The Gores Group, LLC Completes Acquisition of Avure Technologies and Related Entities from Flow International Corp.
November 02 2005 - 1:00AM
Business Wire
The Gores Group, LLC ("Gores"), a leading privately held investment
firm, announced today that it has completed the acquisition of
Avure Technologies, Inc. from Flow International Corporation
(Nasdaq:FLOWE). Avure Technologies, which specializes in the
manufacturing of high-pressure presses for the food industries, is
the market leader in the development of wire wound, high-pressure
presses. Under the brand name Quintus Industrial Presses, Avure has
been providing industrial presses for more than 30 years and has
delivered more than 1,500 systems worldwide to customers, including
Ford and Boeing. The acquired company and FLOW will maintain a
commercial relationship to build on Avure's leading position in the
design and manufacture of advanced high-pressure presses for the
food industry. "We are excited to join the Gores portfolio of
companies," stated Pat Adams, President and CEO of Avure
Technologies, Inc. "Gores provides the strategic and operational
expertise that will enable Avure to leverage our decades of
expertise into emerging market applications. We believe that there
is tremendous growth potential for high-pressure presses in the
food and industrial markets. With Gores' assistance we will now
have the ability to focus on our core technology and significantly
expand the utilization of pressure." Steve Yager, President of
Mergers & Acquisitions at Gores, added, "The Avure acquisition
represents an excellent opportunity for Gores. Avure is the world's
leading developer and supplier of high-pressure presses and is also
very well positioned to capitalize on the future growth of
high-pressure presses for the food industry. Gores plans to work
together with management to maintain the company's pre-eminent
position and also provide the support required to explore new
growth opportunities for the business." As part of the agreement,
Gores acquired Avure Technologies, Incorporated, Avure Technologies
AB, Flow International FPS AB, and assets of Flow Holding Sagl,
which were wholly owned subsidiaries of Flow International
Corporation. Also included in the transaction is FLOW's 51%
interest in a joint venture with Snap-tite, which is called Flow
Autoclave Systems. The acquisition also includes FLOWES General
Press operations, which consist of the North America Press and the
International Press segments, as well as the non-ultrahigh-pressure
portion of the food business, which is included in Avure's Fresher
Under Pressure(R) food segment. Nadim M. Nsouli, who led the
transaction and is Gores' European Head, said, "This transaction
involved significant carve-out issues which Gores' M&A and
operations teams have extensive expertise in. This acquisition fits
well with Gores' strategy and further expands Gores' portfolio in
Europe." "This transaction largely completes our strategy to divest
ourselves of operations that are not part of our core
ultrahigh-pressure water pump business," said Stephen R. Light,
FLOW's President and Chief Executive Officer. "We are pleased to
have found a buyer with the qualifications and experience of Gores
and look forward to working with them to support the press and food
system businesses with our waterpumps and aftermarket spares and
replacement parts." About The Gores Group, LLC (www.gores.com)
Founded in 1987, Gores is a private equity firm focused on special
situations across industries, with particular expertise in the
technology, telecommunications, and business services sectors. The
firm combines the seasoned M&A team of a traditional financial
buyer with the operational expertise and detailed due diligence
capabilities of a strategic buyer. Gores has a long-standing record
of creating sustainable value in its portfolio companies by
focusing on customers and employees, supporting management with
operational expertise, and providing the capital required for
growth. Headquartered in Los Angeles, Gores maintains offices in
Boulder, Colorado; New York; Zurich; and London. About Avure
Technologies, Inc. and Quintus Industrial Presses Avure
Technologies, Inc. is headquartered in Kent, Wash., and specializes
in the manufacturing of high-pressure presses for the food
industry. Its Fresher Under Pressure(R) technology unleashes the
power of high-pressure processing, using water pressure to make
foods that are safer, last longer, and taste better. For
information, visit www.avure.com Avure Technologies AB has an
unmatched position in designing the appropriate solutions to make
industry-leading high-pressure presses for any given application
and customer. Flow Autoclave Systems is a joint venture with
Snap-tite, Inc., a supplier of high-pressure valves, fittings,
tubing, and hose, as well as high-pressure processing equipment for
a wide variety of applications. Flow Autoclave Systems sells hot
and cold isostatic presses. For information, visit www.avure.se and
www.flowae.com About Flow International Corp. Flow International
Corporation (Flow), the inventor of abrasive waterjet technology,
is the world leader in the development and manufacture of
ultrahigh-pressure (UHP) waterjet systems. Nearly 60% of all
waterjet systems sold in the world are made by Flow. Flow's UHP
technology is used for pure and abrasive waterjet cutting, surface
preparation, and food processing applications. For information,
visit www.flowcorp.com
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