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ITT Inc. (ITT) has successfully sold its business unit, Wolverine Advanced Materials (WAM), to Center Rock Capital Partners, LP (Center Rock) for $171 million. Houlihan Lokey acted as the exclusive financial advisor for ITT, managing the transaction from initiation to negotiation. WAM, known for its specialty coatings in the OEM automotive market, will now continue under the ownership of Center Rock, a private equity firm with significant experience in industrial sectors.
Key Highlights
- Wolverine Advanced Materials (WAM) specializes in damping and sealing applications for the OEM automotive market.
- WAM was part of ITT’s Motion Technologies segment and is based in Dearborn, Michigan.
- WAM has a global presence with over 500 employees, six manufacturing plants, and five sales offices.
- ITT acquired WAM in 2015 and is known for its highly engineered components and customized technology solutions across various industries.
- Center Rock Capital Partners is a Midwest-based private equity firm with $1.7 billion in assets under management as of March 2024.
- Houlihan Lokey managed the sale and showcased its expertise in the automotive OEM sector.
This transaction underscores Houlihan Lokey’s proficiency in managing divestitures, particularly within the automotive industry. The sale of WAM aligns with ITT’s strategic goals and allows Center Rock to expand its portfolio within the industrial sector.
See also: ITT Shifts Focus with Wolverine Divestiture
This strategic move not only bolsters Center Rock’s investments in industrial franchises but also allows ITT to focus on its core operations, reinforcing its leadership in the transportation, industrial, and energy markets.
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