John Crane expands Chinese manufacturing operations

John Crane expands Chinese manufacturing operations

news Norwegian private equity firm acquires majority stake in PG Group N orvestor VI LP, a fund advised by Norvestor Equity AS, has signed an agree...

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Norwegian private equity firm acquires majority stake in PG Group

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orvestor VI LP, a fund advised by Norvestor Equity AS, has signed an agreement to invest in Norway’s Ing Per Gjerdrum AS (PG Group). PG is a group of companies specializing in liquid handling solutions and operating within the offshore oil & gas and maritime industries. The core business is pumps and pumping systems. The company had revenues of NOK552 million in 2013. “Our partnership with Norvestor marks the end of an era with Per Gjerdrum stepping back after 32 years with PG,” said PG CEO Roy Norum. “I am confident that we, through Norvestor, have found the ideal way of taking PG to the next level. Our combined network, experience and competence will allow PG to thrive as we continue to develop the company.” “After several years of major investments in infrastructure and resources PG has grown both its capacity and capability within its core businesses, and we believe the company is set to capitalize on this in the coming years,” said Per-Ola Baalerud, a Norvestor Equity partner and chairman designate of PG. Following the acquisition, Norvestor will become the largest shareholder in PG with a 63% stake, while the remaining shares will be held by Mads Gjerdrum and Norum. For further information, visit www.pg-marinegroup. com and www.norvestor.com

Knox Capital invests in Stancor

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S private investment firm Knox Capital Holdings LLC has become a significant shareholder of electric submersible pump producer Stancor Inc. Headquartered in Monroe, Connecticut, Stancor designs and manufactures electric submersible pumps, controls and related replacement parts and accessories for critical heavy industrial applications in the mining, utility, commercial construction and wastewater industries. Stancor management will now work closely with Knox Capital’s operating team, led by 16

Pump Industry Analyst

principal Tom Nugent, to manage a transition for Stancor’s existing owners and employees. Alex Gregor, founder and principal at Knox Capital, said: “Our investment in Stancor is a direct result of our focus on providing the management plan needed to reach a new plateau of long-term, sustainable growth. We are excited about Stancor’s potential.” Alan Tenney, president of Stancor, said: “This transaction represents a very significant milestone for Stancor. Knox Capital’s access to sizable permanent capital resources, along with the experience and expertise of Mr Gregor and his team, will provide management with an opportunity to grow in the marketplace, expanding its product and service offerings, and to focus on ensuring the best outcome for the business, including its customers, suppliers and employees.” Longview Asset Management and Bratenahl Capital invested alongside Knox Capital. For further information, visit www.stancorpumps.com and www.knox-cap.com

John Crane expands Chinese manufacturing operations

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ealing specialist John Crane has made a number of investments in its Tianjin, China facility to meet the growing demand from energy services customers. The investments include new advanced machines to expand the service centre’s aftermarket capabilities; four new product lines added to the manufacturing operations; a new training centre to support customized training for customers and employees; and a new global R&D technology centre to bring new technologies and local engineering expertise to the Chinese market. John Crane is also increasing gas seal capabilities at the Tianjin facility. Zhenning Mao, John Crane’s vice president of China, said: “We’re investing in our China business at the highest levels in our history. Expanding our manufacturing capabilities means we can bring customers new products faster and with better quality. And with new machines in our service centre, we’re able to offer customers new aftermarket services to improve reliability in their operations.”

For further information, visit www.johncrane.com

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October 2014