Apollo, First Reserve Are Said to Be Among SPX Flow Unit Bidders
Apollo, First Reserve Are Said to Be Among SPX Flow Unit Bidders
(Bloomberg) -- Apollo Global Management LLC and First Reserve are among the private equity firms interested in the power and energy business being sold by SPX Flow Inc., according to people with knowledge of the matter.
The buyout firms are among the potential buyers for the business, which is expected to be valued at about $700 million, said the people, who asked not to be identified because they weren’t authorized to speak publicly. First Reserve could combine the SPX unit with its Trillium Flow Technologies, one of the people said.
Representatives for Apollo and First Reserve declined to comment. A representative for SPX Flow didn’t respond to requests for comment.
SPX, based in Charlotte, North Carolina, announced it was looking at options for the business in May, hiring BNP Paribas SA as financial adviser. The company said it intended to focus on its other divisions.
Its power business manufacturers pumps, valves, filtration products and aftermarket parts under brands that include M&J Valve and ClydeUnion Pumps, for use in the energy industry, according to its website.
SPX Flow, with a market value of $1.32 billion, was spun off from SPX Corp. in 2015. Its remaining business units after a sale of its power and energy operations would include those focused on transporting liquids in the food and beverage sector, as well as industrial liquids and its Bran+Lubbe metering pump,
To contact the reporters on this story: Kiel Porter in Chicago at kporter17@bloomberg.net;Gillian Tan in New York at gtan129@bloomberg.net
To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, ;Alan Goldstein at agoldstein5@bloomberg.net, Michael Hytha, Matthew Monks
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