Clyde Blowers Capital (CBC) is to sell precision motion control expert, Cone Drive, to The Timken Company (TKR), subject to customary government and regulatory approvals.
Since acquiring Cone Drive in 2012, CBC has repositioned Cone Drive from an industrial gearing company operating largely out of North America to a globally integrated business with operations on three continents serving a wide range of precision motion control technology markets.
The acquisition of H-Fang, based in Jiangyin, China, in 2014 represented a key milestone in the geographic expansion of the business and also provided Cone Drive access to the fast growing China solar and robotics markets.
CBC Partner, Dougie Hawkins, says: “The sale of Cone Drive to Timken represents the next chapter in the rapid development of the business and we would like to wish the teams at Cone Drive and Timken the very best of success for the future. Over the past six years it’s been a pleasure working with Kurt Gamelin and the team at Cone Drive and we’re extremely proud of the progress the business has made under our stewardship. We look forward to seeing Cone Drive continue to innovate and develop over the coming years.”
William Blair acted as exclusive financial advisor to CBC for the transaction, with McGuireWoods acting as lead lawyers for CBC.