Tulsa M&A Firm Works Deal To Recapitalize Exchanger Firm

Tulsa mergers and acquisitions advisory firm D L Perkins – Vercor has put together a deal recapitalizing Air-Cooled Exchangers, Inc., Broken Arrow-based manufacturer of custom air-cooled heat exchangers.
D L Perkins – Vercor represented ACE in locating, negotiating and securing equity partner Clearview Capital LLC of Old Greenwich, Conn. ACE management retained a significant equity stake in the recapitalized entity and will continue day-to-day management control and have operational autonomy. The transaction closed June 29.
“D L Perkins – Vercor did a tremendous job for us. We’re very excited about the deal and our new partnership with Clearview,” said Tom Self, ACE president. “Our management team will be able to continue to operate the company just as always, but having Clearview as a partner will provide us with additional financial expertise and capital to continue expanding our business.”
Founded in 1964, ACE is the oldest and largest independently owned air-cooled heat exchanger manufacturer in the U.S. ACE’s management team acquired ACE in 2001, and over the past six years the company has expanded its operations several times as a result of its growing reputation and increased worldwide demand for its products.
D. L. Perkins – Vercor specializes in transactions valued between $5 million and $75 million. Owned by David L. Perkins Jr. of Tulsa, it has eight U.S. offices and a European affiliate.
“Tom Self is one of the most skilled manufacturing minds that I have ever known,” said Perkins. “He’s transformed ACE into a firm that will undoubtedly continue to grow and gain considerable market share. Working with him and representing him and the owners of ACE has been a tremendous pleasure. He and his company are the type of clients we value dearly and, frankly, that deserve a nice payday.”
ACE makes custom engineered air-cooled heat exchangers used to cool gases and liquids in various industrial applications. The majority of ACE’s products are sold to manufacturers of natural gas compression systems used to regulate the pressure of natural gas as it is produced and transported. Other end markets for ACE’s products include refrigeration and processing plants, power generation, and cooling towers for power plants.

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