An affiliate of Turnspire Capital Partners (Turnspire) has signed a definitive agreement to acquire the Daniel Measurement and Control business (Daniel) from Emerson Electric Co (NYSE: EMR).
Headquartered in Houston with a state of the art, strategically located manufacturing facility in Chihuahua, Mexico, Daniel is a global leader providing flow and energy measurement technologies and services to the natural gas and refined hydrocarbon industries. With an 85-year heritage as the preeminent supplier of engineered solutions for flow measurement in custody transfer applications, Daniel is the most trusted brand for customers across the energy and hydrocarbon supply chain.
The transaction includes all of Daniel’s brand rights, facilities, intellectual property and personnel. Emerson’s fiscal & custody transfer systems and ultrasonic flowmeter businesses are not included in the transaction.
Abel S Osorio, Partner of Turnspire, says: “Turnspire is excited to establish Daniel as an independent flow measurement and control company built on the foundation of its iconic brand, unparalleled reputation for reliability, superior technology and global installed base. We are committed to supporting the Company as it pursues its attractive organic growth opportunities and strong pipeline of strategic acquisition opportunities. We look forward to partnering with the Daniel team to further solidify the business’ market leadership and invest in research and development, technology and new products.”
Completion of the transaction is expected in the third quarter of 2021 and is subject to customary closing conditions and approvals.
Chapman and Cutler LLP is acting as legal counsel to Turnspire with respect to the transaction.