Private equity firm Irving Place Capital (IPC) and Victor Technologies announced that they have entered into a definitive agreement to sell Victor to Colfax Corporation, a global manufacturer of gas- and fluid-handling and fabrication technology products. The all cash transaction values Victor at approximately $947 million, including the assumption of debt, and is subject to customary closing conditions.
Victor is a leading designer and manufacturer of a comprehensive suite of metal cutting, gas control, and specialty welding products. IPC acquired Victor, which was previously named Thermadyne Holdings Corporation, in a take-private transaction in December 2010.
In conjunction with the transaction, Victor provided estimated financial information for the fiscal year ended December 31, 2013. On a pro forma basis, giving effect to the Gas-Arc acquisition as if it had occurred on January 1, 2013, net sales were approximately $500 million and Adjusted EBITDA was approximately $100 million to $102 million.
“We are pleased with the progress that we have made in partnership with Irving Place Capital over the past several years as we have built Victor into a stronger company with a greater presence in key global markets and an improved offering for our customers,” stated Martin Quinn, CEO of Victor. “We are excited to work with the team at Colfax to maintain this positive momentum and continue to build on the Victor team’s accomplishments.”
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