Harris Williams Advises Pure Power Technologies, Inc. on its Sale to Stanadyne LLC

April 10, 2019

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Pure Power Technologies, Inc. (Pure Power), a portfolio company of Kensington Capital Partners, LLC (Kensington) and investors advised by The Smithfield Group Limited (Smithfield), on its sale to Stanadyne LLC (Stanadyne), a portfolio company of Kohlberg & Company, LLC (Kohlberg). Pure Power is a market leader in the engineering and remanufacturing of air and fuel management components for the automotive aftermarket. The transaction was led by Joe Conner, Frank Mountcastle, Jershon Jones, James O’Malley and Trey Balson of Harris Williams’ Transportation & Logistics (T&L) Group and Brian Jones of the firm’s Richmond office.

“It was a pleasure to work alongside Pure Power, an industry leader in components to the diesel fuel market with a reputation for quality and precision,” said Joe Conner, a managing director at Harris Williams. “Following a complex carve-out from Navistar in 2016, the management team built a standalone market leader with world-class facilities, people, processes and products that has grown dramatically over the last three years and now enters an exciting new phase of growth in partnership with Stanadyne.”

“Pure Power’s partnership with Stanadyne is a transformational combination that creates a market leading platform in diesel fuel technologies,” added Jershon Jones, a director at Harris Williams. “We believe the combination will be a significant growth driver for both businesses and allow them to deliver compelling product solutions to the market.”

Hughes Hubbard & Reed LLP provided legal advice to Pure Power in the transaction.

Pure Power is a market leader in the engineering and remanufacturing of air and fuel management components (including diesel fuel injectors, turbochargers, valves and other components) for the automotive aftermarket. Headquartered in Columbia, South Carolina, the company is a leading provider of precision fuel, air-management and after-treatment systems for light, medium and heavy-duty diesel engines, having produced more than 30 million precision diesel fuel injectors since 1999. With more than 350 world-class engineers and technical specialists, Pure Power offers a complete portfolio of design, engineering, manufacturing and remanufacturing capabilities that allow the company to achieve leading levels of quality and precision.

Kensington is a New York-based private equity firm that invests in automotive and industrial companies. Kensington was formed in 2015 by Justin Mirro, an investment banker with more than 25 years of manufacturing, M&A, financing and restructuring experience in the automotive industry. Kensington also publishes a weekly automotive newsletter, The Motor Weekly®.

Smithfield is a global investment advisor with a particular focus on driving strategic and operational change in companies operating in the industrial, energy and services sectors. Headquartered in London, with a team of executives from three continents, Smithfield is founded on a long-term partnership that blends successful international investors with CEOs who have led businesses across multiple sectors around the globe. Other current investments advised by Smithfield include Pure Safety Group, headquartered in the U.S., and Pure Lifting Group, headquartered in the U.K.

Stanadyne is a global technology leader in engine-based fuel management solutions, specializing in the design, development and manufacturing of diesel and gasoline fuel pumps and injectors for original engine manufacturers and aftermarket suppliers. Stanadyne designs its products and services with tomorrow’s challenges in mind and has been “Fueling Innovation” for nearly 140 years. Headquartered in Windsor, Connecticut, Stanadyne has worldwide manufacturing facilities in the United States, Asia and Europe.

Kohlberg is a leading private equity firm headquartered in Mount Kisco, New York. Since its inception in 1987, Kohlberg has organized eight private equity funds, through which it has raised over $7.5 billion of committed equity capital. Over its 32-year history, Kohlberg has completed 76 platform investments and nearly 200 add-on acquisitions, with an aggregate transaction value of over $15 billion.

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’ T&L Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck, rail, marine and air transportation, automotive and heavy duty vehicle, and transportation equipment. For more information on the firm’s T&L Group and other recent transactions, visit the T&L 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.