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One Equity Partners to sell Anvil International

Middle market private equity firm One Equity Partners (OEP) is to merge Anvil International (Anvil), a global designer, manufacturer and provider of products that connect and support piping systems, with Smith-Cooper International (Smith-Cooper), a global designer and provider of branded, high-quality pipes, valves, and fittings. 

The realisation represents the second exit from OEP’s USD1.65 billion Fund VI. Financial terms of the private transaction have not been disclosed. 

Anvil, headquartered in Exeter, N.H., manufactures branded fittings, seismic bracing, struts, pipe shields and valves for US and global businesses across the industrial, mechanical, fire protection, mining and energy industries. The Company’s complete line of piping and connection support systems are manufactured in Pennsylvania, Texas, Rhode Island, Tennessee and Alabama.

“When we partnered with Anvil, we saw an excellent opportunity to bring OEP’s expertise and resources to bear in supporting CEO Tom Fish and his team to establish an independently-managed business serving attractive end markets,” said Andrew Oliver, Managing Director, OEP. “This has been an exceptional investment for our investors, reflecting OEP’s core strengths in acquiring an orphaned business in partnership with management to build a truly global and scalable business in one of our target industry verticals.” 

“Our investment in Anvil is evidence of OEP’s successful approach that includes developing an investment theme, applying analytics, conducting thorough research and identifying an exit path at the time of investment,” says JB Cherry, Senior Managing Director, OEP.

OEP acquired Anvil through a carve-out transaction in January 2017. The Company subsequently made acquisitions of five complementary businesses that transformed it into a leader with strong global distribution operations. The firm and Anvil’s management team optimised manufacturing facilities, expanded its piping business into higher-margin product segments and nearly doubled its EBITDA during OEP’s ownership.

“These add on acquisitions were transformational for Anvil, expanding its product offerings and generating significant growth,” said Lee Gardner, Managing Director, OEP.

“We found an outstanding partner in OEP who worked collaboratively with Anvil to identify and execute several attractive complementary acquisitions that drove our strong growth trajectory over the last two years,” said Fish. “The merger with Smith-Cooper is testament to OEP’s ability to build businesses and attract the interest of a strong buyer.”

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