SPX Corporation has sold Cofimco to Madison Capital Partners
Lincoln Partners announced today that it represented SPX Corporation in the sale of its Cofimco axial fan business to an affiliate of Madison Capital Partners for $28 million. Lincoln Partners initiated this transaction, assisted in the negotiations, and served as the exclusive advisor to SPX Corporation.
Cofimco, headquartered in Pombia, Italy with additional manufacturing and distribution operations in Itatiba, Brazil and Chesapeake, Virginia, is a global leader in the design and manufacture of highly engineered aluminum and fiberglass axial fans used in demanding cooling tower, evaporative condenser, air fin coolers and air-cooled condenser fan applications. Cofimco offers the broadest axial fan product line in the industry, and is recognized as the technology leader for its continued innovative technologies and new product developments.
Commenting on the transaction, Jay Caraviello, Executive Vice President and co-Chief Operating Officer of SPX, said, “As part of our continuing efforts to enhance shareholder value through our Value Improvement Process®, we reviewed Cofimco’s long term fit within our Cooling Technologies and Services business and SPX’s overall strategy. As a result of this review, we decided to monetize this asset and have found an excellent new owner for the business.”
About SPX Corporation
SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology, cooling technologies and services, and service solutions. The Internet address for SPX Corporation’s home page is www.spx.com.
About Madison Capital Partners
Madison Capital Partners, based in Chicago, Illinois, is a private equity firm that acquires and operates industrial equipment manufacturers and processors in the heat exchanger, plastics, metals, rubber and process improvement industries.
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