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