Mergers, Acquisitions, and Finance Awards

A few updates on noteworthy acquisitions in our associated industries:

-Handy & Harman Ltd., the White Plains, N.Y. industrial company which owns subsidiaries such as Kasco and Indiana Tube, announced a $64.5 million acquisition October 3. The multi-faceted company, which has a major electrical power products segment, acquired substantially all of the assets of the ElectroMagnetic Enterprise (EME) business from Hamilton Sundstrand Corporation for approximately $64.5 million in cash. EME is based in Kenosha, Wisconsin.

EME designs, manufactures custom engineered electric motors and generators and had revenues of $54.7 million in 2015. It will continue to operate from its existing facility in Kenosha, while being integrated into HNH’s Montevideo Technology, Inc. (MTI) division, and will conduct business under MTI’s Torque Systems brand of industrial motion control products.

“The modern EME facility in Kenosha provides an impressive automated manufacturing capability and will allow us to continue to support our long-term growth opportunities,” said Bill Fejes, Co-President and CEO of Handy & Harman.

Handy & Harman is a subsidiary itself, of Steel Partners Holdings L.P.

-Meanwhile, in the world of pumps, on September 19, Soundcore Capital Partners LLC acquired Los Angeles-based PumpMan Inc.,a provider of pump system maintenance, repair and new system installation.

Los-Angeles-based PumpMan was founded in 1976, and has around 2,700 municipal, commercial, industrial and residential clients, mainly in Southern California.

“This acquisition of PumpMan follows our playbook of pursuing a buy-and-build strategy within fragmented industries,” said Jarrett Turner, managing partner of Soundcore.

“After identifying the pump maintenance sector as a target for investment, we spoke with more than 1,000 companies and selected PumpMan for its market knowledge, service quality and systems, and focus on the end user customer,” said Feliks Zarotsky, managing partner at Soundcore. “Moreover, the entire team at PumpMan is excited about building on its success and growing the company.”

On closing of the transaction, Don Devine was named new CEO of PumpMan. He brings more than 25 years of leadership experience at global corporations, and deep expertise integrating strategic acquisitions to drive growth. Immediately prior to joining PumpMan, Devine was CEO at World and Main, an omni-channel distributor of home, hardware and building supply products. Devine previously held CEO positions at Custom Building Products and American Standard, and was President and Chief Operating Officer of Jacuzzi Brands.

“Having spent the better part of my career running large, global businesses, it is very exciting to get in on the ground floor with a business like PumpMan,” said Devine. “I spent the past six months working with Jarrett, Feliks and the Soundcore team to identify the right business to invest in, and now it’s time to put our plan to work.”

-WEG won the capital goods sector award in the ranking “Latin America Executive Team 2016” prepared by Institutional Investor magazine, one of the most highly specialized publications from international financial market. The award chose the best CEOs, CFOs, programs, executive teams and investor relations professionals (IR), and best IR websites and best annual meetings with analysts.

Within the corporate level, WEG won five awards: Best Investor Relations Program, Best Investor Relations Team, Best Meeting with Analysts (WEG Day) and 2nd Best IR Website.

The company’s executive team was also awarded in the ranking this year. Harry Schmelzer Jr., CEO of WEG, won the title of Best CEO, André Luís Rodrigues, corporate financial managing director took second place in the category Best CFO and Luis Fernando Moran Oliveira, IR Manager, won the title of Best IR Professional.

The survey reflects the responses of 934 investment professionals at 344 financial services companies in Latin America. Respondents work for companies that collectively manage approximately US $218 billion in Latin American equities.


  1. PumpMan Acquisitions | Electrical Apparatus Magazine - September 7, 2017

    […] PumpMan is continuing to make acquisitions and attempt to grow since entering the fold of Soundcore Capital Partners around this time last year. […]

  2. Pumps in Phoenix | Electrical Apparatus Magazine - September 27, 2018

    […] Coast presence was bolstered through that acquisition, and the pump service and maintenance company added multiple locations since. It has now added another traditional electric motor repair shop to its team. The purchase of […]

  3. Pump-kinship | Electrical Apparatus Magazine - April 4, 2019

    […] “Brooklyn-based” status of PumpMan can be attributed to the October 2016 acquisition of the company by Soundcore Capital Partners, LLC. Prior to joining Soundcore’s portfolio, PumpMan had been primarily a West Coast company. […]

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