Watermill http://www.watermill.com A Strategy Driven Private Equity Partnership Fri, 14 Feb 2020 19:53:33 +0000 en-US hourly 1 “Watermill Group’s president is doing something about private equity’s ‘bro culture’” http://www.watermill.com/watermill-groups-president-is-doing-something-about-private-equitys-bro-culture/ Thu, 13 Feb 2020 16:10:24 +0000 http://www.watermill.com/?p=2837 Feb 13, 2020, 6:25am EST By Greg Ryan – Law and Money Reporter, Boston Business Journal   Lexington-based private equity firm Watermill Group, traditionally an investor in industrial manufacturers, is making a new push into investments in women-led businesses in a wider range of industries. Named WMX, the initiative is the brainchild of Watermill Group...

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By Greg Ryan – Law and Money Reporter, Boston Business Journal

 

Lexington-based private equity firm Watermill Group, traditionally an investor in industrial manufacturers, is making a new push into investments in women-led businesses in a wider range of industries.

Named WMX, the initiative is the brainchild of Watermill Group President and Chief Operating Officer Julia Karol, who leads the firm’s day-to-day operations.

Watermill will look to invest in businesses with $20 million to $200 million in annual revenue that are either woman-led or have gender-diverse senior leadership teams, though Karol expects many of the investments to be on the lower end of that revenue range. The firm’s typical investment has over $40 million in revenue, she said.

Since the firm was founded by Karol’s father and grandfather four decades ago, Watermill has focused on industrials, a male-dominated sector. Still, it’s recently sought out businesses with gender-diverse leadership teams: Since 2015, approximately 30% of its investments have featured either women chief executives or leadership teams with a significant number of women, Karol said.

But Karol remains bothered by the lack of diversity she sees in the world of private equity. Often, she said, she’s the only woman at the table in board meetings and management presentations. While the venture capital industry is at least trying to diversify itself, she feels private equity has barely taken even that step.

As an investor, Watermill already has an openness and transparency appreciated by female entrepreneurs, according to Karol. The WMX initiative is meant as a “proclamation this is important,” and a signal to executives that it is seeking out gender-diverse investments.

“The businesses we work with really like our communication style, that we don’t have the ‘bro culture’ so many of (our) private equity peers have,” she said.

Watermill will not have a separate fund for WMX investments. The firm makes its investments on a deal-by-deal basis, with a group of wealthy individuals participating in acquisitions alongside the firm itself. It’s not a high-volume shop: It currently has five portfolio companies.

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Leading a Sea Change in Private Equity http://www.watermill.com/leading-a-sea-change-in-private-equity/ Wed, 12 Feb 2020 14:00:34 +0000 http://www.watermill.com/?p=2788 We’re witnessing an exciting demographic and cultural transformation. A sea change impacting whole industries and societies: The rise of female leadership. For decades, female leaders and entrepreneurs have been fighting to gain access to key capital and leadership positions. Now, global awareness of the positive impact diverse teams have on quality, creativity and bottom line...

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We’re witnessing an exciting demographic and cultural transformation. A sea change impacting whole industries and societies: The rise of female leadership.

For decades, female leaders and entrepreneurs have been fighting to gain access to key capital and leadership positions. Now, global awareness of the positive impact diverse teams have on quality, creativity and bottom line results has finally reached a tipping point. Women-led businesses are increasingly common, and investments in female leadership are expanding and sparking change in companies worldwide.

This sea change is flowing through all facets of the finance industry

Gender- and diversity- focused angel investing is increasing. Female- focused and led venture capital firms are experiencing a powerful surge. Leading investors such as Goldman Sachs are insisting on gender diversity in public company boards, index funds and funds of funds. California is mandating gender diversity on all public company boards.  At last, powerful mechanisms are being put in place to spur gender-conscious investing.

On top of this, BCG reports that women are increasingly owning and controlling wealth in this country—in 2020, 32% of US wealth will be controlled by women. In 2019, Pitchbook confirmed that this combination of wealth and new investment funds had led to an all-time high of 11.5% of VC dollars funding mixed-gender teams.

It’s an incredibly compelling time to be in finance. And I am so energized and deeply proud to see the investment community stepping up to the plate and improving access to the capital and resources smart leaders need to thrive. But while much progress has been made, much more needs to be done to accelerate the pace of improvement.

The reality: private equity is lagging woefully behind the rest of the finance world

I’ve spent the past decade on the leadership team of the Watermill Group, a boutique investment firm specializing in middle market buyouts. We invest in private companies, largely family or entrepreneur owned at the time of exit, who are looking for strategic support to take their business to the next level of growth. Market conditions would seem to be ripe for progress as family businesses are transitioning ownership to daughters and nieces just as frequently as they are to sons and nephews. I’ve been seeing this trend firsthand. Increasingly, Watermill is finding investment opportunities in gender-diverse teams and as a result, 28% of our recent acquisitions have been women owned or led. While this shows some progress, it’s not enough to move the needle. I am still regularly dismayed by the lack of diversity in small to middle market private company investing.

Why isn’t private equity investing in women? 

Perhaps the lack of representation in the investment community is holding the industry back. Last year, Preqin reported 18% of private equity professionals worldwide are women, and less than 10% of senior level positions are held by women. Perhaps the disparity comes down to debt aversion, according to our research, female CEOs tend to avoid debt at greater rates than their male peers.

I suspect it’s a combination of demographic, economic and social factors. In our qualitative research with female entrepreneurs and leaders we heard time and time again that the perceived “old boys club” is uncomfortable and distasteful to many female CEOs who crave respect, integrity, transparency and community from their capital providers.

Let’s widen the path for vital shifts to take hold in private equity

For these reasons, Watermill Group is today launching WMX—an initiative to bring private capital and resources to gender diverse teams. WMX is our firm’s commitment to help accelerate change in private equity by making investments in great teams led by women with a vision to build enduring businesses. We support WMX-funded leaders with a vibrant circle of trusted funders, advisors and partners wholly dedicated to the collective success of all stakeholders.

Personally, the decision to launch WMX begins with our commitment to equity. It is deeply unjust for some entrepreneurs and teams to have fewer opportunities than their male peers to monetize their hard work launching, sustaining and growing businesses. Given the historically superior performance of gender-diverse teams, their lack of access to capital simply makes no sense.  If the private equity industry isn’t speaking to these entrepreneurs or is inhospitable to them, their access to capital significantly decreases. That’s why it is critical to launch a mechanism like WMX that drives investment in great companies with diverse teams, to ensure that all entrepreneurs have a level playing field to access key financial, strategic and corporate resources.

Private equity has been a vital driver of business growth and success for decades. Yet, this platform was developed by men and for men. Those men included my father and grandfather, and I have great respect and admiration for the industry’s legacy. Moving forward, I want to build on their success and find ways for private equity to keep pace with today’s sweeping demographic and cultural shifts. That’s why our team is striving to re-envision the private equity experience and create an environment that is more transparent, inclusive and welcoming to everyone. Put simply, we want to reinvent private equity so that it works for all CEOs.

To that end, I am honored to launch WMX and commit to using our seat at the table to make more space for more companies with high growth potential. Together, we can improve access, inspire change and create success. Will you join us?

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WATERMILL GROUP LAUNCHES WMX http://www.watermill.com/watermill-group-launches-wmx/ Wed, 12 Feb 2020 13:39:40 +0000 http://www.watermill.com/?p=2812 Private investment firm seeks to accelerate late stage investments in gender-diverse teams   LEXINGTON, MA – February 12, 2020 – Recognizing the positive link between female leadership and business performance, the Watermill Group today launched WMX—an initiative that brings private equity access and resources to gender-diverse teams.   “We’re widening the path to private equity...

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Private investment firm seeks to accelerate late stage investments in gender-diverse teams

 

LEXINGTON, MA – February 12, 2020 – Recognizing the positive link between female leadership and business performance, the Watermill Group today launched WMX—an initiative that brings private equity access and resources to gender-diverse teams.

 

“We’re widening the path to private equity by making late stage investments in great teams led by women with a vision to build enduring businesses,” stated Julia Karol, President and COO, Watermill Group, a strategy-driven private investment firm, and Founder, WMX. “As a women-led firm, we are committed to using our seat at the table to make more space for more companies with high growth potential. WMX is a mechanism to increase access to key financial, strategic and corporate resources that smart leaders need to thrive.”

 

There is growing global awareness that diversity increases a business’s bottom line. Research from McKinsey, Boston Consulting Group and others have confirmed this connection time and again. Yet, investment trends are not showing a parallel increase in the amount of late stage private capital going to female founders and gender-diverse teams. In emerging markets, just 7% of private equity and venture capital is invested in portfolio companies led by women. In one quarter in 2019, only 3% of combined investment capital went to female-started companies.

 

While there are pockets of improvement in other parts of the finance world—including increases in gender- and diversity- focused angel investing, an upsurge in female- focused and led venture capital firms, and new gender diversity mandates from governments and leading institutions—much more needs to be done to kickstart and accelerate the pace of improvement in private equity.

 

“For decades, private equity has been a vital driver of business growth and success,” added Ms. Karol. “Watermill is committed to building on that foundation while re-envisioning a new more transparent, inclusive and accessible private equity experience that works for all leaders and entrepreneurs.”

 

Click to download our WMX investment criteria.

 

About the Watermill Group

The Watermill Group is a strategy-driven private investment firm that helps companies achieve their full potential through strategic transformation. For more than four decades, Watermill has been acquiring, operating and improving companies. Watermill looks for businesses in which it can apply a unique combination of strategic insight and management expertise to re-imagine their future and drive growth.

 

Press Contact:

Joanna Clark

CXO Communication for Watermill

+1 207-712-1404

joanna@cxocommunication.com

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Pitching Deals- From Bull Pen to Board Room http://www.watermill.com/pitching-deals/ Fri, 10 Jan 2020 20:30:24 +0000 http://www.watermill.com/?p=2759 My Life As A Watermill Intern Ever since I could walk, I dreamed of becoming a professional baseball player. From tee-ball to college ball, I have always desired to see how far baseball could take me. In May 2019, I graduated from Tufts University and my collegiate career came to an end as undefeated, All-American...

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My Life As A Watermill Intern

Ever since I could walk, I dreamed of becoming a professional baseball player. From tee-ball to college ball, I have always desired to see how far baseball could take me. In May 2019, I graduated from Tufts University and my collegiate career came to an end as undefeated, All-American NESCAC Pitcher of the Year.

At that time, I had to make the difficult decision of pursuing professional baseball or hanging up my cleats and starting my career in business. Then I met The Watermill Group.

The Watermill Group has been a family to me during the last five months of my life, challenging me to attain a high level of Private Equity knowledge and experience while allowing me to pursue my dream of playing baseball at the next level.

Watermill has been by my side every step of the way. Whether I was presenting a new deal in IC, assisting diligence, or leaving the office early to train for baseball, the Watermill team has proven to be much more than just a world-class PE firm, they have proven to be world-class people, leaders, and friends.

This past Wednesday I had the privilege to work out for the New York Mets at their Minor League training complex in Port St. Lucie, FL. I threw a bullpen in front of a few of their scouts, prior to their upcoming spring training, with the hope of being signed to fill a roster spot on one of their minor league teams. It was an experience of a lifetime, a childhood dream come true. There will be more ‘pro-days’ to come this month, and I am eager to showcase how much I have developed as a pitcher since June.

Although the future remains uncertain, no matter the outcome, I can be sure that whether my path leads me to baseball or business, I am prepared.

Thank you Watermill for showing me the importance of hard work, thoughtful strategy and a positive attitude.

Written By Richard J.Hall

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Looking Back On The Year http://www.watermill.com/looking-back-on-the-year/ Fri, 03 Jan 2020 17:53:19 +0000 http://www.watermill.com/?p=2694 Reflections From 2019 Happy New Year! As we enter a new decade at Watermill (our 5th since our founding in 1978!) we are pleased to share some highlights and reflections from the previous year. Building cross-border momentum 2019 offered a number of reasons to celebrate – notably our two complex, cross-border acquisitions. These international deals...

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Reflections From 2019

Happy New Year! As we enter a new decade at Watermill (our 5th since our founding in 1978!) we are pleased to share some highlights and reflections from the previous year.

Building cross-border momentum

2019 offered a number of reasons to celebrate – notably our two complex, cross-border acquisitions. These international deals included Cooper & Turner, Inc.’s Acquisition of Beck Industries in July and our platform acquisition of Enbi Group in April. As evidenced by these deals. In all that we do we operate in the context of our world’s increasingly connected markets, approaching every opportunity with a global view. That’s why Global Perspective is a core value at the Watermill Group.

This past year, our Global Perspective extended beyond transactions and included Watermill Partner Ben Procter’s delivery of the closing keynote address at ACG’s Eurogrowth. From the keynote stage, Ben shared the insights from our recent international deals, outlining the dynamics and risks that were at play, how we overcame them, and what we recommend to others who are taking on cross-border opportunities.

As much as we enjoy our global portfolio and the exceptional French wine that comes with overseas meetings, we are not abandoning our US roots or penchant for local craft beer.  We are currently working several domestic opportunities in which we can apply our strategy-first approach and creative transaction capabilities.

Deepening connections

We have always taken the “life is too short” approach to relationship building – which means occasionally ditching the board room to further cultivate meaningful connections and lasting relationships throughout the industry. With that in mind, this past year, we took industry friends on one-of-a-kind experiences including learning how to make pasta at a farm-to-table restaurant and shucking oysters on the water.

We instituted “Watermill Wellness” which includes hosting Friday night wine and beer in the office, yoga and meditation classes, bowling, group fitness , and other fun “life is too short” activities. Care to join us?

Celebrating personal and professional milestones

We celebrated 4 weddings in 2019! Steve’s daughter Chelsea was the first to kick off the wedding season. Ben’s daughter, Addy  was next, followed three months later by his second daughter Emily. Dale’s daughter Hannah was fourth. She was married only one week after Emily!

The Watermill family also grew in 2019. Now a Senior Associate, we welcomed back Matt Caple after he finished his MBA at the MIT Sloan School of Management. Matt just couldn’t get enough of Watermill’s culture and approach.

Matt’s face wasn’t the only one to reappear in 2019. Perhaps due to the rise in 90s fashion, or all the international travel, bearded and mustachioed mugs made a reappearance at the firm as several team members returned to their facial hair of yore. Want to dive deeper into Watermill’s facial hair trends over the years? Visit (http://www.watermill.com/40th/)

Beards and mustaches aside, our team experienced some exciting professional milestones in 2019. President and COO Julia Karol won M&A Magazine’s Most Influential Women in Mid-Market M&A award for 2019. Also of note, Julia received the “Woman of Influence” award from ACG Boston and was honored by the Boston Business Journal as a 40 Under 40 honoree, a recognition bestowed upon high-performing young executives, leaders and entrepreneurs who still find the time to give back to their community.

We are grateful to be writing this next chapter of Watermill’s future in such a vibrant and competitive industry. Our strategy-first approach, exceptional team and strong brand position is the foundation that will help shape our future. We can’t wait to unveil some more exciting news with you in the coming months. Cheers to an amazing year. Stay tuned!

 

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Enbi Global, Inc. Appoints Christopher Miller as CEO http://www.watermill.com/enbi-global-inc-appoints-christopher-miller-as-ceo/ Tue, 24 Sep 2019 16:22:11 +0000 http://www.watermill.com/?p=2676 Miller brings extensive global expertise and operational discipline to lead Enbi through its next stage of growth   Shelbyville, IN and Lexington, MA– September 24, 2019 – Enbi Global, Inc., a leading manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, today announced the appointment of Christopher Miller as CEO. Miller is a global...

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Miller brings extensive global expertise and operational discipline to

lead Enbi through its next stage of growth

 

Shelbyville, IN and Lexington, MA– September 24, 2019Enbi Global, Inc., a leading manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, today announced the appointment of Christopher Miller as CEO. Miller is a global commercial leader with deep operational and technical experience, and previously served as Vice President of the North America and APAC regions of Esko (Esko-Graphics BVBA), a Danaher Company (NYSE: DHR), which is a leading software and solutions provider to the global packaging industry.

 

“I am thrilled to join the excellent team at Enbi, and passionate about driving results to ensure the organization reaches its next level of potential,” stated Miller. “I was attracted to Enbi for its excellence in engineering and global manufacturing capabilities across the US, Europe and Asia, and I’m looking forward to building upon Enbi’s globally collaborative approach to problem solving to continue to deliver innovative products that help our customers compete in their respective markets.”

 

“Chris has the ideal combination of commercial, operating and leadership expertise to leverage Enbi’s strengths and propel the company to its next stage of growth,” stated Julia Karol, Watermill President and COO. “With Enbi’s recent acquisition of Pierce Industries, and the new leadership that Chris will provide, we are enthusiastic for the company’s future.”

 

Prior to joining Enbi, Miller spent 17 years at Esko where he built and managed a wide variety of cross-functional areas from Customer Service, Channel, Sales, Inside Sales, Brands and more. He is a strong practitioner of the Danaher Business System (DBS), the process for driving continuous improvement throughout an organization, and while at Esko created a holistic commercial application of DBS.

 

Miller earned his Bachelor of Science in Packaging Engineering from Michigan State University and a Masters in International Management from the University of Texas. In addition, he has completed executive development programs at the Chinese European International Business School.

 

Interim Enbi CEO Tracy Streckenbach will continue to support the business as part of the Enbi Advisory Board. Streckenbach is a Partner at Watermill Group, which acquired Enbi earlier this year.

 

About Enbi Global, Inc.

A leading global manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, Enbi serves best-in-class OEMs in digital printing, ATMs and cash handling systems, HVAC (heating, ventilation, air conditioning) as well as other industries in which exacting precision and quality are critical to end-product performance. The company serves a worldwide customer base from its headquarters in Shelbyville, Indiana as well as manufacturing facilities in the US, Europe and Asia. To learn more, visit enbigroup.com.

 

About the Watermill Group

The Watermill Group is a strategy-driven private investment firm that helps companies achieve their full potential through strategic transformation. For more than four decades, Watermill has been acquiring, operating and improving companies. Watermill looks for businesses in which it can apply a unique combination of strategic insight and management expertise to re-imagine their future and drive growth.

 

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Cooper & Turner Combines With Beck Industries http://www.watermill.com/cooper-turner-combines-with-beck-industries/ Thu, 01 Aug 2019 17:51:55 +0000 http://www.watermill.com/?p=2549 Combined company aims to be the first truly global manufacturer of high-quality, safety-critical fasteners SHEFFIELD, England & ARMENTIÈRES, France- August 1,2019 -Andaray (Holdings) Limited and its direct and indirect subsidiaries (“Cooper & Turner”) today announced it has acquired Beck Industries (“Beck”), a manufacturer and distributor of fully certified, high-security bolting components. The combined company aims...

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Combined company aims to be the first truly global manufacturer of high-quality, safety-critical fasteners

SHEFFIELD, England & ARMENTIÈRES, France- August 1,2019 -Andaray (Holdings) Limited and its direct and indirect subsidiaries (“Cooper & Turner”) today announced it has acquired Beck Industries (“Beck”), a manufacturer and distributor of fully certified, high-security bolting components. The combined company aims to be the first truly global manufacturer of safety-critical fastening applications, supporting a broader range of industries – including renewable energy, downstream oil & gas, power generation, nuclear, rail, tunneling, construction and heavy equipment, among others.

Established in France more than 100 years ago, Beck is now a global organization with capabilities that complement and expand those of Cooper & Turner. As one entity, the company’s services span all key production processes, including hot and cold forming, heat treatment, CNC machining, thread rolling, robotics and automation. These collective capabilities and larger operational footprint enable the supply of world-class products and services from 17 strategically positioned facilities throughout Europe, North America, Asia and North Africa.

“We are excited to join the Cooper & Turner family,” stated Hugues Charbonnier, former Beck President, who together with his wife Karine Charbonnier are selling Beck and both remaining on the management team as Executive Vice Presidents of Cooper & Turner. “Our complementary technologies, facilities, services and product portfolios will form an unequaled platform to serve local and international clients.”

“Today’s acquisition strengthens our position as a seamless, one-stop shop for the highest-quality, mission-critical industrial fasteners,” stated Tony Brown, Group CEO and President, Cooper & Turner. “Supported by our partners at the Watermill Group, we see tremendous opportunity to accelerate innovation and growth within the global energy and infrastructure markets.”

Watermill Managing Partner and Founder, Steven E. Karol, commented: “This is an ideal time for these companies to come together. Both are thriving and well positioned in their respective markets. We are looking forward to supporting the combined management team in capitalizing on the inherent opportunities.”

MidCap Financial Services, LLC provided debt financing for the transaction and K&L Gates LLP provided legal counsel to Watermill. Rothschild & Co. advised Beck and Almain A.A.R.P.I. provided legal counsel.

About Cooper & Turner

Founded in the 1800s by Joseph and James Turner as a gun barrel manufacturer, Cooper & Turner is a UK-based manufacturer and distributor of high-strength, large diameter industrial fastener systems. The company serves global organizations in the wind energy, construction, structural bolting, OEM, oil & gas, rail and tunneling industries. Headquartered in Sheffield, England, Cooper & Turner has operations in the United Kingdom, China and North America.

About Beck

Beck Industries International Sprl is a European manufacturer and distributor of fully certified, high-security bolting components for refineries, power generation, subsea oil & gas and the nuclear power end markets. Founded in 1918 by Hélène Beck Crespel, the company is now a fourth-generation family business that has grown into an international entity with nine locations in Europe, Asia and North Africa. Learn more at beck-industries.com.

About the Watermill Group

The Watermill Group is a strategy-driven private investment firm that helps companies achieve their full potential through strategic transformation. For more than four decades, the family owned and managed firm has been acquiring, operating and improving companies. Watermill looks for businesses in which it can apply a unique combination of strategic insight and management expertise to re-imagine their future and drive growth.

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Watermill’s Enbi Group Announces Add-On Acquisition of Pierce Industries http://www.watermill.com/watermills-enbi-group-announces-add-on-acquisition-of-pierce-industries/ Mon, 24 Jun 2019 15:58:40 +0000 http://www.watermill.com/?p=2518   Customers to benefit from expanded capabilities including innovative remanufacturing services   Lexington, MA and Shelbyville, IN – June 24, 2019 – Watermill Group, a strategy driven private investment firm, today announced that its portfolio company Enbi Group, a leading manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, has acquired Pierce Industries. The...

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Customers to benefit from expanded capabilities including innovative remanufacturing services

 

Lexington, MA and Shelbyville, IN – June 24, 2019 – Watermill Group, a strategy driven private investment firm, today announced that its portfolio company Enbi Group, a leading manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, has acquired Pierce Industries. The acquisition brings expanded capabilities to Enbi’s customer base and positions the combined organization for strategic growth across all its end markets – including digital printing, packaging, ATMs and cash handling systems, HVAC (heating, ventilation, air conditioning), aerospace, transportation and other tight-tolerance industries.

 

Located in Rochester, New York, Pierce Industries is an industrial roller manufacturer that specializes in remanufacturing and assembly, advanced welding, CNC machining, cylindrical roll forming and coating applications. The company gives OEMs a competitive advantage by using innovative methods, such as inertia friction welding and cylindrical roll forming, to reduce production times and material costs and improve product quality. Its world-class remanufacturing capabilities are known for breathing new life into worn or damaged complex subassemblies and reestablishing like-new performance, increasing the lifespan of products, reducing resource and energy consumption and creating customer cost savings.

 

Pierce Industries President & CEO, Richard Webb, commented on the acquisition: “It has been my pleasure to lead this innovative, service-driven organization. Since 1968, our talented employees have helped to create a company that enables our customers to achieve breakthrough results. In Watermill’s family of portfolio companies, I am pleased to have found a home for Pierce that shares our values, maintains a commitment to our employees and increases our capability for innovation and growth. Our early collaboration with Enbi has shown that together we can provide a set of products and services that neither business could have offered alone, enabling us to continue our 50+ year tradition of delivering creative solutions and unparalleled results that our customers have come to rely on.”

 

“Pierce Industries has reinvented the way OEMs weld and manufacture industrial rollers and repurpose worn machinery, strengths which are invaluable in today’s increasingly competitive marketplace,” stated Tracy Streckenbach, Interim CEO, Enbi, and Watermill Partner. “By linking Pierce’s innovation expertise with Enbi’s precision engineering leadership, we can bring new capabilities, solutions and opportunities to our combined customer base.”

 

Founded in Nuth, The Netherlands, and headquartered in Shelbyville, Indiana, Enbi’s manufacturing presence spans the US, Europe and Asia. Linking this global footprint with Pierce’s capabilities will enable the combined organization to bring a wider set of innovative solutions to customers around the world.

 

“Watermill is dedicated to giving our portfolio companies the entrepreneurial vision, operational guidance and capital they need to realize their full potential,” stated Julia Karol, Watermill President and COO. “Bringing together these highly skilled organizations demonstrates our deep belief in Enbi and our commitment to invest in the company’s exciting future.”

 

For Watermill, Grant Thornton provided tax due diligence, K&L Gates and Blais, Halpert, Lieberman & Greene provided legal counsel and Partners Environmental Consulting, Inc. provided environmental due diligence. M-One Advisory, LLC advised Pierce and Nixon Peabody LLP provided legal counsel.

 

About Enbi Group

A leading manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, Enbi serves best-in-class OEMs in digital printing, ATMs and cash handling systems, HVAC (heating, ventilation, air conditioning) as well as other industries in which exacting precision and quality are critical to end-product performance. The company serves a worldwide customer base from its headquarters in Shelbyville, Indiana as well as manufacturing facilities in the US, Europe and Asia. To learn more, visit enbigroup.com.

 

About Pierce Industries

Located in Rochester, New York, Pierce Industries is an industrial roller manufacturer that specializes in remanufacturing and assembly, advanced welding, CNC machining, cylindrical roll forming and coating applications. The company provides custom products and services to a wide range of end markets, including digital printing, packaging, glass equipment, mining, laminating, converting, aerospace, transportation, and ATMs, cash handling, and mail sorting systems.

 

About the Watermill Group

The Watermill Group is a strategy-driven private investment firm that helps companies achieve their full potential through strategic transformation. For more than four decades, Watermill has been acquiring, operating and improving companies. Watermill looks for businesses in which it can apply a unique combination of strategic insight and management expertise to re-imagine their future and drive growth.

 

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Julia Karol Receives Chapter Award From ACG Boston http://www.watermill.com/julia-karol-receives-chapter-award-from-acg-boston/ Thu, 02 May 2019 19:21:41 +0000 http://www.watermill.com/?p=2487 ACG Boston, the Boston Chapter of the Association for Corporate Growth (ACG), honored five members with inaugural chapter awards at a celebration recently held at the Boston Harbor Hotel.     Among the night’s honorees was Watermill President and COO, Julia Karol, who received the ‘Woman of Influence’ Award. According to the association, the award...

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ACG Boston, the Boston Chapter of the Association for Corporate Growth (ACG), honored five members with inaugural chapter awards at a celebration recently held at the Boston Harbor Hotel.

 

 

Among the night’s honorees was Watermill President and COO, Julia Karol, who received the ‘Woman of Influence’ Award. According to the association, the award is given to “the female member of the ACG community who has risen to a leadership position of excellence in the M&A industry, and is actively involved in empowering, supporting and connecting women within ACG, and the larger M&A ecosystem.”

 

“Through her own career path and experiences, her participation as a speaker, sponsor and mentor, and an active member of the Women’s Connection committee for the Chapter, Ms. Karol has played a significant role in supporting ACG Boston in our mission to elevate, empower and connect women in the M&A community,” stated Christy Dancause, Executive Director, ACG Boston. “She is seen as a role model by peers and colleagues in the industry. We couldn’t be more thrilled to present her with this award.”

 

“It’s been a privilege to be a member of the Boston ACG Chapter, which is leading the charge to build an inclusive and engaging environment for all middle-market M&A professionals,” stated Ms. Karol. “This inaugural award is especially humbling to receive, and I’m looking forward to working with others to create a future where our industry attracts a diverse and vibrant mix of leaders.”

 

As an active ACG member, Ms. Karol participates in regional and national events as both a panelist and attendee. In 2018, she participated in the ACG Global strategic planning retreat in Nashville where she and other members helped to shape the direction of the organization.

 

Watermill joins ACG Boston in congratulating the recipients of the 2019 Chapter awards, who alongside Ms. Karol include:

 

  • Jack Derby, President of Derby Management, who received the Lifetime Achievement Award, which recognizes a long-time member and leader of the ACG Boston community who has made outstanding contributions to the growth and visibility of the chapter through their career.
  • Jay Jester, Managing Director at Audax Group, who received the Visionary Award. The award recognizes a transformational leader who has influenced significant growth and innovation for ACG and the M&A industry.
  • John Surrette, Shareholder at KLR, who received the Pillar Award, which honors a member who is actively involved in all aspects of the chapter through volunteer service, a strong community presence and is an overall ambassador of ACG Boston.
  • Kyle Murphy, Business Development Executive at JP Morgan, who received the Emerging Leader Award. This achievement recognizes a young professional member who shows promise in becoming a future leader in the ACG Boston community.

 

In addition to the award recipients, the event held on April 24th recognized ACG Boston’s 40th year in the M&A industry – a milestone which Watermill recently celebrated as well.

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Watermill Group Acquires Enbi in Cross-Border Deal http://www.watermill.com/watermill-group-acquires-enbi-in-cross-border-deal/ Wed, 03 Apr 2019 11:20:04 +0000 http://www.watermill.com/?p=2431 Lexington, MA and Shelbyville, IN – April 3, 2019 – Watermill Group, a strategy-driven private investment firm, has acquired Enbi, a leading manufacturer of high-performance precision rollers, gaskets, seals and insulation for complex applications in image transfer, fusing, substrate transport and acoustic and thermal insulation. Enbi serves world-class OEMs in digital printing, ATMs and cash...

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Lexington, MA and Shelbyville, IN – April 3, 2019Watermill Group, a strategy-driven private investment firm, has acquired Enbi, a leading manufacturer of high-performance precision rollers, gaskets, seals and insulation for complex applications in image transfer, fusing, substrate transport and acoustic and thermal insulation. Enbi serves world-class OEMs in digital printing, ATMs and cash handling systems, HVAC as well as other industries in which exacting precision and quality are critical to end-product performance. The Enbi deal marks Watermill’s second major cross-border acquisition in two years, deepening the firm’s presence in Europe and adding to its global portfolio of holdings.

“Enbi is a dynamic engineering-driven organization,” stated Tracy Streckenbach, Partner, Watermill. “The company’s technical acumen and worldwide manufacturing capabilities have established it as an innovative partner serving rapidly changing, global end markets. We are looking forward to working with Enbi’s talented leadership team and applying Watermill’s strategy-driven approach to accelerate growth.”

Founded in Nuth, The Netherlands, and headquartered in Shelbyville, Indiana, Enbi’s manufacturing presence spans the US, Europe and Asia. These facilities, combined with Enbi’s globally collaborative approach to problem solving, fuel the organization’s agile product development prowess and enable it to scale manufacturing services that meet the specific technological needs, volume demands and geographic strategies of market-leading customers.

Ms. Streckenbach added: “Enbi has demonstrated an ability to anticipate and deliver on technically-rigorous customer demands in evolving markets. We see rich opportunities to deepen and expand that critical capability, while maintaining the company’s high standards for safety and productivity.”

“We built and grew Enbi’s leading-edge position by providing precision products that help our customers compete at the highest level,” stated Robert Sallmann, CFO, Enbi. “As we begin this exciting journey with Watermill, our customers and partners can expect that same commitment to product and service excellence, while we work in parallel to fortify our strengths and uncover new opportunities to bring best-in-class thinking to the market.”

Watermill acquired Enbi from Platinum Equity for an undisclosed amount. For Watermill, Grant Thornton provided tax due diligence, Phoenix provided financial due diligence advice, and K&L Gates and Blais, Halpert, Lieberman & Greene provided legal counsel. Lincoln Financial advised Enbi, and Stubbs Alderton & Markiles, LLP provided legal counsel.

 About the Watermill Group

The Watermill Group is a strategy-driven private investment firm that helps companies achieve their full potential through strategic transformation. For more than four decades, Watermill has been acquiring, operating and improving companies. Watermill looks for businesses in which it can apply a unique combination of strategic insight and management expertise to re-imagine their future and drive growth.

 About Enbi

A leading manufacturer of high-performance precision rollers, insulation, gaskets and sealing technologies, Enbi serves best-in-class OEMs in digital printing, ATMs and cash handling systems, HVAC (heating, ventilation, air conditioning) as well as other industries in which exacting precision and quality are critical to end-product performance. The company serves a worldwide customer base from its headquarters in Shelbyville, Indiana as well as manufacturing facilities in the US, Europe and Asia. To learn more, visit enbigroup.com.

 

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