RUTHERFORD, N.J. & NEW YORK--(BUSINESS WIRE)--EagleTree Capital (“EagleTree”), on behalf of its private equity fund EagleTree Partners IV, today announced that it has acquired a majority stake in Airtech Group (“Airtech” or the “Company”), a provider of specialized pressure technologies, from founder and Chief Executive Officer Tom Latsos and other management shareholders. Mr. Latsos and the other executive shareholders will retain significant ownership in the Company. Co-investors, including Northwestern Mutual Capital, Nuveen Private Markets and Thrivent Financial are investing alongside EagleTree. The transaction was executed directly and terms were not disclosed.
Airtech designs and manufactures a wide range of highly engineered pressure technology products including vacuum pumps, regenerative blowers, compressors and valves. The Company provides customized solutions across diversified end markets such as alternative energy, food processing, medical, packaging and transportation. Airtech serves clients on a global basis, with operations in the United States, Europe and Asia.
Airtech’s executive leadership team, led by Mr. Latsos as CEO, as well as all Company employees will remain in their current roles. Airtech will remain headquartered in Rutherford, New Jersey.
“We are very pleased to be partnering with EagleTree,” said Mr. Latsos. “We look forward to capitalizing on the firm’s specialty industrial expertise and strategic insight as we further enhance our capabilities, build scale and broaden our reach.”
“Occupying a unique position for custom-engineered products with highly-specialized designs that others do not provide, Airtech is well positioned to deliver solutions that address customer needs,” said Dr. Rengarajan Ramesh, Partner at EagleTree. “We are excited to work together to help expand the Company’s presence within its existing segments and across the larger marketplace.”
“We are delighted to partner with Tom Latsos and the entire Airtech team,” said Robert Fogelson, Senior Partner at EagleTree. “Tom and his colleagues have built a market-leading industrial technology company. Building on the Company’s existing momentum, we believe the next phase of Airtech’s growth will be very exciting.”
McCarter & English, LLP served as legal advisor to Airtech. Jones Day served as legal advisor to EagleTree.
About Airtech Group
Airtech Group designs and manufactures highly engineered specialty industry blowers, vacuums, pumps and valves. Headquartered in Rutherford, NJ with approximately 150 employees, the company’s engineering-first culture drives customized solutions for customers in diversified end markets including alternative energy, food processing, medical, packaging and transportation. For more information, visit www.airtechusa.com.
About EagleTree Capital
EagleTree Capital, formerly Wasserstein Partners, is a leading independent private equity and investment firm, focused primarily on leveraged buyout investments and related investment activities. EagleTree manages capital on behalf of institutional and individual investors. The firm is focused on investments primarily in the media and communications, consumer products, and water and industrial sectors. EagleTree is located in New York. For more information, visit http://www.eagletree.com.