Harrington Process Solutions Acquired by Bain Capital Private Equity: A New Era of Growth and Innovation in Flow Control Process Solutions

Harrington Process Solutions, a leading specialty distributor of flow control process solutions, has announced its acquisition by Bain Capital Private Equity. The California-based company, founded in 1959, specializes in distributing piping and engineered fluid process products for corrosive and high-purity applications. With over 60 locations across the United States, Harrington serves critical industries such as semiconductors, water and wastewater management, chemicals, manufacturing, life sciences, and food and beverage processing.

Under the new ownership, Harrington will continue to operate as a standalone company with its current management team at the helm. The financial terms of the private transaction were not disclosed. However, with the support of Bain Capital's extensive experience in partnering with and providing resources to industrial and specialty distribution companies, Harrington is poised to accelerate its growth and expand its services to a wider customer base.

Recognized as a leading supply chain partner and technical expert in the specialty distribution sector, Harrington has gained market share through its differentiated technical expertise, product availability, and execution. The partnership with Bain Capital is expected to further enhance Harrington's capabilities and market position, allowing the company to meet the evolving needs of its vendors, customers, and team members.

Joe Robbins, a Partner at Bain Capital, expressed admiration for Harrington's success and emphasized the firm's commitment to supporting the company's leadership and continued growth in the years to come. Bain Capital Private Equity has a strong track record of investments in specialty distribution and is one of the most active investors in the sector globally. Its portfolio includes companies like US LBM, Imperial Dade, Dealer Tire, and IMCD.

The transaction, subject to customary closing conditions and regulatory approvals, is expected to be finalized in the fourth quarter of 2023. Debt financing for the acquisition is being provided by the Private Credit business within Goldman Sachs Asset Management, BMO Capital Markets, Oak Hill Advisors, and Jefferies Credit Partners.

Bain Capital has enlisted the services of Baird and BMO Capital Markets as financial advisors. PricewaterhouseCoopers LLP is serving as the accounting advisor, while Kirkland & Ellis LLP is acting as legal counsel. In addition, Jefferies and William Blair are serving as financial advisors to Harrington and Nautic Partners, with CBIZ Private Equity Advisory providing accounting advice and McDermott Will & Emery LLP serving as legal counsel.

Harrington's long-standing presence in the industrial process solutions industry and its relentless focus on customer service have been instrumental in its success. The company's offerings include thermoplastic pipes, valves, fittings, tanks, tubing and hose, pumps, filtration, and instrumentation. Harrington's commitment to its customers, suppliers, and employees is evident in its clear set of operating principles, which have propelled the company to achieve above-industry growth for decades.

For more information about Harrington and its range of industrial process solutions, visit their official website at www.hipco.com.

Bain Capital Private Equity, founded in 1984, has a global team of over 280 investment professionals who work closely with management teams to provide strategic resources and create value for portfolio companies. The firm's expertise covers key vertical industries such as healthcare, consumer/retail, financial and business services, industrials, and technology, media, and telecommunications. With 23 offices worldwide and investments across multiple asset classes, including credit, public equity, venture capital, and real estate, Bain Capital manages approximately $175 billion in total assets. To learn more about Bain Capital Private Equity, visit their website at www.baincapitalprivateequity.com.

Nautic Partners, a middle-market private equity firm based in Providence, Rhode Island, focuses on three sectors: healthcare, industrials, and services. With over 37 years of experience, Nautic has completed more than 155 platform transactions, leveraging its market knowledge and proactive investment strategy to accelerate the growth trajectory of its portfolio companies. For detailed information about Nautic Partners, visit www.nautic.com.