Flowserve Corp. (NYSE: FLS) Is buying private equity-backed Sihi Group BV for 298 million (U.S. $372.5 million).
Itzehoe, Germany-based Sihi provides vacuum and fluid pumps and related products to the chemical, pharmaceutical, food and beverage and other manufacturing industries. The company is backed by TBG Europe NV, a Amstelveen, the Netherlands-based private equity firm.
Sihi has operation in Europe, the Americas and Asia. The company anticipates fiscal 2014 sales of about $350 million and Ebitda of about $37.5 million.
Flowserve, headquartered in Dallas, manufactures pumps, valves, seals and other products that it supplies to the power, oil, gas and chemical industries.
Baird advised TPG on the deal.
Manufacturing M&A has been active over the past few months. Earlier in November, Watts Water Technologies (NYSE: WTS) agreed to pay about $265 million for water heater maker Aerco International. Also in November, London private equity firm 3i Group plc invested $160 million in manufacturing company Q holding.
For more on M&A activity in the manufacturing sector, see Growth in Manufacturing M&A May Have Peaked.