The Business

Coffin Turbo Pump, Inc. (www.coffinturbopump.com) is an Englewood, New Jersey-based manufacturer of specialty pumps and aftermarket replacement parts for use primarily in the growing marine, offshore oil and gas, and industrial markets, and, through its Carter Pump division, municipal water and wastewater markets worldwide. Coffin’s products enjoy strong brand recognition, and have earned a reputation among end users for quality, performance, reliability and durability. Over it’s 94-year history, Coffin has established itself as the global leader, maintaining dominant market shares within its served niche markets.

The Industry

Coffin participates in the growing $38+ billion global industrial pump market, with a particular focus on marine, industrial and offshore oil and gas applications. Coffin is the leading supplier of pumps and related parts to the growing fleet of liquefied natural gas carriers (“LNGCs”). Strong global demand for natural gas, and a growing divergence between the sources of natural gas demand and supply, have spawned increased global trade in the commodity, fueling the continued rapid expansion of the LNGC fleet.

The Process

Prestwick Partners initiated this transaction and acted as the exclusive financial advisor to Coffin and Navigator Partners, a Summit, New Jersey-based private equity group.  Prestwick designed an M&A process, prepared marketing materials, evaluated acquisition proposals and negotiated the transaction with Argenta Partners, a Dallas, Texas-based private equity group. Prestwick’s process included both domestic and international strategic acquirers as well as private equity groups.