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The Gores Group, LLC ("Gores"), a leading privately held
investment firm, announced today that it has completed the acquisition
of Avure Technologies, Inc. from Flow International Corporation
(Nasdaq:FLOWE).
Avure Technologies, which specializes in the manufacturing of
high-pressure presses for the food industries, is the market leader in
the development of wire wound, high-pressure presses. Under the brand
name Quintus Industrial Presses, Avure has been providing industrial
presses for more than 30 years and has delivered more than 1,500
systems worldwide to customers, including Ford and Boeing. The
acquired company and FLOW will maintain a commercial relationship to
build on Avure's leading position in the design and manufacture of
advanced high-pressure presses for the food industry.
"We are excited to join the Gores portfolio of companies," stated
Pat Adams, President and CEO of Avure Technologies, Inc. "Gores
provides the strategic and operational expertise that will enable
Avure to leverage our decades of expertise into emerging market
applications. We believe that there is tremendous growth potential for
high-pressure presses in the food and industrial markets. With Gores'
assistance we will now have the ability to focus on our core
technology and significantly expand the utilization of pressure."
Steve Yager, President of Mergers & Acquisitions at Gores, added,
"The Avure acquisition represents an excellent opportunity for Gores.
Avure is the world's leading developer and supplier of high-pressure
presses and is also very well positioned to capitalize on the future
growth of high-pressure presses for the food industry. Gores plans to
work together with management to maintain the company's pre-eminent
position and also provide the support required to explore new growth
opportunities for the business."
As part of the agreement, Gores acquired Avure Technologies,
Incorporated, Avure Technologies AB, Flow International FPS AB, and
assets of Flow Holding Sagl, which were wholly owned subsidiaries of
Flow International Corporation. Also included in the transaction is
FLOW's 51% interest in a joint venture with Snap-tite, which is called
Flow Autoclave Systems. The acquisition also includes FLOWES General
Press operations, which consist of the North America Press and the
International Press segments, as well as the non-ultrahigh-pressure
portion of the food business, which is included in Avure's Fresher
Under Pressure(R) food segment.
Nadim M. Nsouli, who led the transaction and is Gores' European
Head, said, "This transaction involved significant carve-out issues
which Gores' M&A and operations teams have extensive expertise in.
This acquisition fits well with Gores' strategy and further expands
Gores' portfolio in Europe."
"This transaction largely completes our strategy to divest
ourselves of operations that are not part of our core
ultrahigh-pressure water pump business," said Stephen R. Light, FLOW's
President and Chief Executive Officer. "We are pleased to have found a
buyer with the qualifications and experience of Gores and look forward
to working with them to support the press and food system businesses
with our waterpumps and aftermarket spares and replacement parts."
About The Gores Group, LLC (www.gores.com)
Founded in 1987, Gores is a private equity firm focused on special
situations across industries, with particular expertise in the
technology, telecommunications, and business services sectors. The
firm combines the seasoned M&A team of a traditional financial buyer
with the operational expertise and detailed due diligence capabilities
of a strategic buyer. Gores has a long-standing record of creating
sustainable value in its portfolio companies by focusing on customers
and employees, supporting management with operational expertise, and
providing the capital required for growth. Headquartered in Los
Angeles, Gores maintains offices in Boulder, Colorado; New York;
Zurich; and London.
About Avure Technologies, Inc. and Quintus Industrial Presses
Avure Technologies, Inc. is headquartered in Kent, Wash., and
specializes in the manufacturing of high-pressure presses for the food
industry. Its Fresher Under Pressure(R) technology unleashes the power
of high-pressure processing, using water pressure to make foods that
are safer, last longer, and taste better. For information, visit
www.avure.com
Avure Technologies AB has an unmatched position in designing the
appropriate solutions to make industry-leading high-pressure presses
for any given application and customer. Flow Autoclave Systems is a
joint venture with Snap-tite, Inc., a supplier of high-pressure
valves, fittings, tubing, and hose, as well as high-pressure
processing equipment for a wide variety of applications. Flow
Autoclave Systems sells hot and cold isostatic presses. For
information, visit www.avure.se and www.flowae.com
About Flow International Corp.
Flow International Corporation (Flow), the inventor of abrasive
waterjet technology, is the world leader in the development and
manufacture of ultrahigh-pressure (UHP) waterjet systems. Nearly 60%
of all waterjet systems sold in the world are made by Flow. Flow's UHP
technology is used for pure and abrasive waterjet cutting, surface
preparation, and food processing applications. For information, visit
www.flowcorp.com