Hungerford: CPI sale advised by HWCF
The Southampton office of HW Corporate Finance has advised the shareholders of Compressor Products International (CPI) on the company’s sale to US EnPro Industries.
Based in Hungerford, CPI was set up in 1984 by joint managing directors Philip Hunt and Robin Wilson. Over the past 23 years, they have built up CPI into a global business with a £20 million turnover, specialising in compressor design and manufacture for the oil and gas industry.
The transaction sees the company being merged with EnPro’s subsidiary France Compressor Products (FCP) to form the world’s largest manufacturer of reciprocating compressor sealing components. Both Philip Hunt and Robin Wilson are retaining key roles within the newly combined business, which will move forward under the Compressor Products International name.
“We are proud to join a company with EnPro’s record of industrial success and obvious growth potential,” says Robin Wilson. “Its compressor products business has grown over the past year and a half from a relatively small part of EnPro to join the ranks of its core operations.”
Philip Hunt added: “We are equally excited by the breadth of high quality products and services we will be able to provide our customers worldwide by combining the market coverage, experience, expertise and product development capabilities of both FCP and CPI.”
Richard Hall, who led the deal for HW Corporate Finance (HWCF), said: “While negotiating the terms, we were conscious that both parties would be working together post-deal, so we looked to create an end situation which benefited our client but which everyone was happy with – and I believe we did that.”
Philip Hunt added: “The deal was a real success – not just in terms of consideration, but also in the way that HWCF proposed solutions to address buyer and vendor concerns in ways that helped build a good working relationship for the future.”
Milt Childress, Global Head of Corporate Finance at EnPro agreed: “HWCF was always willing to listen to issues and to work creatively to find solutions that made sense for both parties. We are excited to have Robin, Philip and the organisation join our company and look forward to building on the new Compressor Products International.”
CPI’s operations in Hungerford, Berkshire, and Braunton, Devon (where CPI acquired the polymer manufacturer Robix in January 2006) will remain in place, while the headquarters of the new company will be at the current FCP offices at Stafford, near Houston. It is planned that all CPI and FCP global operations of both companies will be continued and, where applicable, integrated and developed to provide the optimum arrangement to serve each market region.
“These are exciting times for our workforce in Hungerford,” said Wilson. “They have worked with us to build the company into the global organisation it is today and we are confident that combining our business with EnPro’s will deliver the future that everyone here deserves.”
Hall from HWCF added: “All the team here at HW Corporate Finance were delighted to have the opportunity to assist in delivering the culmination of 23 years work that Robin and Philip have put into developing and growing the business and wish the combined entity every success in the next stage of its development.”
