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Flow International Corporation
FLOW, the world's leading developer and manufacturer of industrial waterjet machines for cutting and cleaning applications, today announced that it has entered into a definitive agreement to be acquired by American Industrial Partners (AIP), a middle-market private equity firm focused on North American-headquartered industrial businesses, in a transaction valued in excess of $200 million.
Under the terms of the merger agreement, AIP will acquire all of the outstanding shares of Flow common stock for $4.05 per share in cash. This value represents an 11.3 times multiple of trailing four quarter reported EBITDA, which was $17.8 million as of July 31, 2013. The Flow Board of Directors has unanimously approved the merger agreement.
Charley Brown, President and CEO of Flow said, "I am pleased to announce this agreement, which maximizes value for all of our shareholders. This transaction represents a successful conclusion to our extensive 'strategic alternatives' investigation, during which the Company contacted many strategic and financial partners. In AIP, we have a partner with a strong reputation and proven record of success, who understands the potential of Flow's waterjet solutions and has the resources and expertise to help accelerate our growth
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