ST. LOUIS, March 2, 2021 /PRNewswire-PRWeb/ -- Tinicum, L.P. and affiliated funds managed by Tinicum Incorporated ("Tinicum") announced today that they have acquired a controlling interest in Watlow, an industry leader in the design and manufacture of complete thermal systems. The financial terms of the transaction were not disclosed, although Desloge family shareholders and management will continue to have a minority ownership in the nearly 100-year-old company. Watlow's headquarters will remain in St. Louis, Missouri.
Watlow is a world class, diversified, industrial technology company providing innovative thermal solutions to many of the world's preeminent companies in industries such as semiconductor manufacturing, energy and environmental technologies, medical and clinical equipment, foodservice equipment and refrigerated transportation. The transaction with Tinicum will preserve Watlow's legacy while accelerating investments to support growth with its global customers, including international expansion, key technology advancements driven by Industry 4.0, the addition of strategic products and capabilities through acquisitions and enhancement of operating capabilities and capacity.
Tinicum is also committed to Watlow's purpose, values and vision and will support these foundational pillars to continue to guide the company. One important element of Watlow's values is people development and ensuring team members have opportunities to grow and develop. As a result, Peter Desloge, Watlow's chairman of the board and CEO, announced that he is promoting current COO, Rob Gilmore, to CEO. Desloge will move into the chairman emeritus role.
"After thorough analysis, we determined that the best way to achieve our full potential is to partner with Tinicum, a committed, long-term investor that is equally dedicated to our strategy and values and will provide us with the capital, operating experience and acquisition expertise required to achieve our vision," said Desloge. "They operate with a strong heritage of good stewardship through a long-term investment perspective and I am confident that Rob Gilmore and Tinicum will help Watlow achieve even more of its potential."
Gilmore stated, "I have been a team member at Watlow for 30 years and have never been more excited about our customer base, growth prospects and the team we have in place to execute on our strategy. I am grateful to Peter for this new opportunity and I look forward to leading the company through this transition and into its next phase of growth."
Tinicum partner, Bill Shockley, added, "We deeply admire the business that the Desloge family has built over three generations and are honored to partner with them and the Watlow management team. We are eager to help Watlow build on its many strengths and achieve its growth objectives through unparalleled customer focus, continued investment in product innovation and operational excellence, and strategic acquisitions globally."
William Blair & Company, L.L.C. served as financial advisor and Sullivan & Cromwell LLP and Bryan Cave Leighton Paisner LLP served as legal advisor to Watlow. Vinson & Elkins LLP served as legal advisor to Tinicum.
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About Tinicum
Tinicum, founded in 1974 as a family investment office, is a private partnership that manages a diversified group of manufacturing, distribution, and industrial technology companies. It seeks to the be trusted partner of business owners and executives who share its belief that long-term prosperity can be created by teams of capable, honest people working together and investing diligently to fulfill the potential of great businesses. For more information about Tinicum, visit http://www.tinicum.com.
About Watlow
Watlow is a global technology and manufacturing leader that provides world class engineering expertise and innovative thermal products and systems that enable customers to thrive. Since 1922, Watlow has grown in product capability, market experience and global reach. The company holds more than 1000 patents and employs 2200 employees working in 12 manufacturing facilities and three technology centers in the United States, Mexico, Europe and Asia. Watlow also has sales offices in 50 countries around the world. The company continues to grow, while the commitment remains the same – to provide its customers with superior products and services for their individual needs. For more information about Watlow, visit http://www.watlow.com.
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SOURCE Watlow
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