No Pressure: Wasserstein to Sell HiP to Graco for $160M
January 05, 2015
Wasserstein & Co. has agreed to sell High Pressure Equipment, a manufacturer of valves, fittings, tubing and accessories for use in high-pressure applications, to Graco (NYSE: GGG) for $160 million. Founded in 1954, HiP's products operate at pressure up to 150,000 psi and are sold to industries including oil & gas, waterjet cutting & blasting and chemical & petrochemical; the company has been in the portfolio of Wasserstein Partners III since 2012. The exit is expected to close this quarter.