Victor Technologies Sold to Colfax Corp. in Cash Transaction

MarineLink.com
Monday, February 17, 2014
Welding image CCL2

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
 

 

 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Navy Awards Austal $691M for Two Littoral Combat Ships

The U.S. Navy has ordered two new littoral combat ships from Austal, the shipbuilder said in a press release today. The two orders, worth $691 million, are part

Hapag-Lloyd Improves Safety of Dangerous Goods Transportation

Last year, Hapag-Lloyd discovered 2,620 cases of incorrectly declared dangerous goods that were prevented from being shipped. Dangerous goods experts at Hapag-Lloyd investigated over 162,

Baltic Sea Freight Index Down on Lower Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday, pulled down by a fall in rates across all vessel segments.

Finance

BMT Partners with Aage Hempel

BMT SMART (BMT),  has announced  that Aage Hempel has become an accredited service partner.  This agreement will provide both organizations with the opportunity

Tanker Backlog Builds at Basra

Ships face up to a three week wait; bad weather in February delayed loading, created backlog. * April intake to be reduced to clear backlog By Keith Wallis SINGAPORE,

U.S. Port Delay Boost February Air Freight

Global air freight volumes rose 11.7 percent year-on-year in February, driven by the Chinese New Year, the International Air Transport Association said on Wednesday.

News

Navy Awards Austal $691M for Two Littoral Combat Ships

The U.S. Navy has ordered two new littoral combat ships from Austal, the shipbuilder said in a press release today. The two orders, worth $691 million, are part

Hapag-Lloyd Improves Safety of Dangerous Goods Transportation

Last year, Hapag-Lloyd discovered 2,620 cases of incorrectly declared dangerous goods that were prevented from being shipped. Dangerous goods experts at Hapag-Lloyd investigated over 162,

Baltic Sea Freight Index Down on Lower Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday, pulled down by a fall in rates across all vessel segments.

Mergers & Acquisitions

Damen Delivers Stan Patrol Vessel to RBDF

The Royal Bahamas Defence Force (RBDF) has taken delivery of the fourth and final Stan Patrol 4207, named HMBS Rolly Gray. The four Stan Patrol 4207s form part of the six-year Sandy Bottom project.

Knightsbridge, Golden Ocean Merger Completed

Knightsbridge Shipping Limited has completed its previously announced merger with Golden Ocean Group Limited. In connection with the closing of the merger, Knightsbridge

GasLog Acquires 2 BG Carriers

GasLog Ltd. completed the acquisition of two LNG carriers from Methane Services Limited, a subsidiary of BG Group plc, which was previously announced on December 22, 2014.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2444 sec (4 req/sec)