(December 31, 2004) – Rockwood Equity Partners (“Rockwood”), a private equity investment firm based in New York and Cleveland, announced today that it – in partnership with Granite Equity Partners of St. Cloud, Minn. – has acquired DeZurik Water Controls (“DeZurik”), from SPX Corporation (NYSE: SPW) for $29.75 million. Rockwood and Granite partnered with the company’s senior management team, led by returning CEO Al Kremers, who previously ran DeZurik for more than a decade.
Based in Sartell, Minn., DeZurik is a leading designer and manufacturer of municipal water and wastewater flow control valves. Founded in 1925, DeZurik has been engaged in the development, manufacture and sale of niche flow control valves, and is #1 or #2 in its respective market niches. DeZurik’s engineers have continually developed a wide range of innovative products focused on providing solutions for customers in the water and wastewater treatment industries.
“We are excited to partner with both Granite Equity and senior management in DeZurik’s buyout,” said Brett R. Keith, Principal of Rockwood Equity Partners. “Under the leadership of Al Kremers, DeZurik became the leading supplier of municipal water and wastewater flow control valves, which it accomplished through its reputation for delivering the highest quality products and customer service. We are delighted to own the company and to have Al back at the helm as the company pursues its many compelling growth options. Given the macroeconomics in the water and wastewater industries, we believe the business is particularly well-positioned for sustained growth. DeZurik is a hand-in-glove fit with Rockwood’s investment philosophy, and we look forward to working with Granite, Al and his team on the investment.”