Milwaukee, Wisconsin-based Rexnord (NYSE: RXN) agreed to acquire Maryland-based Cambridge International Holdings Corp. for $210 million, from San Francisco-based middle-market private equity firm Industrial Growth Partners (IGP).
Cambridge is one of the world’s largest suppliers of metal conveyor belts and engineered woven metal solutions, primarily used in food processing end markets, as well as in architectural, packaging and filtration applications. The company was founded in 1911 in Cambridge, Maryland, and has a global workforce of 400 engineers, craftsmen and market experts.
The company was acquired in 2006 by Westport, Connecticut-based private equity firm Sterling Investment Partners, which in turn sold it in 2012 to IGP, through an MBO buyout.
“Cambridge aligns well with our strategy to expand our presence in consumer-driven end markets,” said Todd Adams, president and CEO of Rexnord.
“The acquisition, when completed, will bring our total sales to water, aerospace, and food and beverage end markets to more than 70 percent of total revenues that should, over time, generate a better balanced, overall growth profile,” he added.
The transaction is expected to close in the next 30 days, subject to customary closing conditions.
Rexnord, founded in 2006, is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 7,700 employees worldwide.
The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems.
The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation.
The company has a market capitalization of $2.06 billion.