Harvest Partners, LP Reaches Definitive Agreement to Sell FCX Performance

NEW YORK–(BUSINESS WIRE)–Harvest Partners, LP (“Harvest”), a New York-based private equity firm,
announced today that it has reached a definitive agreement to sell FCX
Performance, Inc. (“FCX Performance”, “FCX” or the “Company”) to Applied
Industrial Technologies (NYSE: AIT) (“Applied Industrial Technologies”
or “AIT”), a leading value-added industrial distributor of bearings,
power transmission products, fluid power components and other industrial
supplies. The sale is expected to close within 30 days. After the
closing, Tom Cox, FCX’s Chief Executive Officer, and the rest of the
management team will continue to lead the business and the Company will
remain headquartered in Columbus, Ohio.

FCX Performance is a leading distributor of mission-critical products
and value-added services to end users, OEMs and contractors across the
industrial process, oil and gas, power, life sciences, municipal and
commercial markets. The Company is known for its technical application
expertise and offers customers a full range of valves and automation,
pumps and seals, process instruments, steam and piping products, and
related equipment, all backed by a full complement of life-cycle
services.

Tracing its origins to 1984, FCX has grown to 68 locations serving 43
states with more than 1,000 team members, including over 300 service and
repair technicians. Since the Company’s acquisition by Harvest in 2012,
FCX has completed 13 strategic acquisitions to expand its product and
service capabilities as well as broaden the Company’s geographic
footprint.

Tom Cox said: “Harvest was instrumental in our growth over the years as
we have expanded to become the leading technical flow control platform,
and we are extremely excited for our team members, customers and
suppliers to partner with AIT to build upon our combined success.”

Michael DeFlorio, Partner of Harvest Partners, said: “It has been a
pleasure working with Tom and his team to nearly triple revenue and
significantly expand capabilities to best serve FCX customers.” Stephen
Carlson, Partner of Harvest Partners, added: “AIT is combining market
leaders in fluid power and flow control and we are excited to track the
future progress of the combined organization.”

Robert W. Baird & Co. and Stephens Inc. acted as financial advisors and
White & Case LLP acted as legal advisor to FCX. James Mitchel of Harvest
Partners also worked on the transaction.

About Harvest Partners

Founded in 1981, Harvest Partners is a leading New York-based private
equity investment firm pursuing management buyouts and recapitalizations
of middle market companies in North America. Harvest focuses on
acquiring profitable companies in the industrial services, manufacturing
and distribution, business services and consumer, and healthcare
services sectors. This strategy leverages Harvest Partners’ more than 35
years of experience in financing organic and acquisition-oriented growth
companies. For more information, please visit www.harvestpartners.com.

Contacts

Harvest Partners
Michael DeFlorio, 212-599-6300
or
Media:
Owen
Blicksilver Public Relations, Inc.
Caroline Luz, 203-656-2829
[email protected]