Case Study

Case Study 1: Investment Needed for the Business to go Global

Burlington Automation Corp. an investment completed by Lincoln Electric Corp. Stillwater Capital acted as exclusive advisor to Burlington Automation Corp.


Burlington Automation Corp. (BAC), located in Hamilton, ON, manufactures a single machine, the PythonX. This machine is the market leader in automated cutting of structural steel and tubes. While the company has sold machines on every continent, it needed three things – a global distribution network, a global in-field support network and a marquee brand to take the business to the next level. The absolute best partner for the company was clearly Lincoln Electric Holdings (NASDQ: LECO). With $3 billion in revenue, Lincoln is the world leader in welding equipment and related automation technology.


Stillwater Capital was hired by BAC in May 2013 to assist in negotiating a major investment from Lincoln. BAC’s 50% increase in sales and profits in the previous 12 months complicated negotiations as it was unknown if this was a maintainable trend or just a blip. After several months of negotiations, an LOI was signed in late September 2013. The transaction was completed on November 15, 2013, when Lincoln executed the agreements to make a significant investment in Burlington Automation Corp.

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