Standex International Corporation (NYSE:SXI) announced today that it closed the sale of its Procon Pumps business to Investindustrial.
Commenting on the sale, President & CEO David Dunbar stated, “We are pleased to have successfully divested the Procon business in line with our expected timing and valuation. We believe that the outcome of this process is in the best interests of our shareholders as well as our Procon employees and customers, who will be well served by CEME Group, a portfolio holding of Investindustrial. I would like to thank our former Procon colleagues for their contributions to Standex and wish them much success as they start a new chapter for the business.”
Seale & Associates served as investment banking advisor to Standex on the transaction.
TCF Law Group served as legal advisor to Standex on the transaction.
About Investindustrial and CEME Group
Founded in 1990, Investindustrial is a leading European investment and advisory group with over €12 billion of raised fund capital. It provides industrial solutions and capital to high-quality mid-market companies. Among its portfolio of companies is CEME Group, which manufactures solenoid pumps, rotary pumps, and solenoid valves in Italy and across the globe. CEME Group is known for its technical engineering know-how, quality, flexibility and for its unique ability to develop innovative solutions for customers in Italy and other international markets.
Procon is a global supplier of custom fluid solutions that combines collaborative design expertise, bespoke solution engineering, and a high-quality, highly-engineered portfolio of niche positive displacement pumps. It is a valued channel partner to a diverse base of “top tier” OEMs and distributors offering tailored solutions for critical and challenging fluid system applications. The company is a leading innovator in the rotary vane and gear pump segments.
Standex International Corporation is a global multi-industry manufacturer in five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, India and China. For additional information, visit the Company’s website standex.com.