DCF Advises on the sale of a Majority Equity Interest in American Piping Products, Inc. to The Edgewater Funds
Transaction Highlights Extensive Middle Market Sell-side Qualifications
Deloitte Corporate Finance LLC (DCF) is pleased to announce its role as the exclusive financial advisor to American Piping Products, Inc. (APP) regarding the sale of a majority of equity interest to The Edgewater Funds (Edgewater). Terms of the deal were not disclosed. APP is a rapidly growing distributor of specialty steel pipe, fittings, and valves to global infrastructure customers in the energy, manufacturing, and construction industries. APP is recognized for its in-stock availability of niche products that meet its customer’s demands in a complex, international supply chain. APP sources and stocks inventory from a network of qualified producers and suppliers with whom it enjoys long standing relationships based on quality and performance at high service levels.
The majority stock sale transaction positions APP for continued growth by providing capacity for expanding its product offering and investing further in scalable operating assets. Since being founded in 1994, APP has developed a strong competitive position in the supply of heavy-wall, seamless pipe. The company currently employs 34 people in its headquarters in Chesterfield, Missouri; its service center in Houston, Texas; and sales office in Philadelphia, Pennsylvania.
The transaction is another example of DCF’s role as a leading middle market, sell-side financial advisor within the Metals sector. The Deloitte subsidiaries worked together to provide the client with a seamless range of services needed to complete the transaction.
About APP and Edgewater
American Piping Products is engaged in the distribution of heavy-wall carbon, stainless, and chrome-moly pipe, tube, fittings and valves used in Energy, Manufacturing and Construction industries. Based in Chesterfield, Missouri, APP utilizes a steel processing and sales facility in Houston, Texas, for shipments throughout the United States, Canada, Mexico, Europe and the Far East. The Houston facility provides access to mill shipments in and out of the United States through the “Port of Houston”. Other services include fully staffed logistics, quality assurance and international export departments.
The Edgewater Funds is a private equity firm specializing in middle market growth capital investments. The firm focuses on acquisitions and investments in business services, financial and government services, consumer products and services, health care, information technology services, and software and basic industries. The firm primarily invests in companies based in North America. It typically invests in companies with EBITDA between $3 million and $25 million and revenues between $20 million and $500 million. The firm usually is the sole or lead equity investor in its portfolio companies but will also co-invest with other funds. The Edgewater Funds was founded in 1991 by Mr. James A. Gordon and is based in Chicago, Illinois.
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