Curtiss-Wright Corporation has entered into an agreement to acquire the Phönix Group through the acquisition of 100% of the shares of Phönix Holding GmbH for approximately $106 million in cash. Phönix, headquartered in Germany, is a designer and manufacturer of high performance, severe-service valves, valve systems and related support services to the global chemical, petrochemical and power (both conventional and nuclear) markets. The business will become part of Curtiss-Wright’s Flow Control segment.
Phönix Group was formed through a series of acquisitions of German companies between 2001 and 2011, and is majority-owned by AXA Private Equity, the European diversified private equity firm. Founded in 1910, Phönix Valves – the original company – offers a complete range of high performance valves for special, critical and standard applications and is located in Volkmarsen. In 2001, Phönix acquired Strack, which specializes in lift plug valves and also provides a complete service program. Strack was originally founded in 1922 and is located in Barleben. In 2011, Phönix acquired Daume Control Valves, located in Hanover, which manufactures control valves for water and steam systems used in conventional power plants and for process technology, as well as cryogenic valves.
Phönix’s 2012 sales are expected to be approximately $60 million. Phönix has 282 employees, owns sales subsidiaries with warehouses in Texas and France and also has sales engineers operating in Benelux, Turkey, Portugal, Italy and Spain. The transaction is expected to be completed during the first quarter of 2013 once European regulatory clearance is received.