American Industrial Partners set to purchase Flow International Corporation
Flow International Corporation announced that it had signed a definitive agreement to be purchased by American Industrial Partners (AIP). The deal would be valued at more than USD 200 million. The terms of the agreement specified that AIP would pay cash for all of Flow International's common stock at USD 4.05 per share. The merger agreement has already been approved by the board of directors of Flow International. The deal is set to be completed early next year.
Flow International President and Chief Executive Officer Charley Brown said the agreement would maximize value for its shareholders. "In AIP, we have a partner with a strong reputation and proven record of success, who understands the potential of Flow's waterjet solutions and has the resources and expertise to help accelerate our growth plans," he added.
Flow International develops and makes industrial waterjet machines for cutting and cleaning applications. AIP is as middle-market private equity company. It makes investments in industrial businesses in North America.