Matrix Announces the Successful Sale of Spencer Turbine
RICHMOND, VA/BALTIMORE, MD – October 5, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Spencer Turbine (the “Company”) to a wholly-owned subsidiary of Howden Group Limited (“Howden”), a portfolio company of KPS Capital Partners, LP (“KPS”). Spencer Turbine was previously owned by Alliance Holdings, Inc. (“Alliance Holdings”), a private investment firm based in Horsham, PA.
Founded in 1892 and based in Windsor, CT, Spencer Turbine, is an independent manufacturer of high-quality solutions for air and gas handling, with sales primarily in the United States and China. Its industrial blowers, vacuum systems and gas pressure boosters are designed with high quality standards to withstand extreme conditions, ensuring their long-term performance. Today, the Company employs over 90 dedicated individuals, and primarily focuses on applying its technologies across industrial, municipal, commercial, and institutional markets.
The transaction was managed by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Investment Banking Group; William O’Flaherty, Director; Matt Oldhouser, Associate; and Sahan Pandey, Analyst.
Mr. O’Flaherty commented, “The Spencer Turbine management team has done an excellent job executing on their growth strategy while assisting with the sale process. We commend them for their efforts, as well as Alliance Holdings, who is a valued relationship to our firm. We are once again thrilled to have represented them in another successful exit.”
Mr. Shoulders added, “Dating back to 2007, when we assisted in the sale of Spencer Turbine to Alliance Holdings, we’ve enjoyed watching the successful growth of the Company. To have the ability to witness the lifecycle of the investment, including advising on both sales, has been a privilege.”
Barbie Spear, Managing Director of Alliance Holdings, noted, “Matrix did a fantastic job in managing a complex sale process. Their entire team was diligent, responsive, and extremely hard-working. We appreciate their efforts and look forward to future opportunities to work together.” Regarding Spencer Turbine, she added, “It has been a tremendous joy to partner with the fantastic people at Spencer Turbine for over 14 years. We are so grateful for their contributions and extremely proud of what we’ve collectively accomplished. We are excited for what this next chapter holds for the Company as it embarks on its new partnership with Howden.”
Tony Mancini, President of Spencer Turbine, said, “Spencer Turbine is proud to join Howden. With strong complementary technologies, we are excited to be able to provide both our customers with diverse, high-quality product and system solutions to address their specific air and gas application needs. We are known for the quality of our work, people and service and we recognize the same focus in Howden. Our business will benefit from access to a wider network and we look forward to combining our expertise to create a stronger proposition for the markets we serve.”
Ross Shuster, CEO of Howden, commented, “The acquisition of Spencer Turbine further expands our presence in growth markets, including the industrial and wastewater treatment sectors, and is well aligned with the elements of our strategic vision of ‘enabling our customers’ vital processes’ and ‘advancing a more sustainable world’. We are pleased to welcome the Spencer Turbine team into Howden.”
Based in Renfrew, UK, Howden is a leading global provider of mission critical air and gas handling products, technologies and services. The acquisition of Spencer Turbine adds complementary products to Howden’s existing portfolio that expand Howden’s addressable markets by over $1.2 billion. As a result of the acquisition, Spencer Turbine will be able to tap into growth opportunities through additional technology support from Howden and by leveraging Howden’s existing global distribution and aftermarket service network, including its well-established presence in China, South America and Europe.
Ballard Spahr LLP served as legal counsel for Alliance Holdings and Spencer Turbine.