Cashco Acquired by May River Capital for New Flow Control Platform
Deal News | Nov 13, 2024 | PR Newswire Cision May River Capital, LLC
In a strategic move, Chicago-based private equity firm May River Capital has acquired Cashco, a recognized provider of flow control solutions, marking its first investment in a new platform for flow control solutions. Established in 1920, Cashco operates across multiple global locations and excels in offering critical precision and reliability in flow control products for industries including industrial gases, specialty chemicals, pharmaceuticals, food and beverage, semiconductors, and petrochemicals. With the acquisition, Cashco is poised to leverage May River Capital's industry focus and resources for significant growth and innovation. The company will continue to be led by its existing management, with Clint Rogers as President and Rahul Deshmukh transitioning to the role of CEO and Executive Chairman. May River Capital intends to grow Cashco both organically and through strategic acquisitions. Advisors for the transaction included Paul Hastings LLP and BMO Capital Markets for May River Capital, and Houlihan Lokey for Cashco, with financing support from BMO Harris Bank.
Sectors
- Flow Control Solutions
- Private Equity
- Industrial Engineering
Geography
- United States – Both May River Capital and Cashco are based in the U.S., with head offices in Chicago and Kansas respectively.
- Germany – Cashco operates a branch outside of Berlin, indicating its geographical reach and market in Europe.
Industry
- Flow Control Solutions – This sector involves the design and manufacture of equipment for controlling and managing fluid flow, which is highly relevant given Cashco's specialized products.
- Private Equity – The focus on May River Capital as a private equity firm driving growth through strategic acquisitions fits within this sector.
- Industrial Engineering – Cashco's involvement in providing engineering solutions for industrial flow control systems connects it to the industrial engineering sector.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cashco | Target Company | Company | A provider of advanced pressure management solutions established in 1920, with a global operational footprint. |
| May River Capital | Acquiring Company | Company | A Chicago-based private equity firm focused on investing in industrial growth companies. |
| Clint Rogers | President of Cashco | Person | Leads Cashco and will continue to steer its operations post-acquisition. |
| Rahul Deshmukh | CEO and Executive Chairman | Person | An industry veteran joining May River's platform to drive growth and innovation at Cashco. |
| Phil Ramsbottom | Principal at May River Capital | Person | A key member of May River Capital's leadership involved in the acquisition strategy. |
| Paul Hastings LLP | Legal Advisor | Company | Provided legal advisory services to May River Capital for the transaction. |
| BMO Capital Markets | Financial Advisor | Company | Served as the financial advisor to May River Capital. |
| Houlihan Lokey | Financial Advisor for Cashco | Company | Advised Cashco on financial aspects of the acquisition. |
| BMO Harris Bank | Financing Bank | Company | Provided acquisition financing support for May River Capital's purchase of Cashco. |