New York, NY (December 1, 2005) -- KPS Special Situations Funds (“KPS”) announced today that it has completed its previously announced acquisition of substantially all of the worldwide assets of the Dresser Instruments business from Dresser, Inc. (“Dresser”), a Connecticut-headquartered manufacturer of pressure gauges, transducers, transmitters, pressure and temperature switches, and other devices used in a wide variety of applications and industries. KPS acquired these assets through a newly formed affiliate company, Ashcroft Holdings, Inc. (“Ashcroft”), reflecting one of Dresser’s best known brands.
KPS intends to invest substantial capital in Ashcroft to fund growth opportunities, including new product introductions and working capital requirements. KPS will use its operational expertise to improve the Company’s performance; capitalizing on its strong brands and leadership positions in the markets it serves.
"Ashcroft is the most recognized brand name in the world for premium pressure gauges and related products," said Michael Psaros, a Managing Principal of KPS. "This is a company with an underleveraged global franchise, comprehensive product offerings, and unique technologies that should thrive as a focused, independent enterprise.”
John McKenna, CEO of Ashcroft commented, “This is the beginning of an exciting new era for Ashcroft as a stand-alone company. We are delighted that KPS recognized the investment opportunity presented by Ashcroft, and we are confident about the direction of our business and the many opportunities available to us. I am especially grateful to our customers, vendors and employees for their continued support.”
About Ashcroft Holdings, Inc.
Ashcroft Holdings, Inc. (www.ashcroftinc.com) manufactures a variety of pressure gauges, transducers, transmitters, pressure and temperature switches and other devices used in a wide variety of applications and industries. Its products include the Ashcroft®, Ebro®, Heise®, Weksler® and Willy™ brands. Ashcroft has approximately 1,060 employees worldwide, including 450 in Stratford, Connecticut, where it has its worldwide headquarters and a manufacturing facility. It also has operations in Brazil, Germany, Canada, Mexico, and Singapore and joint ventures in Saudi Arabia and Venezuela.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.8 billion of assets under management (as of June 30, 2024). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $19.3 billion, operate 219 manufacturing facilities in 26 countries, and have approximately 47,000 employees, directly and through joint ventures worldwide (as of June 30, 2024). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
