CIRCOR to be acquired by KKR
CIRCOR International, Inc., a global provider of mission critical flow control products and services for the industrial and aerospace and defense markets, announced it has entered into a definitive agreement to be acquired by investment funds managed by KKR, a leading global investment firm. The all-cash transaction is valued at approximately $1.6 billion, including the assumption of debt.
“Our agreement with KKR marks the successful culmination of a strategic review process conducted by the board, supported by external advisors and the management team,” said Helmuth Ludwig, CIRCOR’s board chair. “As part of our comprehensive strategic review, initiated in March 2022, we engaged in extensive dialogue with a number of parties that expressed interest in acquiring all or parts of the company. We believe that this transaction and the immediate cash value it will provide to CIRCOR’s stockholders best achieves the board’s goal of unlocking the significant incremental value within CIRCOR for its stockholders. This transaction is a testament to the dedication of CIRCOR’s talented team and we are grateful for their tireless efforts and commitment to making CIRCOR an industry leader.”
Tony Najjar, president and CEO CIRCOR stated, "This transaction will create significant value to our stockholders, reflecting the dedication of our team in executing on our strategic priorities, the strength of our family of brands and the deep relationships we have built with our customers. We believe that having the support and resources of an experienced investor like KKR will help us expand our presence in the flow control space and support our mission to deliver the highest-quality products and services to our customers, many of which play a critical role in protecting national security.”
Josh Weisenbeck, a KKR partner who leads KKR’s Industrials investment team, added, "CIRCOR stands out as an innovative and trusted solution provider, manufacturing mission-critical flow control products for industrials, aerospace and defense customers. We believe the company is in a strong position to grow and benefit from the attractive tailwinds in those markets. We look forward to working closely with Tony and his talented team to drive further growth and value through new product development, aftermarket expansion, strategic acquisitions and allowing all CIRCOR employees to have the opportunity to participate in the benefits of ownership of the company.”
Following the close of the transaction, KKR will support CIRCOR in expanding its equity ownership program to allow all employees to have the opportunity to participate in the benefits of ownership of the company.
INDUSTRIAL SUPPLY MAGAZINE
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