Jul 9, 2018   SOURCE: PR NewsWire

Branford Castle Acquires Controlling Interest in Titan Production Equipment

NEW YORK, July 9, 2018 /PRNewswire/ -- Branford Castle Partners, the New York private equity firm, has made a controlling 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 Corporation (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 in June. 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 equipment 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 will have a management role in the investment, which was first announced in April 2018.

About Branford Castle Partners (http://www.branfordcastle.com/)

Branford Castle is a lower-middle-market investment fund formed in 2016. Between 1986 and 2016, Branford operated as an award-winning family office. Building from its significant investment efforts, Branford created the fund to open its investment operations to outside investors. With each new investment, Branford builds on its 30+ year history of helping to grow businesses. The firm typically makes control investments in companies with less than $15 million of EBITDA and a leadership position in a niche industry. Branford is particularly keen on the strong relationships it develops with its portfolio company managers.

Branford has particular expertise in consumer products and services, commercial distribution, industrials/specialty manufacturing, business services and logistics.

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SOURCE Branford Castle Partners