5th Platform Transaction For Late 2016 Vintage Fund

NEW YORK, June 29 – Branford Castle Partners, the New York private equity firm, has made a significant investment in Titan Production Equipment, a leading manufacturer of oil and gas production equipment. Titan is a carve-out of the North American oil and gas production equipment assets of Exterran Corp. (NYSE: EXTN)

Titan is the fifth platform acquisition for the Branford Castle Fund, which had its final close in October 2016. “While we have been investing for 30 years, Branford has grown rapidly since forming our first institutional fund a little over a year ago,” said John S. Castle, President and CEO of Branford Castle Partners. “We are committed to generating superior returns for our investors by making disciplined investments and working alongside management teams to further develop great companies.”

Titan is a market leader in the design, engineering and manufacturing of oil and gas production equipment used to separate, process and treat hydrocarbon streams at the wellhead, gathering and processing stages of production. Former and current managers of Titan’s operations under Exterran, led by CEO Chris Werner and Senior Vice President Michael Collins, are investors in Titan and will operate the new business going forward. Titan is differentiated by its strong in-house design and engineering capabilities and its ability to produce and deliver high volumes of large, complex and customized products.

“Titan is Branford’s second platform acquisition this month. We continue to move rapidly to deploy investors’ capital to grow our portfolio of dynamic companies,” said David Castle, Managing Partner of Branford Castle Partners. “Titan is a particularly attractive investment because of the recent recovery of North American oil and gas drilling activity and the need for Titan’s equipment in its markets. As part of the transaction, Titan will become Exterran’s preferred supplier of production equipment for its U.S. and Canadian operations.”

Werner said, “Exterran’s production business developed a powerful market reputation over the years, largely because of the strong local workforce in Columbus, Texas. We are going to maintain this continuity in both labor and experience as the business escalates production.”

The purchase of Titan follows Branford’s acquisition of:

  • Drew Foam Companies, Inc., a leading provider of custom-fabricated expanded polystyrene foam (“EPS”) products serving the packaging, building products and consumer end-markets, primarily in the Southeastern United States;
  • Vitrek, a leading manufacturer of sophisticated electrical safety test and measurement equipment;
  • Surface Preparation Technologies, the leader in cutting rumble strips for roadway safety;
  • Earthlite Massage Tables, the world’s No. 1 brand of products for the spa, massage and wellness industries; and
  • Continuum Foot Spas, LLC, a leader in the premium pedicure chair market and a highly complementary bolt-on acquisition for Earthlite.

Terms of the Titan transaction were not disclosed. Castle Harlan, Inc., the New York private equity and investment firm, arranged and managed the transaction, which was first announced in April 2018.