Victor Technologies Sold to Colfax Corp. in Cash Transaction
Private equity firm Irving Place Capital (IPC) and Victor Technologies (Victor) announce they have entered into a definitive agreement to sell Victor to Colfax Corporation (Colfax), a global manufacturer of gas and fluid-handling and fabrication technology products. The transaction is summarized as follows:
Victor is a leading designer and manufacturer of a comprehensive suite of metal cutting, gas control, and specialty welding products. IPC acquired Victor, which was previously named Thermadyne Holdings Corporation, in a take-private transaction in December 2010.
The all cash transaction values Victor at approximately $947 million, including the assumption of debt, and is subject to customary closing conditions.
“We are pleased with the progress that we have made in partnership with Irving Place Capital over the past several years as we have built Victor into a stronger company with a greater presence in key global markets and an improved offering for our customers,” stated Martin Quinn, CEO of Victor. “We are excited to work with the team at Colfax to maintain this positive momentum and continue to build on the Victor team’s accomplishments.”
Douglas Korn, a senior managing director of IPC, said, “We are proud of the revitalization of this 100-year-old company that has taken place as a result of our partnership with Victor’s management team. Since 2010, the strategy of driving operational improvements to fund investment in innovation, branding, distribution, and sales has created tremendous value for all of Victor’s stakeholders. We have enjoyed working with Martin and his talented team as they have successfully executed on this strategy, and we wish them continued success.”
RBC Capital Markets and Blackstone Advisory Partners are acting as financial advisors to Victor, and Weil, Gotshal & Manges LLP is acting as the company’s legal advisor.
Closing of the transaction is subject to customary closing conditions including Hart-Scott-Rodino antitrust approval.
About Victor Technologies
Headquartered in St. Louis, Missouri, Victor Technologies provides solutions for cutting, gas control, and specialty welding equipment under brand names that include Victor®, Victor®Thermal Dynamics®, Victor®Arcair®, Victor®TurboTorch®, Tweco®, Thermal Arc®, Stoody®, Firepower® and Cigweld®.
For more information about Victor Technologies, its products and services, visit the company’s web site at www.victortechnologies.com