KPS Capital Partners To Acquire Howden From Colfax Corporation

Global Leader in Mission Critical Air and Gas Handling Equipment to Become Independent Company

NEW YORK, May 16, 2019 /PRNewswire/ -- KPS Capital Partners ("KPS") announced today that it has signed a definitive agreement to acquire Howden, (the "Company") from Colfax Corporation (NYSE: CFX) for an enterprise value of $1.80 billion, including $1.66 billion in cash consideration and $0.14 billion in assumed liabilities and minority interest, subject to customary closing adjustments.

Howden is a leading global provider of mission critical air and gas handling products and services to the industrial, power, oil & gas, and mining industries.  Based in Glasgow, Scotland, Howden has a 160 year heritage as a world-class application engineering and manufacturing company with a presence in 32 countries. Howden manufactures highly engineered fans, compressors, heat exchangers, steam turbines, and other air and gas handling equipment, and provides service and support to customers around the world in highly diversified end-markets and geographies. The Company has over 5,300 employees, including over 650 industry-leading engineers and 22 manufacturing facilities in 12 countries.

Raquel Palmer, Co-Managing Partner of KPS, said, "We are thrilled to have the opportunity to own and support Howden as the Company continues its path of transformation and growth. Howden is a formidable company that benefits from many positive secular trends, including increasingly greater environmental standards, the need for energy conservation and the trend toward urbanization, especially in developing economies. Howden enjoys a leading market position, scale, a global manufacturing footprint, world-class design and engineering capabilities, and a portfolio of industry-leading products. We intend to capitalize on the Company's many attractive growth opportunities, including strategic acquisitions, and to support its already substantial investment in research and development, technology and new product development. We look forward to partnering with Howden's talented management team to achieve success as an independent company."