Brown Gibbons Lang & Company announced today the sale of Wolverine Tube’s Small Tube Products (“STP”) division, a leading producer of precision redrawn copper and specialty alloy tubes, to Standish Capital. BGL acted as advisor to Wolverine Tube, Inc. (OTC: WLVT).
Headquartered in Altoona, Pennsylvania, STP is the leading North American producer of precision redrawn, small diameter, thin wall copper and specialty alloy tubes. The Company is capable of manufacturing tubes in 24 different alloys and over 900 unique shapes and offers customized processing capabilities that include drawing, shaping, cutting, fabricating, annealing, cleaning, and finishing. STP has established itself as one of the most respected and trusted manufacturers in the industry serving customers in a diverse set of attractive and growing end markets, including heavy construction equipment, heat transfer, electrical, welding, controls, and consumer products markets.
“We engaged BGL as a result of their exceptional experience working within the metals industry. BGL’s well-established relationships with the strategic and financial buyer communities allowed the firm to effectively and expediently market the Company to a broad global audience. BGL was able to manage the process and deliver real value to the shareholders of Wolverine Tube,” commented Harold Karp, president of Wolverine Tube.
Scott Berlin, managing director & principal at BGL commented, “We had a terrific experience working with the shareholders and management. STP has established itself as the leader within its industry; given its long standing reputation and committed customer base we felt the company represented a compelling investment opportunity.”
Standish Capital (“Standish”) founded in 2005, is a Pittsburgh-based private equity firm. Standish invests in small, privately held manufacturing and specialty service companies in the Mid-Atlantic and Midwest regions.
Wolverine Tube, Inc. is a world-class quality partner, providing its customers with copper and copper alloy tube, fabricated products and metal joining products. For more information, please visit www.wlv.com and www.silvaloy.com.