First Reserve Buys Lamons

First Reserve buys Lamons.
   
First Reserve buys Lamons from TriMas for $135 million.
   
Lamons is a foremost supplier of industrial sealing and fastener solutions used in mission-critical, high-consequence applications in the petrochemical, petroleum refining, midstream energy transportation, upstream oil and gas, metropolitan water, and wastewater management end markets. It's one of the largest gasket, bolt, and hose assembly producers in the world.
   
Gary Reaves and Neil Wizel of First Reserve said: ‘First Reserve’s investment in Lamons is a compelling opportunity to draw on our experience in both executing corporate carve-out transactions and in acquiring energy-related industrial equipment and services companies. We believe Lamons is well-positioned to benefit from favorable long-term macro and secular trends, particularly an increasing industry focus on environmental, social, and governance principles and preventative maintenance spending. We are excited to partner with Lamons’ management to grow the business and to deliver its sealing solutions to a diversified set of energy and industrial end markets.’
   
Thomas Amato of TriMas said: ‘A key part of TriMas’ overarching strategy is to reposition our portfolio of businesses by investing in innovation and programmatic M&A to speed up long-term growth, predominantly in our Packaging and Aerospace segments. Our Lamons management team has completed a remarkable turnaround over the past few years, streamlining its manufacturing and distribution footprint, and improving operational throughput, which in turn, has resulted in higher sales and operating performance. As Lamons moves into the next phase of growth and development, we believe this business will benefit from First Reserve’s focus and expertise in energy-related end markets. I am pleased that we have secured a buyer for which Lamons will be an ideal fit.’
   
Current Capital served as financial advisor to First Reserve. Vinson & Elkins served as legal advisor.
   
BofA Securities served as financial advisor to TriMas. Jones Day served as legal adviser.

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