Sale to Spirax-Sarco Engineering plc
Baird served as exclusive financial advisor to Flowserve on this transaction
AboutFlowserve Corporation (Flowserve or the “Company”) (NYSE: FLS) announced it has completed the sale of its GESTRA AG business unit (“GESTRA” or the “Business”) to Spirax-Sarco Engineering plc (Spirax-Sarco) (LON: SPX), a leading provider of steam system solutions, for an Enterprise Value of €186 million.
Flowserve is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the Company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. Flowserve is headquartered in Dallas, Texas.
GESTRA is a global leading player in the design and production of valves and control systems for fluid and steam control applications with more than 110 years of experience. The Business offers a full range of complete systems and intelligent solutions engineered to function with maximum reliability and safety at highest energy efficiency levels. Its range of automated steam traps, control valves and boiler control systems is market leading. Flowserve acquired GESTRA AG in 2002 as part of the acquisition of Invensys Flow Control. In 2016, the Business recorded revenues of approximately €92.5 million with earnings before interest and taxes of €15.2 million, and has approximately 400 employees. GESTRA is headquartered in Bremen, Germany.
Spirax-Sarco is a multi-national engineering group listed on the London Stock Exchange with a market capitalization of over £3.8 billion. Operating across multiple end markets from the food and beverage industry to refining and chemicals, Spirax-Sarco helps customers to implement environmentally friendly solutions for energy and water savings, process efficiency, product quality and improvements in plant health, safety and regulatory compliance. Spirax-Sarco employs 5,000 people and is headquartered in Cheltenham, the United Kingdom.
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- May 2017
- GESTRA AG
- Target Location
- Acquiror Location