Lone Star Funds has completed the $4.775 billion sale of SPX Flow to ITT Inc., marking the end of the private equity firm's two-year ownership of the industrial equipment manufacturer. The Charlotte-based company, which operates in more than 25 countries and sells products in over 140 countries, was acquired by Lone Star in April 2022.

SPX Flow specializes in highly engineered equipment and process technologies for various industries. The company was founded in 2015 and has established a significant global presence under Lone Star's ownership. Financial advisors Citi and Jefferies LLC assisted Lone Star throughout the transaction process.

Donald Quintin, CEO of Lone Star, expressed confidence in the deal's outcome, stating that SPX Flow will continue delivering high-quality equipment while driving value for ITT. The sale represents a successful exit for Lone Star, which had been expected to test the market with SPX Flow this year according to previous reports. The transaction underscores the continued activity in the industrial equipment sector and the appetite for strategic acquisitions among public companies.