Armstrong International Acquires Leslie Controls' Industrial Control Valve and Heater Lines

Control Devices Acquires Sherwood Valve

January 12, 2026

Manufacturing

Control Devices, a portfolio company of HBM Holdings, has acquired Sherwood Valve to expand its compressed gas flow control portfolio and enhance engineering and manufacturing capabilities. The deal adds Sherwood's product lineup and brand (operations in Cleveland, Ohio and the Pittsburgh area) and brings about 75 employees to Control Devices; financial terms were not disclosed.

A. O. Smith Acquires Leonard Valve for $470 Million

January 8, 2026

Infrastructure

A. O. Smith entered into a definitive agreement to acquire Leonard Valve Company (including LVC Holdco LLC and its Heat-Timer brand) for $470 million to expand its water management and digital controls capabilities. The deal closed in early 2026, deepening A. O. Smith’s position in water temperature and flow control and broadening its commercial and institutional product portfolio.

Leap Partners Acquires Air Control Heating and Air Conditioning (Lexington, KY)

June 30, 2025

HVAC & Mechanical

Leap Partners has acquired Air Control Heating and Air Conditioning, a Lexington, Kentucky HVAC provider with more than 54 years in the Central Kentucky community. Current owner Herbie McGaughey will remain leading the business as Leap Partners continues to expand its Southeast home services platform.

Kele, Inc. Acquires AC Controls and AC Technical Services (ACC)

March 6, 2024

Industrial Services

Kele, Inc., a portfolio company of The Stephens Group, acquired AC Controls and AC Technical Services ("ACC") to expand its industrial automation offerings and geographic footprint in the U.S. Southeast. The deal adds valve automation, systems integration, field technical services and distribution capabilities to Kele's industrial platform and will be integrated with The Kele Companies' existing businesses.

Thermon Group Holdings Acquires Vapor Power International

January 15, 2024

Manufacturing

Thermon Group Holdings, Inc. (NYSE: THR) has acquired Vapor Power International, a provider of electric and gas-fired boilers and steam generators, from StonePointe LLC and members of Vapor Power's management. The acquisition (reported at approximately $110 million) expands Thermon's product portfolio into electric resistance, electrode and super critical coil tube boilers, supporting its electrification and decarbonization strategy.

Bessemer Investors Acquires Leonard Valve Company

March 9, 2020

Manufacturing

Bessemer Investors LLC completed a majority acquisition of Leonard Valve Company, partnering with Leonard's management team who retain a minority stake. The investment provides liquidity to selling shareholders and capital to support Leonard's future growth initiatives; financial terms were not disclosed.