The Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings, agrees to join with the management of Hudson Products Corporation (Hudson or the Company) to purchase 100% of the outstanding stock in Hudson from The Sterling Group, a private equity firm based in Houston, Texas.
Riverstone intends to invest additional equity capital to support Hudson’s growth plans, as well as other strategic initiatives going forward. Terms of the transaction were not disclosed.
Hudson is the providers of air-cooled heat exchangers and axial flow fans to refinery, petrochemical, natural gas, power and other industrial and commercial end markets. The Company has manufacturing operations in the United States, Canada, Europe, Mexico, China and the Middle East. Hudson has a presence in over 20 countries with over 630 employees worldwide.
“We are extremely excited about partnering with Riverstone, given its industry expertise and significant capital resources. Riverstone’s commitment to providing growth capital will ensure the Company’s continued ability to expand globally and better serve its customers,” says Chris Yunkun, CEO, Hudson.
“Riverstone has been impressed with Hudson’s management team and the Company’s commitment to producing high quality products,” says Baran Tekkora, principal of Riverstone. “We look forward to continuing the Company’s growth and maintaining its reputation as a leading provider of heat exchange solutions.”
The transaction is subject to customary closing conditions, including antitrust clearance under the Hart-Scott-Rodino Act.