Industrial Opportunity Partners' Platform FAS Controls Completes Strategic Acquisition
FAS Controls Inc. Expands Manufacturing Capabilities and Reaches New Customer in Heavy-Duty Truck Market By Acquiring Pneumatic Control Valve Product Line Assets
Evanston, IL - May 11, 2009 – Middle market private equity firm Industrial Opportunity Partners (“IOP”) of Evanston, Ill., today announced that it has completed a strategic acquisition for platform company FAS Controls Inc. (“FAS Controls”), a leading manufacturer of pressure switches, valves, circuit breakers, mechanical switches, coils and solenoids, which are primarily sold to major original equipment manufacturers of heavy trucks, automobiles and commercial equipment. FAS Controls acquired the pneumatic control valve assets (the "Product Line") of Curtiss-Wright Flow Control Company. The Product Line is a dedicated supplier of pneumatic directional control valves to the heavy-duty truck market. The acquired assets will be integrated into FAS Controls' existing facility in Shelby, North Carolina, leveraging FAS Controls' strong management team and world-class facilities. The acquisition of the Product Line expands FAS Controls' product capabilities to both new and existing customers within the heavy-duty truck markets.
About FAS Controls Inc.
FAS is a manufacturer of pressure switches, valves, circuit breakers, mechanical switches, coils and solenoids, which are primarily sold to major original equipment manufacturers of heavy trucks, automobiles and commercial equipment. For more information, visit FAS Controls’ website at www.fascontrols.com.
About Industrial Opportunity Partners
IOP is an Evanston, IL based private equity firm dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong products, customers and markets, and provides management and operational resources to support growth in sales and earnings at its businesses. For more information, visit IOP’s website at www.iopfund.com.