Baker McKenzie advised Spirax-Sarco Engineering plc, a UK-based company specializing in the control and use of steam and in peristaltic pumping and associated fluid path technologies, in connection with the execution of a merger agreement to acquire Chromalox, Inc., a provider of electrical products, systems and solutions for industrial process heating and temperature management, from private equity firm Irving Place Capital.
The deal will be completed on a cash-free, debt-free basis for $415 million. Spirax-Sarco, a London Stock Exchange-listed company headquartered in Cheltenham, England, is the world leader in each of its two businesses, Spirax Sarco for steam specialties and Watson-Marlow Fluid Technology Group for niche peristaltic pumps and associated fluid path technologies. After the merger it will employ over 7,000 employees and service customers in 58 countries.
Chromalox, headquartered in Pittsburgh, PA, manufactures industrial heaters and systems, heat trace temperature management solutions and component technologies. Chromolax employs 1,150 employees and services more than 13,000 customers, with reported sales of $201 million in 2016.
Completion of the transaction is subject to customary closing conditions, which are expected to be satisfied during the current quarter.
The legal team was led by Andrew Robson, General Counsel of Spirax-Sarco, and Steven Canner, a New York-based partner at Baker McKenzie.
"It was terrific to represent Spirax-Sarco in this strategic acquisition," said Steven Canner. "We look forward to continuing to work closely with its talented team as it unlocks the value of this transformative deal."
Added Andy Robson, "Baker McKenzie provided us with excellent M&A advice on a tight timetable backed up by a global reach of full legal services, cementing their position as our trusted external corporate counsel."
The Baker McKenzie legal team, led by Steven Canner in New York, included North America partners Nick Marchica, Jonathan Stevens, Gerard V. Hannon in New York, Michael Duffy, Ryan Vann, Christopher Guldberg and Miriam Petrillo Geraghty in Chicago, Richard V. Wells and Brian Burke in Washington, DC and Sonia Yung in Toronto. Associates in North America included Lelise Gobena, Melanie Spector, Joe Malca, Joshua Wolkoff and Alysha Preston in New York, as well as Mike Poland, Jessica Wicha in Chicago and Teisha Johnson in Washington, DC. Other members of the team included partners Howard Wu in Shanghai, Alyssa Gallot-Auberger and Denise Broussal in Paris, Fernando Godard-Perez in Mexico City, and Somika Phagapasvivat in Bangkok; and associates Giuliano Lastrucci in Paris, Alex Farcas and Ashley Staley in Toronto, Cora Wu and Jiahua Wu in Shanghai, Santiago Corcuero-Mansi in Mexico City, and William Nophakoon in Bangkok.
About Baker McKenzie's Transactional Capabilities
Baker McKenzie is one of the world’s most active transactional law firms. The Firm handles more cross-border deals than any other law firm in the world, and for more than a decade, Baker McKenzie has ranked No. 1 for M&A in emerging markets by deal volume. Nearly every day the Firm closes a deal somewhere in the world.
The Firm also continues to actively grow its transactional capabilities in New York, having added approximately 15 lateral partners to its New York office in the last two years.