KKR seals Gardner Denver acquisition

KKR has appointed Timothy Sullivan as president and CEO of Gardner Denver. Former president and CEO Michael Larsen has transitioned to the role of interim vice president and chief financial officer.

Sullivan, 60, spent 35 years at mining machinery manufacturer Bucyrus International Inc. He was serving as Bucyrus CEO and a member of the board of directors when the company was sold to Caterpillar Inc in July 2011 for US$8.8 billion.

Pete Stavros, a member of KKR and head of the firm’s Industrials investment team, said: “We are excited about taking this next step in the evolution of Gardner Denver. We would like to thank Michael for his leadership through the transaction and for his contributions to the organization more broadly. We would also like to welcome Tim Sullivan, a world class executive with particular expertise in driving growth and commercial excellence. Tim’s 35-year track record speaks for itself and his experience will be invaluable in accelerating the operating initiatives already underway.”

“I am enthusiastic about leading Gardner Denver and I am confident in the near- and long-term potential of the business,” said Sullivan. “I believe Gardner Denver is very well positioned to capitalize on the many opportunities ahead.”