On March 31, 2023, Hultec USA, Inc., S&B Technical Products, Inc. and their affiliated entities and subsidiaries(collectively referred to as “Hultec” or the “Company”) was acquired by Industrial Growth Partners (“IGP”), in partnership with the Corbett family.
Hultec designs, manufactures and distributes a complete range of seals, gaskets and sealing solutions for the potable and non-potable water, industrial, and agricultural end markets internationally. For over 40 years, the Company has solidified a market leading position for developments in rubber-to-metal technology.
The Industrials M&A practice of Kroll served as an exclusive financial advisor to Hultec in connection with the transaction.
Steve Burt, Managing Director at Kroll, commented: “We thoroughly enjoyed working with Hultec team and the Corbett family. The global infrastructure sector is continuing to attract substantial investment in effort to improve the world’s drinking water, wastewater, and stormwater infrastructure. The Company is well positioned to be the world leader of pipe sealing solutions for PVC, ductile iron and corrugated polyolefin pipe applications. We are delighted that Hultec has found a good home with IGP. This transaction further extends our established track record in our global Industrials M&A investment banking group.”
“We are grateful to the Kroll team for a well-run sale process that helped our family achieve its long-term goals,” commented Brad Corbett Jr., noting further, “the ability to utilize Kroll’s broad industry reach, disciplined process, and strong team allowed us to connect with multiple parties from around the world, anticipate issues, and navigate to a very successful outcome of finding a growth-oriented partner that will enhance the customer and employee experience. The Corbett family and the entire Hultec team are excited to partner with IGP.”
Founded in 1981 by Brad Corbett Sr. and headquartered in Fort Worth, TX, Hultec is a designer, manufacturer and distributor of engineered elastomer gaskets, seals and other critical products for the potable and non-potable water, industrial, and agricultural end markets. The Company’s high quality pipe sealing solutions are essential to the development and ongoing maintenance of sanitary and reliable water and wastewater infrastructure in communities across the world. Hultec’s global manufacturing and distribution footprint, vertically integrated capabilities, customer-centric culture, and reputation for superior product quality fortify its strong customer relationships and leading market position. Hultec was represented in the transaction by Kelly Hart & Hallman (Legal) and CliftonLarsonAllen LLP (Tax).
About Industrial Growth Partners
Founded in 1997, IGP is a San Francisco-based specialist private investment partnership investing exclusively in middle-market companies in the industrial sector in partnership with management teams. IGP was represented in the transaction by Kirkland & Ellis LLP (Legal), Alvarez & Marsal (Accounting, Tax, IT), Aon (Insurance), and Ramboll (Environmental).