Nautic Partners has completed the acquisition of Harrington Industrial Plastics in partnership with Harrington management.
Jefferies Finance, Varagon Capital Partners and AEA Debt Management provided the financing for the transaction.
Founded in 1959, Harrington is a distributor of corrosion-resistant fluid conveyance, control, and measurement products for industrial fluids and high purity applications. Harrington’s products are used in a variety of end markets, and the company focuses on corrosive applications that generally require higher end specialty products.
“We are delighted to have found in Nautic a like-minded partner. Harrington has been growing at rates well above the market for several years based on our strategy of providing superior customer service, local product availability, and a level of product and application expertise that is unrivalled in the industry. We look forward to working in close partnership with Nautic to cement these advantages and to continue our strong growth,” said Eben Lenderking, CEO of Harrington.
“Harrington is a leader in its market and provides a strong value proposition to its customer base rooted in a solutions-based approach as well as product breadth and availability. We believe the company has significant runway to continue to capitalize on its position of scale in the market to continue to provide value to its customers and grow the company, and we are excited to work with the management team on those efforts,” said Sean Wieland, a principal of Nautic.
McDermott Will & Emery represented Nautic in the transaction and Jefferies and Mayer Brown advised Harrington.
Nautic is a middle-market private equity firm that focuses on three industries: healthcare, industrials, and services.