November 2, 2005
Flow Intl. Corp., Kent, Wash., a supplier of ultrahigh-pressure waterjet products, has announced that it has completed the divestiture of its General Press operations, which consist of the North America Press and the International Press segments, as well as the non-ultrahigh-pressure portion of its food business, which is included in Avure's Fresher Under Pressure® food segment. The businesses have been acquired by an affiliate of Gores Technology Group LLC, a Los Angeles-based private equity firm. As part of the previously announced agreement, Flow entered into a supply agreement with the Gores affiliate to build on Avure's position in the design and manufacture of advanced high-pressure presses for the food industry.
"This divestiture allows us to focus our resources more tightly on our core waterjet business," said Stephen R. Light, Flow's president and CEO. "At the same time, we look forward to working with Gores to advance their high-pressure food processing business by producing ultrahigh-pressure water pumps and aftermarket products for their equipment."
Specifically, the Gores affiliate has acquired Avure Technologies Inc., Avure Technologies AB, Flow International FPS AB, and assets of Flow Holding Sagl, which were all wholly owned subsidiaries of Flow Intl. Corp. Also included in the transaction is Flow's 51 percent interest in a joint venture with Snap-tite, called Flow Autoclave Systems.