Sep 21 2006
Sun European Partners, LLP ("Sun European Partners"), the European adviser to Sun Capital Partners, Inc. ("Sun Capital"), today announced that one of its affiliates has acquired Pearl Fittings Limited ("Pearl Fittings").
Pearl Fittings, which has sales of 120 million pounds Sterling, manufactures and distributes plumbing fittings to the retail and construction markets through IBP Limited ("IBP") and manufactures and distributes high pressure hydraulic hoses and hose couplings to all sectors of the fluid power industry through Europower Limited ("Europower"). Manufacturing facilities are located in Poznan, Poland; Cordoba, Spain; and Whitby and Dundee, UK. The terms of the transaction were not disclosed.
Philip A. Dougall, Managing Director, Sun European Partners, LLP, stated, "For over 60 years, IBP has built a reputation for providing high-quality, brass and copper fittings (sold under the Conex and Banninger brands) and is a well recognised market leader in its core European Markets. Europower also enjoys good market recognition in Europe and is quickly developing a small but exciting position in the United States. Having recently been acquired from a troubled UK-listed corporation, we believe that by operating as a stand-alone company, together with the world-class operating and financial expertise of Sun Capital Partners, Pearl Fittings will be better positioned to capitalize fully on a wide range of new growth opportunities. Our affiliate, Sun Capital Partners, looks forward to working with Pearl Fittings' management team and dedicated employees in their continued efforts to support their loyal customers."
Trevor Murch, Executive Chairman, Pearl Fittings Limited, added, "We are delighted to form a partnership with Sun Capital which will allow Pearl Fittings to focus on operational improvements and strategic growth as we pursue new levels of product quality and customer service."