The Wind is at BGL’s Back with the Sale of Avon Bearings Corporation
October 31 2007
Brown Gibbons Lang & Company announced today the sale of Avon Bearings Corporation (“Avon”), a leading designer and manufacturer of large diameter turntable bearings, to Kaydon Corporation (NYSE:KDN). BGL acted as advisor to Avon.
Headquartered in Avon, Ohio, Avon is a leading custom designer and manufacturer of high precision large diameter turntable bearings. Avon is one of the most respected and trusted manufacturers in the industry serving customers in a diverse set of attractive and growing end markets, including wind energy, military vehicles, construction equipment, medical equipment, radar antennas, and a variety of industrial equipment. Avon also remanufactures bearings, sells replacement bearings, and is known globally for its focus on engineering support, product quality, and proprietary manufacturing capabilities.
“We engaged BGL as a result of BGL’s exceptional international capabilities and experience working with rapidly growing businesses. Our business has seen significant growth as a result of strong demand across all of our end markets, particularly the burgeoning wind energy market,” stated John Walsh, president of Avon.
Andrew Petryk, managing director & principal at BGL commented, “We had a terrific experience working with the shareholders and management. Avon built a leading platform in the industry and we are pleased to have been able to help the company achieve a very successful transaction. Our experience in the industrial sector and access and relationships with global strategic buyers proved to be highly valuable to the process.”
Andrew Petryk and Kevin Sargent led the BGL transaction team. Michael Meaney of McDonald Hopkins Burke and Haber Co., L.P.A., served as counsel to Avon.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving middle market companies and their owners throughout the U.S. and internationally. BGL’s professionals are experts in mergers & acquisitions, debt & equity placements, and financial restructurings. BGL is the U.S. partner in Global M&A, the world’s leading partnership of independent middle market financial advisory firms focusing on cross-border transactions. For more information, please visit www.bglco.com.
About Avon Bearings
Headquartered in Ohio, Avon is a leading custom designer and manufacturer of high precision large diameter turntable bearings. Avon also remanufactures bearings, sells replacement bearings, and is known globally for its focus on engineering support, product quality, and proprietary manufacturing capabilities.
Kaydon Corporation is a leading designer and manufacturer of custom-engineered, performance-critical products, supplying a broad and diverse group of industrial, aerospace, medical and electronic equipment, alternative-energy, and aftermarket customers. For more information, please visit www.kaydon.com.