KKR has agreed to acquire Circor International Inc., a provider of flow control products and services for the industrial and aerospace and defense markets, in an all-cash transaction valued at approximately $1.6 billion, including the assumption of debt.
Circor markets its services directly and through sales partners to more than 14,000 customers in approximately 100 countries.KKR will acquire all outstanding shares of Circor common stock for $49 per share in cash. Following the close of the deal, KKR will support Circor in expanding its equity ownership program to allow all employees to have the opportunity to participate in the ownership of the company. KKR is making its investment in Circor through its North America Fund XIII. The investment builds on KKR’s recent experience investing in flow control technologies and aerospace and defense industry suppliers globally. Circor will be a privately-held company wholly owned by KKR’s investment funds and will no longer have its common stock listed on any public market.
Evercore, JP Morgan Securities LLC, and Ropes & Gray LLP are serving as advisors to Circor. KKR is advised by Citi and Kirkland & Ellis LLP.