Monroe pump manufacturer acquired by Chicago company
A private equity investment firm is creating a new submersible pump company beginning with Stancor in Monroe and BJM Pumps in Old Saybrook.
Chicago-based May River Capital acquired Stancor from Knox Capital Holdings; it bought out BJM in 2017. The new entity is called Industrial Flow Solutions.
The newly-formed portfolio company will specialize in design, manufacturing, sales and service of submersible pumps for varying industries.
“These two companies offer differentiated yet complementary products and technologies that will benefit the other,” said IFS CEO Chris Stevens in a press release. “We look forward to bringing the strengths of both organizations to bear in the market and accelerate our ability to solve customer problems with their wastewater and pumping challenges.”
Stancor, which is headquartered at 515 Fan Hill Road, touts more than 30 years of experience designing and building electrical submersible pumps and pumping control systems for building trades, construction, mining, utilities and wastewater clients. It also has a manufacturing plant in Prospect.
The Monroe company’s pumps were used in the construction of the new Mario Cuomo Bridge, which replaced the Tappan Zee bridge in New York, drawing water from the Hudson River to cure concrete used for the span’s foundation.
BJM Pumps sells and services pumps used in industrial and municipal dewatering and wastewater applications.
Stancor CEO Bill Tipton, who will lead IFS, said all 38 employees of his company and BJM’s 35 employees have been absorbed into the IFS.
“The merger of BJM Pumps with Stancor unites two businesses with complementary product portfolios and different market and channel strengths,” he said in an email to Hearst Connecticut Media. “The combination expands the product lines and fluid management portfolio of both companies.”
The merger is expected to drive future growth and expand capabilities for customers, Tipton said.
Town officials said they see the merger as an opportunity to showcase what Monroe has to offer.
“It’s very fortunate about the fact that (Stancor) have a way of sustaining themselves,” said Ray Giovanni, director of the economic development commission in Monroe. “In today’s economy and today’s world it’s not easy. Manufacturing and so forth is not on an increase necessarily so that the fact that we can keep these kinds of companies in our town is marvelous.”
Giovanni, who is also head of the town’s chamber of commerce, said he hopes that the changes to the Monroe-based company will yield benefits to the area, including maintaining local employment.
“Glad that they are going hopefully to sustain operations in town, so we can keep people employed and the local economy and hoping there would be some additional resources to the facility,” he said.
Contributions made by Alexander Soule