Fernweh Group LLC and its affiliates (collectively, “Fernweh”), jointly with AZZ Inc. (“AZZ”) (NYSE: AZZ), announced today they have completed the joint venture partnership (“AIS JV” or “AIS”) involving AZZ Infrastructure Solutions Segment , with AZZ selling a 60% interest in AIS JV to Fernweh at an enterprise value of $300 million. As part of the completion of the transaction, AIS will rebrand as Avail Infrastructure Solutions (“Avail”).
Avail is a leading provider of specialized products and service solutions designed to support industrial and electrical applications. Avail’s product offering includes customer switchgear, electrical enclosures, medium and high voltage bus ducts and explosion proof hazardous lighting. Avail’s service solutions focus on extension-of-life services for the power generation, refining and industrial infrastructure markets through automated welding solutions and electrical bus services. Avail has approximately 1,300 employees and operates through a global network of 20 strategically located manufacturing and service facilities. For fiscal year 2022, ended February 28, 2022, Avail generated sales of approximately $375 million.
Nick Santhanam, CEO of Fernweh Group, noted, “We truly appreciate the partnership and support of AZZ’s and Avail’s management team and employees as we have completed the majority acquisition and will commence with the transformation of Avail. We at Fernweh would like to thank the entire team at AZZ and Avail for their tremendous effort in closing this transaction expeditiously. We are also pleased with the continued strong financial performance of the company and will look to build on this base to drive growth for the company in the near and long term.
As we look to the future of Avail as a standalone company, we would like to thank Gary Hill and Ken Lavelle for their leadership. We share their excitement for the future of the company, and we welcome their continued involvement as Avail’s President & COO, and Vice Chairman, respectively. Additionally, to help drive the next phase of growth at Avail, we are pleased to welcome William (“Bill”) Johnson as President and CEO of Avail. Bill previously served as the CEO of Welbilt. Joining Mr. Johnson as new members of the management team are Martin (“Marty”) Agard, CFO, and Jen Gudenkauf, CHRO, both also previously with Welbilt. We believe behind all great companies are great people. Combined, this experienced team is well equipped to accelerate growth and profitability and make Avail the partner of choice for the industry.”
“The Avail team and I are excited to partner with Fernweh and AZZ as we enter our next phase as a private, standalone company. We welcome Bill, Marty, and Jen to the team, and we look forward to working with them to drive continued growth. To our customers and partners, we, along with Fernweh and AZZ, thank you for your continued support, and we commit to continuing to provide you with the highest quality, cutting-edge products and services delivered by the best people in the industry,” said Gary Hill, President & COO of Avail.
Fernweh is an investment firm led by leaders from global institutions with prior experience working with companies in the industrial and industrial technology sectors on strategy, M&A, and operational transformation. Fernweh believes that the mid- and small-cap industrial and industrial technology sectors are the backbone of the economy and the engine for its growth. By combining management capability, operational and strategic transformation support, and capital for each company’s unique context, history, and needs, Fernweh aims to be a builder of businesses and create value for all stakeholders.
AZZ Inc. is a leading provider of galvanizing and a variety of metal coating solutions and coil coating solutions to a broad range of end-markets in North America. AZZ’s Metal Coatings segment is a leading provider of metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating, to the steel fabrication industry. AZZ’s Precoat Metals Segment is a leading provider of aesthetic and corrosion protective coatings to the steel and aluminum coil market.