Cryogenic Industries Group
The Cryogenic Industries Group (CI) designs and manufactures cryogenic equipment, including cryogenic pumps, heat exchangers, and process plants under the ACD, Cryoquip, and Cosmodyne brands. The company also has a worldwide network of service centers, which cater to a global customer base operating in the LNG, industrial gas, and energy markets. CI represented a commonly controlled group of approximately 20 legal entities located in 13 countries on six continents.
RA Capital, alongside its international partner Network Corporate Finance (Network), coordinated a negotiated sale process of CI. Prior to marketing the company, RA Capital and Network assisted in the first-time financial consolidation of the group. Throughout the project, RA Capital and Network coordinated timely due diligence, assisted in negotiations, and facilitated necessary governmental filings, while minimizing distractions to the business.
Nikkiso Co., Ltd. – a global leader in advanced technologies for industrial, precision equipment, aerospace and medical markets acquired CI for $380 million. The purchase price represented a highly attractive valuation on LTM Revenue and EBITDA of $156 million and $13 million, respectively — well above historical averages for the sector.
