An affiliate of Lone Star Funds has acquired SPX Flow, Inc. (NYSE:FLOW), a provider of process services for nutrition, health and industrial end markets in an all-cash transaction valued at $3.8 billion.
Following the completion of the deal, SPX Flow will become a privately owned company and will cease trading on the New York Stock Exchange. The firm’s product offering is focused on process technologies that perform mixing, blending, fluid handling, separation, thermal heat transfer and other integral process for a variety of end-markets.
“SPX FLOW has transformed its business and made important progress executing against our strategic plans, and we believe this transaction with Lone Star is an exciting culmination of those efforts for our shareholders,” said Marc Michael, SPX FLOW President and CEO. “In Lone Star, we have a partner that brings additional perspective and expertise to support the continued implementation of our strategic initiatives as we deliver reliable outcomes for customers and provide them the high-quality products and services they expect from us.”
Morgan Stanley & Co. LLC is serving as exclusive financial advisor to SPX FLOW and Winston & Strawn LLP is serving as its legal advisor. Citi, RBC Capital Markets, LLC, and BofA Securities Inc. are serving as financial advisors to Lone Star, and Gibson, Dunn & Crutcher LLP and Kirkland & Ellis LLP are serving as legal advisors.