Dominus Capital, L.P., a leading private equity firm based in New York, announced that it has entered into a definitive agreement to sell Cincinnati Fan & Ventilator Co., Inc. ("Cincinnati Fan"), a leader in engineered air movement solutions, including blowers and critical exhaust systems, to SPX Corporation.
"Dominus has been an excellent partner for Cincinnati Fan," said Paul Burton, President and CEO of Cincinnati Fan. "Dominus supported our growth with strong industry expertise and capital. We completed and integrated two strategic acquisitions and successfully launched new products to deliver more solutions to our customers. Dominus allowed us to maintain our core Cincinnati Fan DNA, while providing the resources to accelerate our growth story."
"Cincinnati Fan has become a leading player in the air movement space," said Bob Haswell, Founding Partner at Dominus. "Dominus was able to bring significant resources to professionalize the business and grow both organically and through acquisition. We completed two acquisitions, expanded capacity, and invested in new product development under our ownership. Paul, management, and the company are very well positioned to drive growth for SPX and its investors."
The transaction is expected to close by year end 2021 and is subject to regulatory approval and customary closing conditions. Other terms of the transaction are not being disclosed at this time. William Blair served as financial advisor, and White & Case LLP served as legal counsel for Cincinnati Fan. SPX was represented by BlackArch Partners, LLC as financial adviser and Holland & Knight LLP as legal counsel.
About SPX Corporation
SPX Corporation is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Corporation has more than 4,000 employees in 15 countries. For more information, please visit www.spx.com.
About Cincinnati Fan
Founded in 1956, Cincinnati Fan and Ventilator is a leading manufacturer of engineered air moving solutions for OEM applications across a diverse range of industries. The Company offers reliable, short lead-times on built-to-order industrial fans and blowers, which can be customized to meet end-users' specifications. Primary products include centrifugal fans and blowers, axial fans, portable fume exhausters, critical exhausts systems, high temperature fans and other highly-engineered solutions. The company is headquartered in Mason, Ohio, and has locations in the US and the United Kingdom. For more information please visit www.cincinnatifan.com.