Dominus Capital Announces Agreement to Sell Cincinnati Fan to SPX Corporation

Rhea-AI Summary

Dominus Capital, L.P. has entered into an agreement to sell Cincinnati Fan & Ventilator Co. to SPX Corporation (NYSE: SPXC) by year-end 2021, pending regulatory approval. Cincinnati Fan specializes in engineered air movement solutions and has experienced growth under Dominus, completing two acquisitions and launching new products. The transaction aims to leverage Cincinnati Fan's capabilities to drive growth for SPX and its investors. William Blair acted as financial advisor for Cincinnati Fan, while BlackArch Partners advised SPX.

Positive

• Cincinnati Fan has successfully integrated two strategic acquisitions.
• The company has launched new products to enhance customer solutions.
• The acquisition is expected to bolster SPX's growth in the air movement sector.

Negative

• None.

NEW YORK, Nov. 15, 2021 /PRNewswire/ -- Dominus Capital, L.P., a leading private equity firm based in New York, announced today 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 (NYSE:SPXC).

"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. SPX Corporation is listed on the New York Stock Exchange under the ticker symbol "SPXC." 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

About Dominus Capital: Based in New York, Dominus Capital is a leading middle-market private equity investment firm that focuses on management-led buyouts and growth capital investments in companies in the business services, light manufacturing and consumer sectors. Drawing on the experience, knowledge and network of its founders and a team of in-house operating executives, Dominus Capital works hand-in-hand with exceptional management teams to unlock the untapped potential of its portfolio companies. The firm takes a long-term approach to investing and has a consistent and highly successful track record of achieving significant growth at its portfolio companies. For more information please visit www.dominuscap.com

View original content:https://www.prnewswire.com/news-releases/dominus-capital-announces-agreement-to-sell-cincinnati-fan-to-spx-corporation-301424021.html

SOURCE Dominus Capital, L.P.

FAQ

What is the agreement between Dominus Capital and SPX Corporation regarding Cincinnati Fan?

Dominus Capital has agreed to sell Cincinnati Fan to SPX Corporation, expected to close by year-end 2021, pending regulatory approval.

What has Cincinnati Fan achieved under Dominus Capital's ownership?

Under Dominus Capital, Cincinnati Fan completed two acquisitions and launched new products, enhancing its market position.

How will the acquisition of Cincinnati Fan benefit SPX Corporation?

The acquisition is anticipated to enhance SPX's capabilities in the engineered air movement solutions sector.

Who advised Cincinnati Fan in the transaction with SPX Corporation?

William Blair served as the financial advisor for Cincinnati Fan in its sale to SPX Corporation.

What is the expected timeline for the Cincinnati Fan acquisition?

The transaction is expected to close by the end of 2021, subject to regulatory approval.