Wind Point Partners has acquired the gas technologies business group of Harsco Corp. (NYSE: HSC), which has been renamed Taylor-Wharton International. The deal was valued at $300 million, plus up to $40 million in earnouts. GE Capital Partners served as lead arranger for the leveraged financing, with Merrill Lynch Capital serving as syndication agent. Mezzanine notes were provided by Audax Mezzanine, Carlyle Mezzanine Partners and Partners Group, while Stockwell Capital co-invested in the equity.
Wind Point Partners, a private equity investment firm, announced today that it has completed the acquisition of Taylor-Wharton International (“TWI”), previously known as the Gas Technologies business group of Harsco Corporation, in partnership with Bob Gadomski, who will lead TWI as CEO.
TWI, based in Mechanicsburg, Pa., is a world leader in the industrial gas containment industry. TWI serves customers through four divisions: Taylor-Wharton, American Welding & Tank, Structural Composites Industries and Sherwood. Together these divisions comprise one of the world's leading industrial gas and liquid containment companies, with manufacturing facilities in the United States, China, Malaysia and Slovakia.
“TWI is an excellent fit with Wind Point's investment strategy” said Nathan Brown, a managing director at Wind Point. “Wind Point has a long history of partnering with management teams and providing them the resources required to bring companies to the next level. Wind Point will support management's plan to invest in operations, expand TWI's international presence, and broaden its product line and service offerings.”
Wind Point's top caliber CEO partner, Bob Gadomski, has over 35 years experience in the chemical and industrial gas industry and was previously the Executive Vice President of the $5.6 billion Gases and Equipment division of Air Products and Chemicals, Inc.
Bob Gadomski said, “We see tremendous opportunities for TWI and I look forward to leading the company, in partnership with Wind Point and the current TWI management team, during this period of growth. The team at TWI has a significant number of exciting investment opportunities within each business unit, which we will be able realize together.”
Legal counsel on this transaction was provided by Reed Smith. Debt financing on the transaction was provided by GE Antares Capital as Administrative Agent, GE Capital Markets as Lead Arranger and Merrill Lynch Capital as Syndication Agent. Audax Mezzanine, Carlyle Mezzanine Partners, and Partners Group provided mezzanine financing and, along with Stockwell Capital, co-invested in the equity.
About Wind Point Partners
Wind Point Partners is a private equity investment firm with $2 billion in capital under management. Wind Point focuses on partnering with top caliber management teams to acquire solid middle market businesses with a clear path to value creation. Additional information about Wind Point is available at www.windpointpartners.com.
About Taylor-Wharton International
Taylor-Wharton International is a world leader in the industrial gas containment industry. TWI serves customers through four divisions: Taylor-Wharton, American Welding & Tank, Structural Composites Industries and Sherwood, and has manufacturing facilities in the United States, China, Malaysia and Slovakia.