Schneider Downs Corporate Finance (SDCF) advised Snap-tite, Inc. (Snap-tite) on its sale to Parker Hannifin Corporation. Snap-tite is a manufacturer of innovative high-pressure fluid power components for oil and gas, industrial and research markets with annual sales of approximately $100 million.
Snap-tite has operations in Erie, Pennsylvania; Union City, Pennsylvania; Houston, Texas; and Wexford, Ireland and employs approximately 500 people. The Company was established in 1935 and was a third-generation family business, principally owned by the Clark family.
SDCF supported Snap-tite’s owners in marketing the business to potential buyers, evaluating proposals, negotiating transaction terms and management of the due diligence process. The transaction closed on April 2, 2012.
The transaction was SDCF’s second completed advisory assignment for Snap-tite. In 2010, SDCF advised Snap-tite on the sale of its Snap-tite Hose division to All-American Hose, LLC.
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