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C.W. Downer & Co. Advises HitecVision on the Sale of Westad Industri AS

BOSTON, December 18, 2013 – C.W. Downer & Co., a leading global middle-market investment bank, is pleased to announce that Valco Group, a subsidiary of Norwegian private equity firm HitecVision, has sold Westad Industri AS to Klinger International. The deal closed on October 15, 2013 and the value was not disclosed.

Founded in 1895 and headquartered in Geithus, Norway, Westad is a leading global designer and manufacturer of high performance and high pressure butterfly valves for use in liquefied natural gas (LNG), liquefied petroleum gas (LPG) and chemical applications within the oil, gas, chemical and mining industries.

Based in Gumpoldskirchen, Austria, Klinger International develops high quality industrial seal and fluid control products. "This acquisition will significantly strengthen Klinger's range of flow control products in the dynamic liquefied natural gas segment," said Ray Morin, Director with C.W. Downer & Co.

"With an increasing share of world energy consumption depending on natural gas and large basins as well as unconventional geologies becoming accessible through new extraction technologies, major investments in processing, transportation and storage of LNG and its derivatives can be expected," said Heinz Scharl, CEO of the Klinger Group in a company statement. "Westad is an excellent brand in exactly those areas and perfectly extends the Klinger Group's success story as supplier to ship and platform builders in Europe and Far East, in addition to being located in a region which retains considerable upside gas potential for decades to come."

"Westad marks the second successful divestiture in 2013 of a business from HitecVision's Fund IV following the sale of Italsmea to Marechal earlier this year," said Frank Merkel, Managing Director & Partner with C.W. Downer & Co. "Interest in acquiring these kinds of oil & gas related businesses continues to be strong."

The C.W. Downer & Co. team assisting HitecVision with the sale included Frank Merkel (Managing Director & Partner, Frankfurt), Ray Morin (Director, Frankfurt), Stefan Meier (Associate, Frankfurt) and Jonathan Puehl (Analyst, Frankfurt).

About C.W. Downer & Co.

C.W. Downer & Co. is an independent, global investment bank offering middle-market clients a high level of personal attention coupled with 38 years of international execution experience. We provide insight, not just information. We generate value, not just transactions. With nine fully integrated offices on four continents, we consistently identify the most appropriate strategic buyer and uncover “hidden” acquisition targets. C.W. Downer & Co. delivers the reach of a bulge-bracket investment bank with the senior level focus of a boutique. For more information, visit http://www.cwdowner.com.

For Further Information:

Frank Merkel, Managing Director & Partner
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Ray Morin, Director
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Patti Allan, Marketing Director
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C.W. Downer & Co.
+1 617 482 6200

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