NEW
YORK, Sept. 1,
2021 /PRNewswire/ -- Turnspire Capital Partners LLC
("Turnspire") announced today that it has completed its previously
announced acquisition of the Daniel Measurement and Control
business ("Daniel" or the "Company") from Emerson Electric Co.
(NYSE: EMR). Turnspire is also pleased to announce the appointment
of Keith Barnard as CEO of Daniel,
effective immediately.
Headquartered in Houston with a
state-of-the-art, strategically located manufacturing facility in
Chihuahua, Mexico, Daniel is a
global leader in providing flow and energy measurement technologies
and services to the natural gas and refined hydrocarbon industries.
With an 85-year heritage as the preeminent supplier of engineered
solutions for flow measurement in custody transfer applications,
Daniel is the most trusted brand for customers across the energy
and hydrocarbon supply chain.
The transaction includes all of Daniel's brand rights,
facilities, intellectual property and personnel. Emerson's
fiscal & custody transfer systems business, including its
ultrasonic flowmeter business, is not included in the
transaction.
Mr. Barnard is a proven executive with a demonstrated track
record of success over twenty five years in the global energy flow
control instrumentation industry. He most recently served as Senior
Vice President, North America Operations at Weatherford
International. Mr. Barnard previously served in a variety of
executive positions at Forum Energy Technologies, Halliburton,
Flowserve Corporation, and Dresser Industries. He has a Bachelor of
Science in Electrical Engineering from Texas
A&M University.
Abel S. Osorio, Partner of
Turnspire, said, "Turnspire is excited to partner with Keith to
establish Daniel as an independent global leader in the energy test
and measurement instrumentation sector. We are committed to
supporting Keith and the Company as we invest in R&D, pursue
attractive organic growth opportunities and execute on a strong
pipeline of strategic acquisition opportunities. We look forward to
working collaboratively with the entire Daniel management to
solidify the business' market leadership."
Mr. Barnard said, "I'm thrilled to collaborate with Turnspire in
this exciting next chapter for Daniel, an iconic Company in our
markets with best-in-class technology. Turnspire's track record of
manufacturing excellence and investing in carve-outs will position
Daniel for continued success over the long term. Our
management team and I will work closely with Turnspire to develop
and execute on a range of growth and operational initiatives to
build upon Daniel's long and successful history."
Chapman and Cutler LLP is acted as legal counsel to Turnspire
with respect to the transaction.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses
that have reached strategic, financial or operational inflection
points and stand to benefit from our hands-on, operationally
focused approach. Turnspire's investment philosophy is predicated
on creating value through operational improvements rather than
through financial leverage. Turnspire strives to make each of its
companies best-in-class in their respective industry niches, and
subsequently to grow the businesses through organic initiatives or
strategic acquisitions. For additional information, please
visit www.turnspirecap.com.
CONTACT:
Mark Semer
Gasthalter & Co.
(212) 257-4170
turnspire@gasthalter.com
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SOURCE Turnspire Capital Partners