New York, NY, February 23, 2012 — Blue Wolf Capital Partners LLC, the New York-based private equity firm, today announced that Blue Wolf Capital Fund II, L.P. (“Blue Wolf”), through an affiliate, has entered into an agreement with Standex International Corporation to acquire Standex’s Air Distribution Products Group (“SADP” or the “Company”), a leader in the design and manufacture of galvanized steel duct products which distribute conditioned air throughout HVAC systems in residential and light commercial buildings. Blue Wolf will acquire substantially all of the assets and assume certain operating liabilities of SADP. Terms were not disclosed.
The Company’s executive management team, led by CEO Tom Smid, will remain with SADP and are investing in the company alongside Blue Wolf. Headquartered in Philadelphia, PA, SADP operates five facilities in the U.S. and offers products to more than 500 customers throughout the nation.
Blue Wolf Partner Michael Ranson said, “We are excited about the opportunity to invest in SADP, an industry leader with deep customer relationships across the country, and a top-class management team. Together we will put Blue Wolf’s proven operational focus to work as we actively pursue a broad range of opportunities – including investing in key growth areas such as human capital, customer relationships, capital equipment and information systems — to grow this dynamic organization and further strengthen the Company’s leadership position.”
Mr. Smid said, “The acquisition of the Air Distribution Products Group by Blue Wolf affords our business many exciting opportunities. We now have a financial partner who is eager to invest in enhancing our systems and growing our business both organically and through broadening our presence in the air distribution market. Blue Wolf’s vision and support, coupled with our market knowledge and relationships, create a strong team focused on value creation for our customers and growth.”
Robinson, Bradshaw & Hinson served as Blue Wolf’s legal counsel.
About Blue Wolf Capital Partners
Blue Wolf Capital Partners LLC is a private equity firm that invests in companies in which effective management of relationships with complex constituencies, such as government and labor, can change organizations and create value. For additional information, please visit www.blue-wolf.com.