Court Square Set for Big Return in $1.8B ERICO Sale
August 19, 2015
Pentair (NYSE: PNR) has agreed to acquire ERICO, a manufacturer of electrical and fastening products backed by Court Square Capital Partners and HarbourVest Partners, for $1.8 billion in cash, including the repayment of debt. The deal, which is expected to close this year, values ERICO at roughly 12x the company's forecasted EBITDA for 2015. With roughly 1,200 employees, ERICO has operations in 30 countries and sales & distribution facilities worldwide. Court Square reportedly expects the sale to generate an IRR of more than 30%.