Baar-Zug, 23 October 2012
Partners Group and American Industrial Partners announce the sale of
Micro-Poise Measurement Systems to AMETEK, Inc.
Partners Group, the global private markets investment manager, and American
Industrial Partners ("AIP"), a middle-market private equity firm focused on
acquiring and improving North American-headquartered industrial businesses,
today announced the sale of Micro-Poise Measurement Systems, LLC
("Micro-Poise") to AMETEK, Inc. ("AMETEK") for USD 170 million in cash.
Micro-Poise, headquartered in Streetsboro, OH, is the world's largest and most
technologically advanced provider of integrated test and measurement solutions
for the tire industry in both developed and emerging markets. American
Industrial Partners and Partners Group teamed to acquire Micro-Poise from
Illinois Tool Works, Inc. in April of 2007.
The Company's test and measurement products are used to measure the balance,
uniformity and geometry of both tires and tire and wheel assemblies.
Micro-Poise operates four manufacturing facilities in the US, Europe and China
with over 330 employees worldwide. The Company's test and measurement
technologies provide the industry's most accurate and repeatable measurements
and fastest cycle times. These solutions are critical for its customers not
only to ensure the highest levels of tire quality and performance, but also to
improve its customers' overall profitability by increasing throughput and
reducing scrap costs.
"Micro-Poise is yet another instance in which our firm successfully partnered
with company management to establish industry leading operating performance
and a highly attractive investment outcome" said Eric Baroyan, a Partner at
American Industrial Partners. "Through aggressive new product development,
strategic acquisitions, expanding the Company's Asian footprint and improving
manufacturing and supply-chain efficiencies, the engineers and operators who
comprise American Industrial Partners, together with Micro-Poise management,
approximately doubled EBITDA over the course of our ownership." AIP earned a
5.8x gross multiple of money and a 36% gross IRR on its invested capital in
David Layton, a senior investment manager with Partners Group, commented,
"Micro-Poise is the latest success story from our global mid-market portfolio.
Our strategy has been to identify regionally focused mid-market companies that
have significant potential to grow and expand internationally - and to
leverage Partners Group's global platform to help achieve that growth. Over
the past several years, Micro-Poise has successfully grown its sales in Asia
at an annualized growth rate of approximately 25%."
Steve Harris, Chief Executive Officer of Micro-Poise, said, "Micro-Poise has
long been a highly-respected brand with a loyal global customer base. However,
it was the support and commitment provided by AIP and Partners Group that
enabled us to achieve the step change in product offerings, operating
efficiency, and financial performance over the last few years. We greatly
value our partnership with American Industrial Partners and Partners Group and
the resultant success of our company. We look forward to continued growth
Morgan Stanley served as the financial advisor and Patton Boggs, LLP served as
legal counsel to AIP and Partners Group.
About Partners Group
Partners Group is a global private markets investment management firm with
over EUR 25 billion in investment programs under management in private equity,
private real estate, private infrastructure and private debt. The firm manages
a broad range of customized portfolios for an international clientele of
institutional investors. Partners Group is headquartered in Zug, Switzerland
and has offices in San Francisco, New York, São Paulo, London, Guernsey,
Paris, Luxembourg, Munich, Dubai, Singapore, Beijing, Seoul, Tokyo and Sydney.
The firm employs over 600 people and is listed on the SIX Swiss Exchange
(symbol: PGHN) with a market capitalization of over CHF 5 billion with a clear
majority owned by its partners and employees.
The sale of Micro-Poise marks continued transaction activity for Partners
Group as it has completed several recent mid-market buyout investments,
including Trimco, a Hong Kong-based supplier of labeling solutions for the
global apparel industry, Global Blue, a Switzerland-based provider of
value-added technology and processing services that enable international
shopping, and Strategic Partners, a California-based provider of medical
uniforms in North America. Also, in 2010 Partners Group acquired an interest
in another tire-related company, Saehwa International Machinery, a Korea-based
manufacturer of tire building machinery, tire molds and drums.
About American Industrial Partners
American Industrial Partners is an operationally focused middle-market private
equity firm that makes control investments in North American-based industrial
businesses serving domestic and global markets. The Firm has deep roots in the
industrial economy and has been active in private equity investing since 1989.
To date, AIP has completed over 30 transactions and is currently managing more
than USD 1.1 billion in equity capital. AIP invests in: corporate
divestitures, management buyouts, recapitalizations, and going-private
transactions of established businesses with revenues of USD 100 million to USD
500 million. Micro-Poise represented the third in a series of successful exits
by AIP in the last twelve months. Prior exits included the sale of Brooks
Instruments, LLC in which AIP earned a 5.3x gross multiple of money and a 59%
gross IRR and the sale of Ichor Systems Holdings, LLC in which AIP earned a
8.8x gross multiple of money and an 88% gross IRR. For more information about
American Industrial Partners, contact Ben DeRosa, Partner at 212-627-2360,
Investor relations contact
Phone: +41 41 784 66 60
Media relations contact
Dr. Anna Hollmann
Phone: +41 41 784 63 72
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