- Bob Graham elevated to Chief Executive Officer following successful tenure as Chief Operating Officer
- Dave Abercrombie, former CEO, appointed as Vice Chairman
CHINO, Calif.–(BUSINESS WIRE)–Harrington Process Solutions (“Harrington” or the “Company”), a leading specialty distributor of industrial flow control process solutions, today announced the close of its acquisition by Bain Capital Private Equity (“Bain Capital”). To further support Harrington’s expansion strategy in partnership with Bain Capital, Bob Graham has assumed the role of Chief Executive Officer, where he will contribute his more than thirty years of industry experience to serve new and existing customers with a world-class portfolio of products and services.
Graham has served as Chief Operating Officer since joining Harrington in 2020. As COO, he played an integral role in the success of the company as it expanded the delivery of fluid process products for corrosive and high-purity applications in new sectors, including semiconductors and life sciences. Dave Abercrombie, who previously held the CEO position, has been appointed to the role of Vice Chairman, where he will continue to support Harrington’s leadership and growth in the specialty flow control products distribution sector.
“Bob is a trusted voice for our customers, suppliers, and employees, who has been instrumental to Harrington’s growth. This is a significant inflection point for our company and industry in which Bob’s more than thirty years of experience driving innovation in specialty distribution leadership has already proven crucial for our efforts to better serve existing customers and diversify into new sectors,” said Abercrombie. “I’m proud to continue partnering with Bob and even prouder knowing that he is a perfect culture carrier and leader for Harrington as it reaches new heights.”
“I am excited to continue Harrington’s path forward as a leader reshaping the flow process solutions space. Harrington has the best people in the industry and a relentless focus and dedication to serving our customers. I see a tremendous opportunity to create even greater value by expanding and diversifying our product and service offerings,” said Graham. “Harrington, in collaboration with Bain Capital and our supplier partners, will work to build an efficient and compelling supply chain solution aimed at driving growth and providing value to all our stakeholders.”
Debt financing for the transaction was provided by the Private Credit business within Goldman Sachs Asset Management, BMO Capital Markets, Oak Hill Advisors, and Jefferies Credit Partners.
Baird and BMO Capital Markets served as financial advisors to Bain Capital. PricewaterhouseCoopers LLP served as accounting advisor, and Kirkland & Ellis LLP served as legal counsel to Bain Capital. Jefferies and William Blair served as financial advisors, CBIZ Private Equity Advisory served as accounting advisor and McDermott Will & Emery LLP served as legal counsel to Harrington.
Harrington has been a leading distributor of industrial process solutions since 1959. With a national presence, Harrington distributes and fabricates products that move fluids in corrosive and high-purity process applications. Products include thermoplastic pipes, valves, fittings, tanks, tubing and hose, pumps, filtration, and instrumentation. Harrington has achieved above-industry growth for decades through a relentless focus on customer service and bringing expertise to the table for customers and suppliers. The success of Harrington is built upon a clear set of operating principles which equally value customers, suppliers, and employees. For more information on Harrington visit www.hipco.com.
About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 280 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 23 offices on four continents. Since its inception, the firm has made primary or add-on investments in more than 1,150 companies. In addition to private equity, Bain Capital invests across multiple asset classes, including credit, public equity, venture capital and real estate, managing approximately $180 billion in total assets and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, please visit: https://www.baincapitalprivateequity.com/.