Vinson & Elkins advised private equity firm Tinicum L.P. and Tinicum-affiliated funds in their agreement to acquire a controlling interest in Watlow Electric Manufacturing Co., a designer and maker of industrial thermal systems technology.
Bryan Cave Leighton Paisner and Sullivan & Cromwell advised St. Louis-based Watlow on the transaction, for which no financial terms were disclosed, according to a statement.
Watlow provides its products to companies in industries such as semiconductor manufacturing, energy and environmental technologies, medical and clinical equipment, food-service equipment and refrigerated transportation.
The transaction will help Watlow accelerate investment to support growth, including international expansion. The deal will also advance its technology, and add strategic products and capabilities, the statement said.
“After thorough analysis, we determined that the best way to achieve our full potential is to partner with Tinicum,” said Peter Desloge, Watlow’s chairman of the board and CEO.
Desloge said he’s promoting Watlow’s chief operating officer, Rob Gilmore, to CEO, while Desloge will move into the chairman emeritus role.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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