Gardner Denver, Inc. (NYSE: GDI) and Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR”) today announced that the companies have completed the transaction under which KKR acquired all of the outstanding shares of Gardner Denver for approximately $3.9 billion, including the assumption of debt.
KKR also announced today that Timothy W. Sullivan has been appointed as President & Chief Executive Officer of Gardner Denver, effective immediately. Michael M. Larsen has transitioned to the role of Interim Vice President & Chief Financial Officer, effective immediately.
Pete Stavros, Member of KKR and head of the firm’s Industrials investment team, said: “We are excited about taking this next step in the evolution of Gardner Denver. We would like to thank Michael for his leadership through the transaction and for his contributions to the organization more broadly. We would also like to welcome Tim Sullivan, a world class executive with particular expertise in driving growth and commercial excellence. Tim’s 35-year track record speaks for itself and his experience will be invaluable in accelerating the operating initiatives already underway. We look forward to working with Tim and all of Gardner Denver’s employees to drive growth and deliver continued success and value for all stakeholders.”
“I am enthusiastic about leading Gardner Denver and I am confident in the near- and long-term potential of the business,” said Mr. Sullivan. “Gardner Denver has a highly diversified business portfolio of market-leading products and solutions, strong customer relationships and a passionate team of highly talented employees. Under Michael’s leadership, the Company expanded its global footprint and leveraged its best-in-class technologies to become a worldwide industry leader. I look forward to working closely with the Board and leadership team to refine the Company’s strategy, enhance performance and build upon the Company’s positive momentum. I believe Gardner Denver is very well positioned to capitalize on the many opportunities ahead.”