Blue Point Capital Partners Acquires Smith-Cooper International, Leading Outsourced Manufacturer and Distributor of Valves and Fittings
CHARLOTTE (October 18, 2012) – Blue Point Capital Partners announced today the acquisition of Smith-Cooper International, LLC. Formed in 1993 with a history dating back to 1946, Smith-Cooper is a leading designer, producer, importer and value-added distributor of high quality pipe, valves and fittings to a wide range of customers and end markets. The Company is headquartered near Los Angeles in Commerce, CA.
Smith-Cooper (www.smithcooper.com) offers over 22,000 SKUs and serves more than 2,500 customers globally. The Company’s diverse industrial maintenance, repair and operations product offering enables it to serve a broad range of end markets including commercial and industrial, energy, chemical and petrochemical refining, and fire protection, among others.
Blue Point, with offices in Charlotte, Cleveland, Seattle and Shanghai, is one of the largest resident private equity firms in each of its target markets. As demonstrated by its investment in Smith-Cooper, the firm seeks to invest in growing middle-market companies in its domestic regions, while leveraging its unique China capabilities, operating network and disciplined approach to driving growth and profitability in its portfolio.
Smith-Cooper represents the 14th platform company for Blue Point II, a 2006 vintage lower middle-market buyout fund with $400 million in committed capital. Blue Point is pleased to have TIAA, Babson Capital, CDIB Capital, the overseas investing arm of China Development Financial Holding Corporation, BB&T Capital Partners and management as co-investment partners in the transaction.
“We are excited to partner with the Smith-Cooper management team to continue the Company’s long history of growth and profitability,” said Juli Marley, a partner with Blue Point. “Together with management and our operating resources, we plan to move on an accelerated path to grow the Company’s current domestic footprint, extend Smith-Cooper’s international reach and augment the Company’s procurement team. We look forward to impacting and sharing in this next phase of growth.”
Ron Kurstin, chief executive officer of Smith-Cooper, said, “We are enthusiastic about our partnership with Blue Point and the unique value we believe they bring to the table. We’ll benefit from Blue Point’s presence in China as we continue to expand our product lines, shorten our lead times to market and serve new customers and geographies. Smith-Cooper has grown into a global leader in our industry, and we are excited about the outlook for our business.”
Blue Point Capital Partners (www.bluepointcapital.com) is an established private equity firm managing over $800 million in committed capital. Leveraging fully staffed offices in Charlotte, Cleveland, Seattle and Shanghai, Blue Point’s entrenched regional presence affords it the opportunity to establish relationships on a local and regional basis with entrepreneurs and their trusted advisors, while simultaneously providing the resources of a large, international firm. Blue Point has a 22-year track record of partnering with companies in the lower middle market where it can bring about accelerated growth and transformative change in partnership with its companies, their management teams and Blue Point’s network of operating resources. Blue Point is one of only a few middle-market private equity firms with a presence in the economies of both the United States and China, and the firm’s experience with cross-border management and value drivers has provided a distinct advantage for its portfolio businesses. Blue Point invests in manufacturing, distribution and service businesses generating $20 million to $200 million in revenue.
For more information, contact:
BLUE POINT CAPITAL PARTNERS
Juli Marley
Partner
Blue Point Capital Partners, LLC
201 South Tryon Street, Suite 850
Charlotte, NC 28202
(704) 347-8842
SMITH-COOPER
Ron Kurstin
Chief Executive Officer
Smith-Cooper International, LLC
2867 Vail Avenue
Commerce, CA 90040
(323) 890-4455