Nautic Partners, LLC announced today that it has signed a definitive agreement to sell portfolio company Harrington Industrial Plastics (“Harrington”) to Bain Capital Private Equity (“Bain Capital”). The transaction is expected to close in the fourth quarter of 2023 and is subject to customary closing conditions, including requisite regulatory approvals.
Founded in 1959 and headquartered in Chino, California, Harrington is a leading distributor of piping and other engineered fluid process products for corrosive and high purity applications. The company specializes in a variety of highly technical applications and products across categories including filtration, pumps, tanks, valves, and instrumentation. With over 60 locations across the United States, Harrington provides solutions to vendors in a wide array of critical industries, including semiconductors, chemicals, food and beverage processing, manufacturing, water and waste management, aquatics, and life sciences.
Chris Pierce, Managing Director of Nautic, said “Nautic was fortunate to partner with a strong and deep management team to carve out Harrington from its corporate parent and accelerate the Company’s growth trajectory. We would like to thank Dave Abercrombie, Bob Graham, Frank Yang, and the rest of the Harrington team for their accomplishments during our investment. Thanks to their efforts and the initiatives they have executed on over the past three years, we believe Harrington is well-positioned to continue to enjoy exceptional growth in the years to come.”
Andrew Brewster, Senior Vice President of Nautic, said, “The Harrington team successfully implemented a number of commercial and operational initiatives to drive strong growth and substantial profitability improvement. The team also closed and integrated three add-on acquisitions during Nautic’s investment period that brought greater distribution reach and complementary fabrication services to the Harrington platform. We believe that Harrington has significant opportunity to continue to outgrow the market in the future.”
Dave Abercrombie, CEO of Harrington, said: “Harrington has enjoyed strong growth due to our commitment to our customers, vendors, and employees, providing best-in-class products and technical service. We are pleased to have partnered with Nautic, who has supported our growth and evolution over the past three years, after the carve out from prior corporate ownership. We look forward to working with Bain Capital in the next phase of our continued growth.”
Bob Graham, COO of Harrington, said: “Nautic was a strong partner and supported us as we implemented commercial and operational changes at Harrington after transitioning to a standalone company from prior corporate ownership. We greatly enjoyed working with Nautic and are excited to continue to grow with our customers and vendors in Harrington’s next chapter.”
Jefferies and William Blair served as advisors to Harrington and Nautic. McDermott Will & Emery served as legal counsel.
Harrington has been a leading distributor of industrial products for corrosive and high purity applications since 1959. With a national presence, Harrington is a leader in the market for piping and ancillary systems in the movement of liquids and gases in corrosive and high-purity applications. Harrington has achieved above-industry growth for decades through a relentless focus on customer service and bringing expertise to the table for customers and suppliers. Products include tanks, tubing and hose, grating, pumps, valves, filtration, instrumentation, and piping systems in a range of materials and for a wide range of corrosive and high-purity applications. The success of Harrington is built upon a clear set of operating principles which equally value customers, suppliers, and employees. For more information on Harrington visit www.hipco.com.