management team will remain in their current roles. “Astor Place is an ideal partner for us as we continue to execute on a range of organic and inorganic growth initiatives. The group’s long-term ownership mentality and deep sector knowledge will enable us to methodically build out additional capabilities,” said Mr. Broxterman.

    Astor Place Senior Advisor Jim Graner will assume the role of non-executive Chairman of the Board. Mr. Graner brings over 40 years of experience in the flow control sector and was most recently the CFO of Graco, Inc. “Richards’ customer service-oriented culture, custom engineering and competitive manufacturing turnaround times differentiate the company in the marketplace,” said Mr. Graner. “The Astor Place team and I look forward to working with the management team to grow Richards as a leading flow control platform.”

    Baker & McKenzie LLP acted as legal advisor to Astor Place Holdings. KPMG Corporate Finance LLC and Dinsmore & Shohl LLP served as financial and legal advisors, respectively, to Richards. Debt financing for the transaction was provided by BMO Sponsor Finance and PNC Erieview Capital.

    About Richards                         

    Richards is the parent company of six distinct industrial product lines: Regulators and control valves from Jordan Valve®; sanitary regulators and control valves from Steriflow Valve®; ball valves and automated products from Marwin Valve®; high pressure – extreme low flow regulators from LowFlow Valve®; instrument valves and manifolds from Hex Valve®; steam traps and steam specialty equipment from Bestobell Steam Traps®. www.richardsind.com

    About Astor Place Holdings

    Astor Place is the private investment arm of Select Equity Group, L.P. It seeks to deploy patient capital in partnership with exceptional management teams to drive long-term value creation in lower middle market North American companies. www.astorplaceholdings.com

    About Select Equity Group, L.P.                                  

    SEG manages approximately $26 billion across long-only and long/short equity strategies that share a fundamental investment philosophy and centralized research effort. SEG is employee owned and was founded on the premise that rigorous, independent research and disciplined investing will generate superior returns. Its investment team of 53 professionals includes a 17-person field research division comprised of former journalists and sourcing specialists. SEG seeks to invest in the highest quality businesses—those with strong, predictable growth, high returns on invested capital and well-established barriers to competition. www.selectequity.com

  • October 25, 2018

    Astor Place Holdings Announces the Acquisition of Sentech, Inc.

    Back October 25, 2018

    Astor Place Holdings Announces the Acquisition of Sentech, Inc.

    NEW YORK, NY —Astor Place Holdings (“Astor Place”), the private investment arm of Select Equity Group, L.P. (“SEG”), announced that it has acquired a majority interest in Sentech, Inc. (“Sentech” or the “Company”) from its family founders. Sentech is a Pennsylvania-based designer and manufacturer of position sensors. Terms of the transaction were not disclosed.

    Founded in 1988, the Company’s sensors are used in challenging environments such as hazardous, high-pressure, vibration and shock-prone areas. The end markets for Sentech’s products include power generation, aerospace & defense and a diverse range of industrial applications that require precision and reliability.

    Dipak and Mina Patel, CEO and President of Sentech, respectively, along with the existing management team, will continue to run the business going forward. “We are excited to partner with Astor Place on this next phase of our evolution. Astor Place’s long-term ownership mentality and sector knowledge will enable us to methodically build out additional capabilities, especially within our existing aerospace and industrial application channels,” said Mr. Patel.

    Praveen Jeyarajah of Astor Place noted that, “SEG has studied and invested in the sensor value chain for over a decade. Sentech’s commitment to customer service, high-quality engineering and competitive lead times differentiates Sentech in the marketplace. We look forward to working with the Patel family and the Sentech team as the business continues to expand.”

    About Sentech, Inc.

    Sentech designs and manufactures a comprehensive line of position sensors. Its products include linear variable differential transformers (LVDTs), rotary variable differential transformers (RVDTs), variable inductance position sensors sold under the Fastar® and Hydrastar® brands and other position sensors for special applications. www.sentechlvdt.com

    About Astor Place Holdings

    APH is the private investment arm of Select Equity Group, L.P. It seeks to deploy patient capital in partnership with exceptional management teams to drive long-term value creation in lower middle market North American companies. www.astorplaceholdings.com

    About Select Equity Group, L.P.

    SEG manages over $22 billion across long-only and long/short equity strategies that share a fundamental investment philosophy and centralized research effort. SEG is employee owned and was founded on the premise that rigorous, independent research and disciplined investing will generate superior returns. Its investment team of over 40 professionals includes a 13-person field research division composed of former journalists and sourcing specialists. SEG seeks to invest in the highest quality businesses—those with strong, predictable growth, high returns on invested capital and well-established barriers to competition. www.selectequity.com