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EnPro Industries, a US manufacturer of engineered industrial products, has acquired UK business Compressor Products International (CPI) in an all-cash transaction. The sum was not disclosed.

The transaction sees the company being merged with EnPro’s subsidiary France Compressor Products (FCP) to form the world’s largest manufacturer of reciprocating compressor sealing components.

FCP, designs, manufactures and refurbishes reciprocating compressor sealing components. With headquarters in Stafford, Texas, the company operates a number of additional France Compressor manufacturing or service and stocking sites located in Canada, France, Germany, Holland, China, Australia and the US.

CPI was established in 1984 by joint managing directors, Philip Hunt and Robin Wilson. The privately-held UK business designs, manufactures and services sealing components for reciprocating compressors and specialises in compressors for the gas and oil industry.

Hunt and Wilson are retaining key roles within the newly-combined business, which will move forward under the Compressor Products International name.
Gardner Leader acted as legal counsel to existing client CPI. The team was led by partner Derek Rodgers, assisted by Derek Child and David Brooks.

“This transaction was completed in a relatively short space of time despite the complexities involved in the sale of a UK-based parent, with subsidiaries in France, Brazil, Australia and the US, to a US-listed company,” advised Rodgers.

“The preparation, organisation and pragmatism of the parties involved, combined with the strong and co-operative relationships that quickly formed between the advisers, made this possible.

“We were delighted to be able to assist the sellers to realise the fruits of their hard work over many years, while at the same time finding a new home for the business in which their own entrepreneurial skills can continue to flourish.”

HW Corporate Finance was financial adviser to the vendor. Richard Hall led the deal team advising the shareholders and commented: “This was a very interesting transaction to work on and one which saw all sides moving in the same direction towards a common goal. While negotiating the terms, we were conscious that both parties would be working together post-deal, so looked to create an end situation which benefited our client but which everyone was happy with – and I believe we did that.

“The team here at HW Corporate Finance was delighted to have the opportunity to assist in delivering the culmination of 23 years’ work that Robin and Philip have put into developing and growing the business and wish the combined entity every success in the next stage of its development.”

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