Houlihan Lokey Advises ITT

Houlihan Lokey is pleased to announce that ITT Inc. (ITT) has sold its business unit, Wolverine Advanced Materials (WAM), to Center Rock Capital Partners, LP (Center Rock) for $171 million.

WAM, formerly part of the Motion Technologies segment within ITT, is a developer and manufacturer of specialty coatings for damping and sealing applications in the OEM automotive market. WAM is based in Dearborn, Michigan, and supplies components for applications, including brake/NVH, high-temperature, high-pressure gaskets, and material solutions. WAM has more than 500 employees and a worldwide presence with six manufacturing plants and five sales offices.

WAM was acquired by ITT in 2015. ITT is a diversified manufacturer of highly engineered components and customized technology solutions for the transportation, industrial, and energy markets. Building on its heritage of innovation, ITT partners with its customers to deliver enduring solutions to the key industries that underpin our modern way of life. ITT is headquartered in Stamford, Connecticut, with employees in more than 35 countries and sales in approximately 125 countries.

Center Rock is a Midwest-based private equity firm that provides equity capital, expertise and resources to leading industrial franchises within North America, which serve domestic and international markets. Center Rock has made 11 platform investments and had ~$1.7 billion in assets under management as of March 2024.

Houlihan Lokey served as the exclusive financial advisor to ITT and assisted in initiating, structuring, and negotiating the transaction on its behalf. This transaction demonstrates Houlihan Lokey’s continued proficiency in leading divestitures and expertise within the automotive OEM space.

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