Bessemer Investors LLC has completed the sale of Leonard Valve Company to A. O. Smith Corp, the companies said Jan. 6. Financial terms were not disclosed
A.O. Smith previously said on Nov. 12 that it had signed a definitive agreement to acquire Leonard Valve.
Bessemer invested in Leonard Valve in 2019 alongside third-generation owner Niles Wilcox. During its ownership, Bessemer worked with management on a succession plan, expanded the leadership team, and supported organic growth, operational improvements, and acquisitions.
Leonard Valve broadened its portfolio of digital and thermostatic mixing products and acquired Heat-Timer Corp., adding commercial heating controls and energy management systems. The acquisition expanded Leonard Valve’s reach in water temperature control and hydronic system management.
Founded in 1911 and headquartered in Cranston, Rhode Island, Leonard Valve designs and manufactures water temperature control valves, digital and thermostatic mixing systems and monitoring devices used in hospitals, schools, universities, industrial facilities, and other institutional and commercial settings. Through its Heat-Timer brand, the company also supplies advanced boiler controls aimed at improving safety, precision, and energy efficiency.
David Barr, a managing director at Bessemer, said the firm focused on supporting a smooth transition of ownership and leadership while investing behind the company’s growth. Matthew Labovitz, a principal at Bessemer, said Leonard Valve expanded its connected and digital offerings and increased market share during the firm’s six-year ownership.
Leonard Valve CEO David Brakenwagen said the company invested in its workforce and technology and broadened its solutions under Bessemer’s ownership. He said joining A. O. Smith is expected to speed up the adoption of Leonard Valve’s digital and thermostatic mixing products and expand its advanced boiler control offerings as part of a more integrated product lineup.
Jefferies LLC and Robert W. Baird & Co. served as financial advisers to Bessemer, with Sidley Austin LLP providing legal counsel. BofA Securities served as exclusive financial adviser to A. O. Smith, with Foley & Lardner LLP as legal counsel.
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