Mueller Water Products to sell US Pipe to Wynnchurch Capital

Mueller Water Products has signed a definitive purchase agreement to sell United States Pipe, Foundry Company and Fast Fabricators, which together form US Pipe, to USP Holdings, an affiliate of Wynnchurch Capital.

Under the terms of the agreement, 100% of equity interests in US Pipe will be sold to USP Holdings for $89.8m in cash, subject to post-closing adjustments.

Wynnchurch managing director Chris O’Brien said US Pipe is a supplier to the water infrastructure market which is in great need of investment and repair.

Mueller Water Products chairman, president and chief executive officer Gregory Hyland added, "The sale of US Pipe, coupled with our strategic vision, will increase our ability to more profitably grow our business. "

The transaction is subject to regulatory approval and customary closing conditions and is expected to close in June 2012.

Mueller Water Products manufactures and markets products and services that are used in the transmission, distribution and measurement drinking water and in water treatment facilities.