The technology group Wärtsilä has divested 100% of the shares in Wärtsilä Valves Ltd to an affiliate of Evergreen Capital L.P., based in New York, US. Activities include engineering, assembly, testing, sales and delivery of nickel aluminium bronze (NAB) and duplex valves for marine, oil & gas and energy markets.
Additionally, Wärtsilä Valves offers applications for Valves’ products, including for example FPSO, petrochemical facilities, power generation, LNG, naval marine, marine services, waste water treatment plants and pipelines. Wärtsilä Valves became part of the Wärtsilä group as a result of the Hamworthy acquisition in 2012. It supplies the entire range of long-established brands Shipham, John Mills and Robert Cort.
The company is located in Brough, UK, and currently has approximately 65 employees. The annual revenues were approximately EUR 15 million in 2019.
‘Wärtsilä is focusing on creating a stronger and simpler core whilst making sure the non-core businesses get an opportunity under a new ownership to be able to drive their business success and better serve their customers,’ says Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio business. ‘Valves largely serves different markets than Wärtsilä and as such we are sure that as an independent set-up, Valves will find a good home with Evergreen Capital.’
Lee Amram, Partner, Evergreen Capital, L.P. adds: ‘We are pleased to add Wärtsilä Valves and its staff to the Evergreen family of businesses. Upon closing, we renamed the business Shipham Valves Ltd. We are excited to provide the resources and support to strengthen Shipham Valves’ capabilities to better serve its existing and prospective customers and global markets.’
The transaction was closed on the 1st of October.
