SUN CAPITAL HAS SOLD FLUID ROUTING SOLUTIONS TO PARK-OHIO
Birmingham, Michigan – March 23, 2012 – Angle Advisors is pleased to announce that affiliates of Sun Capital Partners, Inc. (“Sun Capital”) have sold Fluid Routing Solutions, Inc. (“FRS” or the “Company”) to Park-Ohio Industries, Inc. (“Park-Ohio”) for $97.5 million. Angle Advisors acted as the exclusive investment banking advisor to Sun Capital and FRS in managing this transaction.
Based in Southfield, Michigan, FRS is a leading designer and manufacturer of innovative, highly-engineered fuel management systems and hose extrusion products for applications in the vehicular and industrial sectors. Its products include fuel filler, hydraulic and thermoplastic assemblies, and several forms of extruded hose, including bulk and formed fuel, power steering, transmission oil cooling, hydraulic and thermoplastic hose. The Company serves leading OEMs in North America, including Toyota, Ford, GM, and Chrysler, as well as Tier I and Tier II suppliers, original equipment service organizations, and aftermarket suppliers. FRS operates six production facilities in Florida, Michigan, Ohio, Tennessee and the Czech Republic.
“FRS’ partnership with Park-Ohio expands our growing activity in the industrial manufacturing sector, in both our metal tube manipulation and rubber extruded hose markets. Our low-cost manufacturing footprint combined with Park-Ohio’s Supply Chain Management offering supports FRS’ profitable growth in the future”, commented Mike Laisure, Chief Executive Officer of FRS. “We selected Angle Advisors to help FRS find the best possible partner, and protect the interests of all constituents. Their professionalism and high intensity process worked extremely well for us.”
“Angle Advisors was able to leverage their extraordinary access and deep auto industry knowledge”, commented Jason Neimark, a Managing Director at Sun Capital. “Working closely with the FRS and Sun Capital teams, Angle Advisors conducted a well-tailored, highly confidential and successful sale process,” added Jared Wien, a Vice President at Sun Capital.
Sun Capital Partners, Inc. (www.suncappart.com) is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in more than 295 companies worldwide with combined sales in excess of $45 billion since Sun Capital’s inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen.
Park-Ohio Holdings Corp. (www.pkoh.com) engages in industrial supply chain logistics and diversified manufacturing through three segments. The Supply Technologies segment provides supply chain management services and manufactures precision cold formed and cold extruded products. The Aluminum Products segment casts and machines aluminum engine, transmission, brake, suspension, and other components for vehicular OEMs. The Manufactured Products segment offers engineered products, such as induction heating and melting systems, pipe threading systems, rubber products, and forged and machined products. Founded in 1961 and based in Cleveland, Ohio, Park-Ohio operates 31 manufacturing sites and 47 supply chain logistics facilities worldwide.
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in a variety of industries including the vehicular and industrial sectors. The firm’s 32 professionals provide mergers and acquisitions, capital raising and debt advisory services to multinational corporations, privately-held companies, private equity funds and public sector clients. For additional information please visit www.angleadvisors.com.