City Capital Advisors completes sale of Eclipse Inc. to Melrose Industries plc

CHICAGO, IL – October 31, 2014; City Capital Advisors, a results-oriented investment banking firm serving family owned and closely held private companies, announced today that it advised the family owners of Eclipse Inc. in the sale of the company to Melrose Industries plc in a transaction valued at $158 million. The transaction was led by City Capital Managing Directors Tim Coleman and Matt Phillips.

Eclipse Inc., a third generation family owned company founded in Rockford, Illinois 106 years ago, is a global leader in the manufacture of gas combustion components and systems for industrial heating and drying applications. Melrose Industries plc, a publicly traded company on the London Stock Exchange with 2013 revenue of $2.8 billion, owns manufacturing and industrial businesses around the world. Eclipse will become part of Melrose Industries’ Elster Gas division. Headquartered in Germany, Elster Gas is a global provider of industrial combustion equipment and gas measurement and control products.

“The objective is to have the complementary strengths and assets of each organization establish a clear position of excellence in the industry,” said Lach Perks, President of Eclipse and grandson of the company’s founder. “Eclipse’s long established expertise in low-temperature industrial gas combustion complements Elster’s expertise in high-temperature industrial gas combustion applications. Together, the two businesses will offer customers a complete range of gas combustion solutions.”

Eclipse was founded in 1908 by Garnet McKee, who created a patented product for the then nascent gas heating industry. Today, with 20 locations in 14 countries throughout the world, Eclipse is recognized worldwide as a leading source of high performance industrial combustion solutions. The company’s family shareholders view this transaction as a means of positioning the company for continued success.

“We determined that this opportunity is in the best interest of the company, our employees, our customers and our family,” said Doug Perks, Eclipse Chairman. “This transaction is about building a legacy of opportunity and shared success, and that legacy is much more than the Perks family.”

About Eclipse Inc.

Eclipse is recognized as a worldwide leader in providing innovative thermal solutions for industrial process heating needs that are safe, reliable, efficient, and clean. With superior combustion technologies and deep application expertise, Eclipse designs and manufactures a wide range of burners, recuperators, heat exchangers as well as complete combustion systems, controls and accessories. Eclipse’s global service operation also provides equipment maintenance and repair as well as safety testing, inspection and training.

About Melrose Industries plc

Melrose invests in industrial and manufacturing businesses around the world. Melrose currently operates in five distinct segments: Elster Gas (gas measuring, regulation and utilization products and solutions for C&I and residential markets), Elster Electricity (smart metering solutions), Elster Water (water meters), Energy (Brush turbogenerators) and Lifting (Bridon industrial wire and rope products).

About City Capital Advisors, LLC

City Capital Advisors, a FINRA registered broker-dealer, is a results oriented investment and merchant banking advisory firm. Client engagements are managed exclusively by experienced senior investment bankers who deliver business owners optimal performance in capitalizing on the value of their companies and meeting their objectives as shareholders. City Capital’s investment banking professionals have successfully advised clients on merger and capital markets transactions totaling in excess of $60 billion.