Harris Williams & Co. Advises Cimarron Energy Inc. in its Sale to Curtiss-Wright Corporation
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Cimarron Energy Inc. (Cimarron), a leading manufacturer of energy production, processing and environmental solutions to the U.S. oil and gas industry, to strategic buyer Curtiss-Wright Corporation (NYSE:CW) for approximately $135 million. Harris Williams & Co. acted as the exclusive advisor to Cimarron, a portfolio company of Linx Partners, LLC (Linx). The transaction closed on November 21, 2012 and was led by Drew Spitzer, Luke Semple and Chris Burnham from the firm’s Energy & Power (E&P) Group as well as Bob Baltimore from the firm’s Richmond office.
“Cimarron has built a strong reputation from over 30 years of delivering highly engineered, customized and reliable equipment. We are proud to have represented Cimarron and Linx in this transaction,” said Drew Spitzer, a managing director and co-head of Harris Williams & Co.’s E&P Group. “Cimarron’s acquisition by Curtiss-Wright further highlights industrial focused strategic buyers’ increased appetite for companies with exposure to upstream and midstream oil and gas markets. This is a trend we have seen continue to develop over the last 18 months as companies seek to capitalize on the strong growth in North American oil and gas resources,” added Luke Semple, a vice president in the E&P Group.
The oil and gas equipment and services sector has been a significant focus for Harris Williams & Co. In addition to Cimarron, Harris Williams & Co. served as the exclusive advisor to Casedhole Solutions, Inc., a leading multi-regional, independent provider of cased-hole wireline and other complementary services, in its sale to C&J Energy Services (NYSE:CJES) for $272.5 million; the exclusive advisor to Production Control Services (PCS), a leading developer, manufacturer and provider of artificial lift products and services, in its sale to Dover Corporation (NYSE:DOV) for $220 million; the exclusive advisor to Castronics, a provider of pipe threading services, to Inspection Oilfield Services for an undisclosed amount; and an advisor to Seaboard International, a leading manufacturer of wellhead and pressure control equipment, in its sale to The Weir Group PLC (LN:WEIR) for $675 million.
Cimarron is a leading national manufacturer of energy production, processing and environmental solutions to the U.S. oil and gas industry. The company’s energy equipment, which includes separation and dehydration equipment, serves as a critical link in the production and processing of oil and natural gas at the well site and is used in the most complex and demanding operating environments. Cimarron also manufactures a full suite of environmental solutions, which control toxic well site emissions, provide better equipment energy efficiency and enable remote monitoring of equipment functions.
Linx is a private equity investment firm that partners with family owners, entrepreneurs and management to acquire and grow middle market industrial companies. Utilizing the strategic, operational and financial skills of its team, Linx is committed to working with management teams to expand and increase the value of companies in which it invests. Linx has offices in New York and Atlanta.
Curtiss-Wright is an innovative engineering company that provides highly engineered, critical-function products, systems and services in the areas of flow control, motion control and metal treatment to the defense, energy and commercial/industrial markets. The legacy company of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of design and manufacturing innovation and prides itself on long-standing customer relationships. The company employs approximately 8,300 people worldwide.