Briarcliff Manor, New York, November 28, 2012 – Saw Mill Capital Partners L.P., a private equity investment fund managed by Saw Mill Capital LLC (“Saw Mill”), together with John Viskup, President and Chief Executive Officer of Victory Energy Operations, LLC, announced today the acquisition of Victory Energy Operations, LLC (“Victory”), a leading, vertically integrated manufacturer of fired packaged boilers, waste heat recovery boilers, and heat recovery steam generators for industrial and institutional applications in North America. The terms of the transaction have not been disclosed. GulfStar Group, a leading middle‐market investment bank based in Houston, served as Victory's exclusive financial advisor and, through its merchant banking affiliate, invested in the transaction.
“I am thrilled to continue the exceptional growth Victory has enjoyed with a strategic partner that will bring not only fresh capital in support of our programs but also new resources that will accelerate our growth,” commented John Viskup.
“We are very excited to consummate a partnership where we bring important resources to the table that will have a long‐lasting impact on the development of Victory. This new partnership will unlock opportunities for continued growth into new products and end markets, and expand Victory’s horizon to a global scale,” said Tim Nelson, Principal at Saw Mill Capital.
In conjunction with this partnership, Larry Edwards, the former President, CEO and Chairman of Global Power Equipment Group (“Global Power”), has agreed to join the Board of Directors. Global Power was a former portfolio company of Saw Mill, and under Mr. Edward’s leadership, the business more than quintupled in size and expanded internationally. He has agreed to assist the Victory team with its strategic direction, business development and international expansion activities.
Victory Energy Operations
Headquartered in Collinsville, Oklahoma, Victory Energy Operations designs, engineers, manufactures and services fired packaged boilers, waste heat boilers, and heat recovery steam generators and related equipment utilized in a variety of industrial and institutional end markets, including power generation, bio‐ renewable, oil sands, petrochemical, district heating, education and healthcare. The Company manufactures from its two locations in Collinsville and Cushing, Oklahoma, and serves customers primarily in North America. To learn more about Victory, please visit www.victoryenergy.com.
About Saw Mill Capital LLC
Based in Briarcliff Manor, NY, Saw Mill Capital LLC is an operations‐oriented private equity firm focused on acquiring businesses with $40‐150 million in revenue that can be meaningfully grown organically and through acquisitions. Saw Mill Capital partners with senior leadership teams to make control investments in businesses headquartered in North America. The firm brings capital and unique resources to help companies reach their full potential by working collaboratively with senior leadership to create effective business strategies, implement best practices, and provide global market expertise. To learn more about Saw Mill Capital, please visit www.sawmillcapital.com.