RADNOR, Pa., Sept. 12, 2013 /PRNewswire/ -- Element Partners, a growth equity fund focused on industrial technology companies, is pleased to announce the completion of a significant investment in Hayward Gordon ("Hayward" or the "Company").
Hayward Gordon, headquartered in Toronto, Ontario, designs, manufactures and distributes mixers, pumps, and engineered systems for challenging fluid handling applications. The Company is active in a wide range of industrial markets including: food, water, mining, chemical, oil & gas, mineral processing, and wastewater treatment.
Concurrent with the transaction, Bill Dube, formerly President of Weir Canada, an international pump manufacturer, joined Hayward Gordon as President and CEO. During his tenure at Weir, Bill oversaw a tripling of revenues to slightly over $300 million. Bill commented on the transaction, "I feel privileged to be leading Hayward Gordon at this important juncture in its evolution. We are very fortunate to have the opportunity to build upon the tremendous talent and outstanding technical knowhow that has been developed at Hayward Gordon over the previous 60 years. We are looking forward to expanding our capabilities to better serve our existing and future customers."
Hayward Gordon will serve as a platform company for further acquisitions of pump and mixer manufacturers focused on abrasive applications. John Hayward will continue in a leadership role with the Company as the Executive Director of Business Development and will help lead the acquisition efforts. John will be a member of the Company's Board of Directors and remains a significant shareholder. John commented on the transaction, "We have achieved tremendous growth, particularly over the past seven years, and are excited about strengthening our position and furthering our pursuit of building a world-class company." Nitin Gupta, a Principal at Element Partners, also commented on the financing, "We are thrilled to be partners with Hayward. The Company has a longstanding track record of field performance and reliability which will be an ideal footing for our growth plans."
Element Partners was represented in this transaction by England & Company, and Hayward Gordon was represented by BDO. Royal Bank of Canada provided a credit facility to support the transaction.
About Element Partners
Element Partners is a leading growth equity firm investing in high-growth companies offering innovative products and services to the global energy, industrial, and environmental markets. Element has a long history of providing companies with the financial resources, industry contacts, and strategic insights necessary to maximize growth and shareholder return. With 125 combined years of experience, the team has successfully managed over $1.25 billion in capital commitments spanning six investment partnerships.