CHARLOTTE, N.C. -- SPX FLOW, Inc. (NYSE: FLOW), a leading provider of process solutions for the nutrition, health and industrial markets, announced today it has signed a definitive agreement to acquire mixing solutions provider Philadelphia Mixing Solutions, Ltd. from Thunder Basin Corporation, an affiliate of Wind River Holdings, L.P. The all-cash transaction valued at $65 million is expected to close during the second quarter of 2021 and will be paid for with cash on hand.
Upon completion of the transaction, which will combine two of the top mixing equipment brands in North America, SPX FLOW will further bolster its position as an innovative provider of essential products and process solutions that help make the world safer, healthier, and more sustainable. This acquisition is in line with the SPX FLOW's disciplined approach to mergers & acquisitions, which is focused on strategic alignment combined with clear plans for value creation.
Based in Palmyra, Pennsylvania, Philadelphia Mixing Solutions employs approximately 150 people and generated nearly $50 million in revenue in 2020. The company has more than six decades of industry experience in multi-industry mixing products and service, along with a reputation for world-class innovation, technical support, testing, analysis and field service, which has led to a high-quality revenue base.
The Philadelphia Mixing Solutions team's proven track record of customer focus, technical expertise, quality and on-time delivery closely aligns with our own strategy, culture and growth priorities," said Marc Michael, President and CEO of SPX FLOW. "The combination of these two great mixer businesses will create new opportunities for synergy and growth, while also broadening our portfolio of comprehensive mixing solutions for customers in the chemical, water & wastewater, petrochemical, pharmaceutical, and nutrition & health markets."
"Once this transaction is completed, becoming part of a global process solutions leader like SPX FLOW will allow us to expand the solutions we offer to customers, take advantage of greater economies of scale, and provide access to broader global markets, unlocking new growth opportunities for our product lines," said Mark Self, CEO of Philadelphia Mixing Solutions.
PricewaterhouseCoopers Corporate Finance LLC is serving as SPX FLOW's financial advisor, and Bryan Cave Leighton Paisner LLP as legal counsel. For Thunder Basin Corporation, Boenning & Scattergood, Inc. is serving as financial advisor and Hogan Lovells is serving as legal advisor.
