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The Sterling Group, L.P. completes the sale of Hudson Products Holdings, Inc. | 08/25/08
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News
The Sterling Group, L.P. completes the sale of Hudson Products Holdings, Inc.
HOUSTON (August 25, 2008) - The Sterling Group, L.P., a middle-market private equity firm based in Houston, Texas, today announced that they have finalized the sale of Hudson Products Holdings, Inc. to Riverstone Holdings LLC.
Since 1939, Hudson Products (www.hudsonproducts.com) has designed and manufactured air-cooled heat exchanger equipment to serve the oil, gas, and petrochemical processing industries. Through continuous innovation, Hudson became the pioneer in this field, developing internationally recognized trademarks such as Fin-Fan® Air-Cooled Heat Exchangers, Hy-Fin® Extruded Finned Tubing, and Tuf-Lite® and Tuf-Lite II® FRP Axial Flow Fans for Air coolers, cooling towers, condensers, chillers, and HVAC applications. Hudson's premier products and reputation for supplying the highest quality, reliability, and service in the industry has resulted in an installed base of over 35,000 ACHE's and 200,000 fans throughout the world.
"Hudson exemplifies our investment philosophy - to partner with management and employees, focusing on strategic initiatives to grow the business and create value for all the shareholders. Hudson, under the leadership of Chris Yunkun, has focused on these initiatives and improved performance significantly since our acquisition of Hudson in December 2006," said Kevin Garland, a Partner of The Sterling Group.
The Hudson sale represents the first sale of a portfolio company in Sterling Group Partners II, a $470 million fund controlled by The Sterling Group, L.P.
About The Sterling Group, L.P.
Founded in 1982, The Sterling Group (www.sterling-group.com) is a
private equity investment firm that targets controlling interests in
basic manufacturing, industrial services and distribution companies.
Typical enterprise values of these companies range from $100 million to
$500 million. Sterling has sponsored the buyout of over 30 portfolio
companies and numerous add-on acquisitions for a total transaction value
of approximately $8 billion. Currently, Sterling has $600 million of
committed capital under management through two funds, including Sterling
Group Partners II, L.P. Current portfolio companies include North
American Energy Partners Inc., Propex Inc., Panolam Industries
International, Inc., CST Industries, Inc., Roofing Supply Group, LLC,
BTEC Turbines LP, and Universal Fiber Systems.
About Riverstone Holdings LLC
Riverstone Holdings LLC, an energy and power-focused private equity firm
in 2000, has approximately $14.8 billion under management across six
investment funds. Riverstone conducts buyout and growth capital
investments in the midstream, exploration & production, oilfield
service, power, and renewable sectors of the energy industry. With
offices in New York, London and Houston, the firm has committed
approximately $8.5 billion to more than 50 investments in North America,
Latin America, Europe and Asia. For more information, visit
www.riverstonellc.com.
For additional information, please contact:
The Sterling Group, L.P.
Kevin Garland, Partner
(713) 877-8257
kgarland@sterling-group.com