Harpeth Capital Serves as Exclusive Financial Advisor to Propulsys
Harpeth Capital, LLC is pleased to announce that it served as exclusive financial advisor to Propulsys, Inc., a leader in the design and manufacturing of hydraulic motors, in connection with the sale of the Company to The Danfoss Group. Based in Nordborg, Denmark, Danfoss has annual sales of over €5.1 billion. Propulsys d/b/a White Drive Products will be integrated into Danfoss Power Solutions.
Founded in 1976 and based in Hopkinsville, Kentucky, White Drive Products has manufacturing facilities in both Hopkinsville and Zhenjiang, China, supporting its strong presence in both the United States and China markets. The Company has over 700 employees and had over $100 million in revenue last year.
“Joining forces is a great step for both Danfoss and White Drive Products. Together, we will have more capacity and investment for greater innovation, market synergies and growth by using our increased manufacturing footprint to expand market share. We are proud that Danfoss has chosen to build upon Hollis White’s legacy of innovation and entrepreneurship,” said Rich Maddux, CEO of White Drive Products. “Harpeth Capital did a tremendous job of managing the complexities of an international transaction that involved multiple outside accounting and law firms in the U.S., China and Europe. They were present every step of the way, from principal negotiations to dozens upon dozens of diligence calls to advising on the purchase agreement. We could not have achieved the purchase price we received or gotten this over the goal line without their assistance.”
“Harpeth Capital was honored to have the opportunity to assist the White family in this generational transition and value the trust they put in our firm to advise on this transaction on their behalf. I can say without hesitation that the opportunity to work with members of the family and the senior management team is among the most satisfying engagements in which Harpeth Capital has been involved,” said Chuck Byrge, Head of Investment Banking. “Danfoss’ plans to invest additional resources and create new job opportunities bode well for the continued growth at Propulsys.”