Middle market investment bank Harris Williams & Co, has advised the Philadelphia Gear Corporation on its sale to strategic buyer Timken Gears & Services Inc, a subsidiary of The Timken Company (Timken; NYSE:TKR). The transaction, valued at approximately USD200 million, closed on 1 July, 2011.
Harris Williams & Co acted as the exclusive advisor to Philadelphia Gear. The transaction was led by Jon Nemo from the firm’s Aerospace, Defense & Government Services (ADG) Group as well as Tiff Armstrong, Matt White and Matt McLain from the firm’s Energy & Power (E&P) Group.
Philadelphia Gear, based in King of Prussia, PA and a portfolio company of Wind River Holdings, is a globally-recognized supplier of precision gear products and gear services for industrial, power generation, oil and gas, infrastructure and military marine industries. The company’s platform includes aftermarket repair, maintenance and onsite technical services.
Wind River is a privately owned investment company based in King of Prussia, PA. Wind River selectively acquires businesses in a variety of industries, ranging from preschool education to high performance cordage. Wind River’s proprietary Strategic Architecture Process provides its operating companies with strategic direction, management support and access to capital – all with the goal of creating sustainable long-term growth.
Timken provides innovative friction management and power transmission products and services that are critical to help hard-working machinery perform efficiently and reliably. Timken had sales of USD4.1 billion in 2010 and has operations in 29 countries with approximately 20,000 employees.
