Private equity firm Irving Place Capital and Victor Technologies announced that they have entered into a definitive agreement to sell Victor to Colfax Corporation, a global manufacturer of gas and fluid-handling and fabrication technology products.
The all cash transaction values Victor at approximately $947m, including the assumption of debt, and is subject to customary closing conditions.
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.
“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 revitalisation 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.”
Since 2010, Victor’s management team, with the support of IPC and its dedicated resources, has executed numerous strategic initiatives, including maximizing the efficiency of Victor’s global manufacturing footprint, consolidating Victor’s brand portfolio, accelerating new product development, and executing strategic acquisitions.
In July 2012, Victor acquired Robotronic Oy, the parent company of ProMotion Controls, Inc, a leading manufacturer of advanced controls used in plasma cutting, and in October 2013, Victor acquired Gas-Arc Group, Ltd, a designer and manufacturer of gas control equipment in the United Kingdom.
In conjunction with the transaction, Victor provided estimated financial information for the fiscal year ended December 31, 2013. On a pro forma basis, giving effect to the Gas-Arc acquisition as if it had occurred on January 1, 2013, net sales were approximately $500m.