HOUSTON--(BUSINESS WIRE)--GulfStar Group is pleased to announce the acquisition of Turbo Components & Engineering, Inc. ("TCE" or the "Company") by John Crane, a division of the global technology business Smiths Group. GulfStar served as financial advisor to TCE throughout the transaction. The Company's legal advisor was BoyarMiller of Houston, TX.
TCE is a leading aftermarket bearing manufacturing and repair company with a globally recognized brand and a world-renowned reputation for customer service, technical knowledge and product quality.
John Crane is a world-leading provider of engineered products and services for the major process industries, including oil and gas, power, chemical, pharmaceutical, and other general industries. It is part of Smiths Group plc., a world leader in the practical application of technologies. Smiths Group delivers products and services for threat and contraband detection, medical devices, energy and communications markets worldwide.
"We are extremely excited about being part of John Crane," said John Whalen, TCE Chief Executive Officer. "GulfStar's involvement in this transaction was critical. They aided our shareholders in assessing our alternatives and developing a transactional strategy to meet our long term strategic goals. Their team successfully accentuated the key elements of our business, managed the transaction process, and provided structuring and negotiating expertise which collectively resulted in a highly successful transaction for TCE."
The GulfStar Group transaction team included Managing Director Tom Hargrove, Senior Vice President Joe Watt and Analyst Patrick Stefan. "We are pleased to have represented TCE throughout this transaction," said Tom Hargrove. "We believe TCE can be a valuable addition to the John Crane organization by providing superior aftermarket capabilities in the manufacture and repair of babbitted bearings and labyrinth seals for critical rotating equipment worldwide."
About GulfStar Group
GulfStar Group is a leading middle market investment and merchant bank headquartered in Houston, Texas, with a strong market presence in Austin, Dallas, Louisiana and Oklahoma. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, restructuring and turnaround advisory services and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed over 500 transactions in more than 30 states and six foreign countries across a variety of industries. Through its merchant banking affiliate, the firm also makes equity and subordinated debt co-investments.
For additional information please email thargrove@gulfstargroup.com or call (713) 300-2050.
Securities offered through GulfStar Group I, an affiliated entity, member FINRA – SIPC