PROVIDENCE – Citizens M&A Advisory served as the exclusive financial adviser to Houston-based Engineered Solutions Group on its previously announced acquisition by The Timken Co., Citizens Financial Group Inc. announced.
Engineered Solutions, which operates facilities in Houston and Alberta, Canada, specializes in the design and manufacture of proprietary thrust and radial bearings, primarily serving the oil and gas industry; provides anti-wear coatings through its Intellifuse coating technology; and machines other components for downhole tools, according to a news release.
Engineered Solutions Group is a subsidiary of H-D Advanced Manufacturing, which is an industrial holding company backed by Hicks Equity Partners, The Riverside Co. and Weinberg Capital Group.
“Having done deals for many years, I know very well that it is the whole team that makes it happen,” Weinberg Capital Group founder and investing partner Ronald Weinberg said in a statement. “We appreciate the Citizens M&A Advisory team’s drive, passion and being there each day to move the process along. Our shareholders commend the entire Citizens team for helping reach an excellent outcome for ESG, and we look forward to seeing ESG’s path forward as a part of Timken.”
Citizens M&A Advisory Managing Director Mark Filippell said in a statement: “H-D Advanced Manufacturing developed ESG into a world-class specialty bearings company. We were pleased to be of service in the sale of this wonderful enterprise. As a part of Timken, ESG will continue to grow worldwide.”
Citizens M&A Advisory specializes in middle-market mergers and acquisitions. It is part of Citizens JMP Securities LLC, a subsidiary of Citizens Financial Group.