Beloit, WI, December 12, 2019 – Arcline Investment Management (“Arcline”), a growth oriented private equity fund with $1.5 billion of capital under management, today announced that it has signed a definitive agreement to acquire Fairbanks Morse, an EnPro Industries company (NYSE: NPO), for $450 million.
Fairbanks Morse (“the Company”) develops and manufactures heavy-duty, medium-speed reciprocating engines under the Fairbanks Morse® and ALCO® brand names, which are used primarily in marine and power generation applications. The Company has been the original equipment manufacturer of its engines for over 120 years and has a large installed base for which it supplies aftermarket parts and services. The Company is the principal supplier of diesel engines to the U.S. Navy, U.S. Coast Guard and Canadian Coast Guard. One hundred percent of manufacturing is conducted in its U.S. based facility in Beloit, WI, while parts and services are delivered through its network of five service centers strategically located around the U.S.
Arcline commented, “We are proud to invest in a company that is critical to our national interests. Our intent is to build upon and grow Fairbanks Morse’s 120+ year reputation of dependability, reliability and innovation in serving its long-standing customers.”
Harris Williams and Moelis & Company LLC served as financial advisors to Arcline in connection with the acquisition.