Los Angeles, CA – Corridor Capital is pleased to announce the sale of Control Devices, LLC (“Control Devices” or the “Company”) to Goldner Hawn Johnson & Morrison in a transaction that closed on August 30, 2013.
Control Devices, headquartered in Fenton, Missouri, is a leading designer and manufacturer of highly engineered flow control solutions. Specifically, it offers customized and standard valves, nozzles and accessories, condensate traps, refrigerant distributors and other machined components that serve as critical components in end-product applications for compressed air, compressed gas and pressurized liquids. The Company leverages its 50-year history as a product innovator and problem-solving design partner to industry-leading customers. It earned this reputation as a result of its deep understanding of complex flow control systems and applications, extensive engineering capabilities, creativity and responsiveness.
Corridor Capital, in partnership with Control Devices’ existing shareholders and members of its management team, purchased a controlling interest in the Company on June 11, 2007. Corridor identified the business as one that could greatly benefit from its collaborative approach as Transformational Private Equity. The transaction created a solid platform for Control Devices to institutionalize its operations, consolidate its manufacturing and initiate an acquisition program.
During Corridor’s Capital’s ownership, the Company doubled its revenue, significantly strengthened the senior leadership team, acquired and integrated four complementary businesses, dramatically increased investment in R&D and sales & marketing and consolidated facilities.
“We were honored to team with second generation owner-operators Kurt Krechel and Frank Ross to transform Control Devices from a market leading entrepreneurial business to a mini-institution. We are pleased with our strong performance in this investment. We are even more proud that amidst an industry-wide challenging period from mid-2007 through the end of 2009 we increased margins by 60% outweighing a 24% revenue decline,” stated Craig Enenstein, CEO of Corridor. “Control Devices today is a true platform company with an excellent management team, new facilities, advanced information systems and manufacturing capabilities, and an acquisition and integration culture.”