Acquisition will combine two of North America's leading mixing solutions providers, expanding sales networks and offering broader capability and expertise for customers
CHARLOTTE, N.C., April 28, 2021 /PRNewswire/ -- SPX FLOW, Inc. (NYSE: FLOW), a leading provider of process solutions for the nutrition, health and industrial markets, announced today it has signed a definitive agreement to acquire mixing solutions provider Philadelphia Mixing Solutions, Ltd. from Thunder Basin Corporation, an affiliate of Wind River Holdings, L.P. The all-cash transaction valued at $65 million is expected to close during the second quarter of 2021 and will be paid for with cash on hand.
Upon completion of the transaction, which will combine two of the top mixing equipment brands in North America, SPX FLOW will further bolster its position as an innovative provider of essential products and process solutions that help make the world safer, healthier, and more sustainable. This acquisition is in line with the SPX FLOW's disciplined approach to mergers & acquisitions, which is focused on strategic alignment combined with clear plans for value creation.
Based in Palmyra, Pennsylvania, Philadelphia Mixing Solutions employs approximately 150 people and generated nearly $50 million in revenue in 2020. The company has more than six decades of industry experience in multi-industry mixing products and service, along with a reputation for world-class innovation, technical support, testing, analysis and field service, which has led to a high-quality revenue base.
The Philadelphia Mixing Solutions team's proven track record of customer focus, technical expertise, quality and on-time delivery closely aligns with our own strategy, culture and growth priorities," said Marc Michael, President and CEO of SPX FLOW. "The combination of these two great mixer businesses will create new opportunities for synergy and growth, while also broadening our portfolio of comprehensive mixing solutions for customers in the chemical, water & wastewater, petrochemical, pharmaceutical, and nutrition & health markets."
"Once this transaction is completed, becoming part of a global process solutions leader like SPX FLOW will allow us to expand the solutions we offer to customers, take advantage of greater economies of scale, and provide access to broader global markets, unlocking new growth opportunities for our product lines," said Mark Self, CEO of Philadelphia Mixing Solutions.
PricewaterhouseCoopers Corporate Finance LLC is serving as SPX FLOW's financial advisor, and Bryan Cave Leighton Paisner LLP as legal counsel. For Thunder Basin Corporation, Boenning & Scattergood, Inc. is serving as financial advisor and Hogan Lovells is serving as legal advisor.
About SPX FLOW, Inc.
Based in Charlotte, N.C., SPX FLOW, Inc. (NYSE: FLOW) improves the world through innovative and sustainable solutions. The company's product offering is concentrated in process technologies that perform mixing, blending, fluid handling, separation, thermal heat transfer and other activities that are integral to processes performed across a wide variety of nutrition, health and industrial markets. SPX FLOW had approximately $1.4 billion in 2020 annual revenues and has operations in more than 30 countries and sales in more than 140 countries. To learn more about SPX FLOW, please visit www.spxflow.com.
About Philadelphia Mixing Solutions
Philadelphia Mixing Solutions provides innovative products, technical services and field support to customers around the world. Extensive in-house testing and analysis allows customers to visualize expected results, saving time and material costs. Backed by 65 years of industry experience and with a rich tradition of technology, the company's research and development teams use cutting edge testing and process modeling to create unique mixing solutions to meet individual customer requirements.
Media Contact
Peter Smolowitz
External Communications Manager
peter.smolowitz@spxflow.com
704-341-2915
Investor Contact
Scott Gaffner
VP, Investor Relations and Strategic Insights
investor@spxflow.com
704-752-4485
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