Bessemer Investors Announces Sale of Leonard Valve Company to A. O. Smith Corporation

Core Viewpoint - Bessemer Investors has successfully sold Leonard Valve Company to A. O. Smith Corporation, marking a significant transition for the company and its growth trajectory [1]. Group 1: Company Overview - Leonard Valve Company, founded in 1911 and headquartered in Cranston, Rhode Island, specializes in designing and manufacturing water temperature control valves, digital and thermostatic mixing systems, and related monitoring devices for various institutional and commercial applications [3][6]. - The company is recognized as a leader in digital and thermostatic mixing valve technologies, with its Heat-Timer brand providing advanced boiler controls and energy management solutions [6]. Group 2: Investment and Growth - Bessemer Investors acquired Leonard Valve in 2019, partnering with third-generation owner Niles Wilcox to implement a succession plan, enhance management, and support organic growth and strategic M&A [2]. - Under Bessemer's ownership, Leonard Valve expanded its digital and thermostatic mixing portfolio and acquired Heat-Timer Corporation, thereby broadening its platform in water and hydronic system management [2]. Group 3: Strategic Developments - Bessemer's investment led to the tripling of Leonard Valve's digital and connected offerings, increased market share, and positioned both Leonard and Heat-Timer brands as leaders in health, safety, and energy efficiency [4]. - The transition to A. O. Smith is expected to accelerate the adoption of Leonard Valve's digital and thermostatic mixing solutions and expand its advanced boiler control offerings [5]. Group 4: Financial Advisory - Jefferies LLC and Robert W. Baird & Co. acted as financial advisors to Bessemer Investors, while BofA Securities served as the exclusive financial advisor to A. O. Smith Corporation [5].