Harris Williams Advises CIRCOR International, Inc. on the Sale of its Reliability Services Division to an Affiliate of RelaDyne, LLC

February 26, 2019

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised CIRCOR International, Inc. (NYSE:CIR; CIRCOR) on the sale of its lubrication management and chemical cleaning solutions division, Reliability Services, to an affiliate of RelaDyne, LLC (RelaDyne), a portfolio company of Audax Private Equity. The transaction was led by Matt White, Drew Spitzer, Greg Waller, and Thomas Saunders of Harris Williams’ Energy, Power & Infrastructure (EPI) Group.

“Reliability Services is a proven market leader with best-in-class service capabilities and a strong brand that resonates in the market,” said Matt White, a managing director at Harris Williams. “We believe that the business is well positioned for significant long-term growth, and we are pleased to have advised on its combination with RelaDyne.”

“The sale of Reliability Services is the latest addition to Harris Williams’ established resume of advising market leading providers of outsourced industrial services,” added Drew Spitzer, a managing director at Harris Williams. “We believe the combination with RelaDyne will be a significant growth driver for both businesses, and we look forward to following the combined platform’s future success.”

Reliability Services is a leading provider of critical lubrication and flushing services and oil misting equipment to customers in oil and gas, refining, petrochemical, power generation, industrial and Naval markets. With more than 280 employees, Reliability Services maintains 17 locations across seven countries. The company provides a full suite of on-site services, including high velocity oil flushes, chemical cleaning, varnish removal, rotating equipment maintenance services and emergency water removal. Reliability Services also provides equipment, oil mist and oil purification equipment and parts, and dehydration units.

CIRCOR designs, manufactures and markets highly engineered products and subsystems for markets including oil and gas, power generation and aerospace and defense. CIRCOR has a diversified product portfolio with recognized, market-leading brands that fulfill its customers’ unique application needs. The company’s strategy is to grow organically and through complementary acquisitions; simplify CIRCOR’s operations; achieve world class operational excellence; and attract and retain top industry talent.

RelaDyne, headquartered in Cincinnati, Ohio, is one of the leading providers of lubricants, fuels, diesel exhaust fluid (DEF) and reliability services for industrial, commercial and automotive businesses in the United States. RelaDyne was formed in 2010 by the combination of four well-established, industry-leading companies and has since grown to more than 60 locations by strategically acquiring other industry leaders in the lubricant, fuel distribution and industrial service segments.

Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax Private Equity has invested over $5 billion in 120 platform and 730 add-on companies. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations and significantly increase equity value. Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York and San Francisco, Audax Group has over $16 billion in assets under management across its Private Equity, Mezzanine and Senior Debt businesses.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams' EPI Group has experience across a broad range of sectors, including industrial and infrastructure services, oil & gas equipment and services, energy efficiency and clean tech, power products and technology, engineering and construction, and environmental services. For more information on the firm’s energy, power, and infrastructure experience, please visit the EPI Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.