FCX Blog Rss

FCX Performance Columbus Headquarters ISO9001:2008 Certified

admin — Wed, 22 May 2013 16:07:35 GMT

Columbus, OH, May 22, 2013 FCX Performance Inc., the leading industrial, specialty process flow control distribution company, is excited to announce that the Columbus headquarters has officially been registered as ISO9001:2008 certified by TÜV SÜD America.

This certification lays out quality management system requirements for organizations. To receive the certification, the organization must demonstrate the ability to provide a product that meets customer requirements while aiming to enhance customer satisfaction through continuous improvement.

FCX Performance Inc. has always provided customers with the highest quality products and services. The certification of the Columbus headquarters showcases the customer-centric focus of our business and unwavering commitment to continuously improve processes.

ISO (International Organization for Standardization) is the world's largest developer of voluntary International Standards.

FCX Performance expands presence in Texas with purchase of Pierce Pump Co.

admin — Mon, 14 Jan 2013 11:13:38 GMT

FCX Performance Inc. has acquired Pierce Pump Co. of Dallas.

Columbus-based FCX, a valve and process flow product distributor, said it purchased the pump manufacturer for an undisclosed amount, further expanding its presence in Texas and building on a flurry of acquisitions.

It made its first foray into Texas in 2010 with its acquisition of Baro Holdings, widening its presence to 32 states.

FCX was purchased in October by Harvest Partners LP when the New York-based private equity firm took a controlling ownership stake, looking to build on the Columbus company’s strong growth history.

“We anticipate closing additional acquisitions in fiscal year 2013 with the support of Harvest Partners,” FCX President Charles Hale said in a press release.

FCX Performance acquired by private equity firm Harvest Partners

admin — Fri, 19 Oct 2012 08:53:46 GMT

Harvest Partners, LP (“Harvest”), a New York-based private equity firm, announced today that it has completed the acquisition of FCX Performance, Inc. (“FCX” or the “Company”) in partnership with management from Sterling Investment Partners (“Sterling”). Sterling will maintain an ownership stake in the company. Terms of the transaction were not disclosed.

Based in Columbus, Ohio, FCX is a leading industrial, specialty process flow control distribution company, providing technical, mission critical products and value-added services to more than 15,000 end users, original equipment manufacturers and engineering and construction firms across the process, energy and high purity industries. The Company’s target end markets include chemicals; upstream, midstream and downstream oil and gas; power; steel; pulp and paper; pharmaceuticals; food and beverage and general industrials. FCX provides a broad array of complementary products including valves, instruments, pumps, hoses, fittings and process flow control equipment, supported by technical expertise, integration, repair and ancillary services. Formed in 1999 and with predecessor company histories dating back to 1950, the Company has 24 locations serving 32 states and over 350 employees. FCX has completed 13 strategic acquisitions since inception.

FCX’s management team, including founder and Chief Executive Officer Charles M. Simon, President and Chief Financial Officer Charles Hale, Executive Vice President Chris Hill and Chief Information Officer Russ Frazee, has been in place since 1999 and will continue to lead the Company and maintain a significant investment.

“With the support of Harvest, FCX will accelerate its long-held strategy of expanding its geographic footprint and broad portfolio of mission-critical products and services through both organic and acquisition growth initiatives,” said Charles Simon. “FCX has a demonstrated track record of growth, and we will continue to improve FCX’s position as a valued partner to our customers and vendors. We are very excited about our partnership with Harvest and our shared vision for the next phase of growth for FCX.”

Michael B. DeFlorio, Senior Managing Director of Harvest, said, “As a leading independent provider of process flow control solutions, FCX has a strong reputation for technical expertise, customer service and a broad product and service offering required to serve a diverse set of end markets. The Company’s impressive track record of growth and successful acquisition history present an attractive opportunity for investment. We look forward to working with Charlie Simon, his senior management team and the entire FCX organization to support the future growth of the Company.”

“As an industrial distributor focused on the process and energy verticals, FCX is positioned at the intersection of two investment focus areas in which Harvest has a longstanding commitment," said Christopher D. Whalen, Managing Director at Harvest. "The Company combines deep technical know-how with blue-chip vendor relationships to deliver solutions that ultimately improve uptime, safety and efficiency across a host of complex operating environments. Support for FCX’s continuing role as a leading consolidator of the flow controls industry is a central tenet of our investment strategy.”

Senior debt was arranged by BMO Capital Markets and GE Capital and mezzanine debt was provided by Oaktree Capital Management and New York Life Capital Partners. White & Case LLP and Alvarez & Marsal advised Harvest. Robert W. Baird & Co. and Fulbright & Jaworski LLP advised the Company and Sterling.

Michael B. DeFlorio, Christopher D. Whalen and Stephen P. Carlson (Vice President) of Harvest joined FCX’s board of directors in connection with the transaction. James S. Mitchel (Associate) also worked on the transaction.

About Harvest Partners

Founded in 1981, Harvest Partners, LP (www.harvpart.com) is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business and industrial services, manufacturing and distribution, healthcare, midstream energy, and consumer products and retail sectors. This strategy leverages Harvest’s 31 years of experience in financing organic and acquisition-oriented growth companies.

About FCX

FCX Performance, Inc. acquires Instrumentation Services, Inc.

admin — Wed, 14 Mar 2012 13:40:18 GMT

FCX Performance, Inc. acquires Instrumentation Services, Inc.

March 14, 2012 – Columbus, OH – Columbus, OH-based FCX Performance, Inc. ("FCX”) announced today that it has completed the acquisition of Instrumentation Services, Inc. (“ISI”).

Based in Charlotte, NC, ISI was established in 1972 as an instrumentation service company focused on partnering with clients to improve and maintain their processes controlled by instrumentation. Today, ISI provides technology driven services to a wide range of clients in all industries. ISI specializes in Instrumentation Services, Predictive Maintenance, and Process Control System Services. ISI servesover 500 clients in the Mid Atlantic and Southeast US. ISI is ISO 9001 registered and ISO 17025 accredited.

"We welcome the employees and customers of ISI to the FCX family", said Charles M. Simon, President and CEO of FCX Performance, Inc. “We are very impressed by the caliber of the ISI people and are excited to work with the new management to expand instrument services across other FCX markets.” Simon concluded by noting that “the combination of these businesses will not result in any outside changes and the company’s names will not be changed”. Charles Hale, FCX Chief Financial Officer, added “ISI fits perfectly with our strategy of buying quality that further expands our service & solutions offerings.” “With the support of our majority investor, Sterling Investment Partners, we fully anticipate closing additional acquisitions in FY 2012.”

FCX Performance is a leading distributor of process flow control products and services that serves MRO and OEM customers in the pulp & paper, chemical, petroleum pharmaceutical, power, steel and other process markets. Formed in 1999, FCX has 22 offices serving 33 states and over 325 employees and is recognized for its ability to provide innovative solutions to meet the most complex and challenging applications.

-Ends-

For further information, please contact:

FCX Performance Inc.

614-324-6050

Deals Start Flowing again at FCX Performance

admin — Mon, 17 Jan 2011 09:38:40 GMT

Deal flow is a popular term in the private equity world.

Columbus-based FCX Performance Inc . knows plenty about flow and has become accustomed to deals, as both a buyer and seller. The 27-year-old valve and process flow product distributor’s latest additions are the Solares Controls division of Lakeland, Fla.-based Solares Florida Corp. and Stafford, Texas-based Baro Cos., both acquired for undisclosed sums in deals disclosed this month.

“This is new geographic markets in both cases,” said CFO Charles Hale. “We’ve been looking at the Gulf Coast for eight to 10 years. There are miles and miles of chemical and petroleum plants along the coast and that’s the biggest market for us domestically.”

Chairman Charles Santoro said the deals allow FCX to expand its product portfolio and geographic reach to include the entire U.S. except California.

“If (FCX) is not the largest independent in the industry, it’s one of a very small number,” he said.

FCX sells valves and valve instruments to a broad array of industries, including oil and gas, chemical, pharmaceutical, steel, utilities and food processing.

“It’s not a glamorous business, but it’s an important part of a processing plant,” Hale said.

The company assembles and distributes products at four facilities, the biggest in Columbus, with the others in Charlotte, N.C.; Appleton, Wis.; and Houston as a result of the Baro deal. It also runs 21 sales offices.

The Baro acquisition included the operations of Baro Controls Inc. and Baro Process Products. The Texas company, which specializes in valve automation, pumps and mixers, gives FCX a presence on the coast of the Gulf of Mexico working with the chemical, petrochemical, oil and gas pipeline, refinery and power industries.

Hale said the business in Florida is a growing market and Solares is an established name. The Florida company will see less industrial work and more in the citrus, waste water and fertilizer markets. The names, employment and operations of the companies will not change.

Santoro is co-founder and managing partner of Sterling Investment Partners , a middle-market private equity firm from Westport, Conn., that acquired a majority share of FCX in 2008. FCX, based near Port Columbus International Airport, was founded in 1984 by CEO Charles Simon.

Santoro said Sterling became interested in FCX in summer 2008 and closed the deal a week after Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection, touching off the financial downturn.

“Even in that macro environment, we never lost sight of the fact that this was a very dynamic distribution platform,” he said. “It’s highly scalable.”

Going on the offensive

The arrival of Sterling coincided with a drop in the economy. Even in a niche like valves, FCX’s story the past few years is similar to that of many other companies. The vast majority of its products are in use every day, Hale said, but as production slowed for customers, use slowed and sales followed that path.

Sales began softening toward the end of 2008, and the following year brought a 9 percent sales decline. Revenue rebounded in 2010, closing up 10 percent to $139 million. That was without acquisitions.

Hale said the company anticipates that revenue swing will continue into 2011 regardless of acquisitions, with internal sales growth projected at 8 percent to 10 percent. Including revenue from Solares and Baro, FCX projects its 2011 sales at $180 million.

The top line could rise with more deals, something the company is pursuing. FCX has grown through acquisitions, with 10 deals since 2000, including three since its purchase by Sterling in 2008. Hale said FCX targets established businesses with strong management. The goal is to build a portfolio that is diverse in geography and markets to provide some cushion against industry fluctuations, Hale said. In 2009, the chemical and refinery businesses were slow for FCX, but the power and utilities sectors were up. All segments grew last year.

Hale said deals in existing markets will be to add product lines, and the business wants to continue to expand geographically.

“(FCX) navigated the downturn great,” Santoro said. “Now we can play some offense. ... We love the business and look forward to watching it grow.”

614-220-5462 | deaton@bizjournals.com

FCX Performance Inc.

e...

FCX Performance, Inc. acquires leading regional distributors

admin — Wed, 05 Jan 2011 12:12:06 GMT

January 3, 2011 – Columbus, OH

– Columbus, OH-based FCX Performance, Inc. ("FCX) announced today that it has completed two acquisitions that will expand its product & service offering as well its geographic reach. The two transactions include the acquisition of the Solares Controls Division of Solares Florida Corporation and Stafford, TX-based Baro Companies, which include the operations of Baro Controls, Inc. and Baro Process Products.

Based in Lakeland, FL, Solares Controls serves the growing Florida process control market. Over many years, Solares has developed deep customer relationships and is well-established in this region’s process valve and instrumentation market.

Baro serves the large and Gulf Coast market and is a recognized leader in valve automation, pumps mixers and related products & services. The company serves the complex needs of the chemical, petro-chemical, oil & gas pipeline, refinery, power and other process markets.

Shelly White, co-owner and President, of Baro stated, "Our Company will continue to provide our customers with the same high level of service they have come to expect from Baro." She continued, "We are excited to join the FCX family. This partnership will help us create an even stronger business by providing additional resources to support and serve our customers."

"We welcome the employees, vendors and customers of Solares and Baro to the FCX family", said Charles M. Simon, President and CEO of FCX Performance, Inc. "We are very impressed by the caliber of the Baro and Solares people and are excited to work with the new management teams to build on the impressive record of growth that both companies have achieved." Simon concluded by noting that "the combination of these businesses will not result in any outside changes and the company’s names will not be changed".

Charles Hale, FCX Chief Financial Officer, added "These acquisitions fit perfectly with FCX’s corporate strategy of buying quality businesses and providing talented management teams with the additional resources to accelerate their growth plans." "With the support of our majority investor, Sterling Investment Partners, we fully anticipate closing additional acquisitions in FY 2011."

FCX Performance is a leading distributor of process flow control products and services that serves MRO and OEM customers in the pulp & paper, chemical, petroleum pharmaceutical, power, steel and other process markets. Formed in 1999, FCX has 16 offices serving 30 states and over 235 employees and is recognized for its ability to provide innovative solutions to meet the most complex and challenging applications. FCX has vast product knowledge and technical expertise in valves, instruments, pumps, hose, fittings and process flow control equipment.