Bessemer Investors Acquires Leonard Valve Company

CRANSTON, R.I., March 9, 2020 /PRNewswire/ -- Leonard Valve Company ("Leonard" or the "Company"), a leading designer and manufacturer of water temperature control valves and monitoring devices, and Bessemer Investors LLC ("BI"), the New York-based private investment firm, announced today that BI has completed the acquisition of Leonard. Through this transaction, BI has partnered with Leonard's existing management team to provide liquidity to selling shareholders and provide capital for supporting future growth initiatives. Financial terms of the transaction were not disclosed. Leonard's management team, consisting of President E. Niles Wilcox and other executives, will lead Leonard going forward, and will retain a minority stake in the Company.

Mr. Wilcox said, "Over more than a century, we have built a successful company serving our customers nationwide and our employees here in the Rhode Island community. Our partnership with BI will allow us to continue that success while positioning Leonard to execute on exciting new growth opportunities."

Jeff Volling, Principal at BI, said, "We are excited to be partnering with the Leonard management team and to support their continued growth. The Company is widely regarded as an industry leader and is well positioned to continue building on its outstanding track record."

BI, a private investment firm, was formed in early 2018 to continue a long legacy of private investment vehicles backed by the Phipps family. BI invests in middle market companies that can benefit from its long-term, flexible capital and team of experienced private equity investment professionals. BI seeks to invest $50 - $150 million of equity per transaction in a variety of sectors, including industrials, business services, and consumer products and services.

About Leonard Valve Company
Leonard Valve Company, headquartered in Cranston, Rhode Island, designs and manufactures water temperature control valves and monitoring devices used in institutional and commercial applications. For further information, please visit http://leonardvalve.com/.

About Bessemer Investors
Bessemer Investors LLC, located in New York, New York, focuses on investing in middle-market businesses to drive growth and create value. BI differentiates itself by combining the support of an institutional permanent capital base with a team of experienced private equity professionals. This approach offers unique solutions to its partners and the flexibility to maximize long-term value. For further information, please visit https://www.bessemerinvestors.com/.

Contact:
Caroline Luz
Lambert & Co.
203-656-2829
[email protected]     

SOURCE Bessemer Investment Partners LLC

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https://www.bessemerinvestors.com