ROSEMONT, Ill.–(BUSINESS WIRE)–FloWorks International, a leading specialty distributor of critical flow control products and provider of tailored technical solutions for MRO-focused applications and a portfolio company of Wynnchurch Capital, has successfully completed a refinancing.
Oak Hill Advisors (“OHA”), the private markets platform of T. Rowe Price Group, Inc. (NASDAQ:TROW), served as Administrative Agent and Lead Left Arranger for the private unitranche facility. OHA is the largest holder across the new financing facility, which will be used to refinance the company’s existing debt and support future acquisitions.
Greg Gleason, Managing Partner at Wynnchurch, stated, “We are excited to be partnering with OHA on this important financing for FloWorks and believe they will be a strong partner in supporting FloWorks’s continued, accelerated growth.” Steve Yan, Head of Debt Capital Markets at Wynnchurch, added, “This marks the first financing transaction between OHA and Wynnchurch. We look forward to continuing to build on our relationship with OHA as we continue to invest in scaled, high quality businesses.”
“Our familiarity with the specialty distribution industry through our investments in similar companies allowed us to quickly gain conviction in FloWorks and its business model,” said Eric Muller, Partner and Portfolio Manager at OHA. “The company has successfully scaled while building a strong track record through its customized platform, and we look forward to contributing to FloWorks’s next stages of growth.”
Kirkland & Ellis LLP served as financing counsel to FloWorks in connection with the transaction.
About FloWorks:
Headquartered in Houston, Texas, FloWorks is a leading specialty distributor of critical flow control products and provider of tailored technical solutions for MRO-focused applications. The Company serves customers across chemicals, downstream refining & renewables, high purity & sanitary, and other industrial end markets. FloWorks’ product categories include valves & automation, corrosion resistant flow control, rotating equipment, flanges, filters & purifiers, and instrumentation.
About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, was founded in 1999 and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch manages a number of private equity funds with $9.2 billion of regulatory assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. Recently, Wynnchurch acquired Principal Industries, a leading provider of LED components and engineered assemblies. Other recent investments include: ORS Nasco, North America’s largest pure wholesaler of industrial MRO supplies; Hydraulic Technologies, a market leader in high-pressure hydraulic tools; and Reagent, the #1 specialty distributor of hydrochloric acid in North America. For more information, please visit: http://www.wynnchurch.com or follow us on LinkedIn.
About OHA:
Oak Hill Advisors (OHA) is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm manages approximately $71 billion of capital across credit strategies, including private credit, high yield bonds, leveraged loans, stressed and distressed debt and collateralized loan obligations as of September 30, 2024. OHA’s emphasis on long-term partnerships with companies, sponsors and other partners provides access to a proprietary opportunity set, allowing for customized credit solutions across market cycles. With over 400 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit oakhilladvisors.com.
