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Tulsa-based Enovation Controls files for $100 million IPO

Tulsa-based Enovation Controls files for $100 million IPO

The natural gas-tied manufacturer wants to raise $100 million.

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Tulsa-based Enovation Controls LLC, a maker of engine control systems for natural gas-powered vehicles, power generation and other machinery, plans to go public through a stock offering that could raise about $100 million, according to reports.

The company quietly filed its S-1 registration with the U.S. Securities and Exchange Commission in July. Late last month, Enovation Controls added details about its initial public offering, growth strategies and past revenue.

Company officials declined to comment to the Tulsa World because of a pre-IPO “quiet period” required by federal regulators. They pointed to the SEC registration statement.

“We believe we are well positioned to benefit from a number of significant trends driving demand in the industries in which we compete,” the SEC filing states.

“Due to its current and expected long-term benefits, natural gas has become an important and attractive transportation fuel,” it says. “The global population of NGVs (natural gas vehicles) has increased by more than seven-fold since 2002 according to NGV Global. Commercial NGVs are experiencing adoption rates significantly higher than other vehicle classes due to high annual fuel consumption and the resulting substantial fuel cost per-mile advantages of natural gas.”

Enovation Controls, originally called FW Murphy Co., was founded by Frank W. “Pat” Murphy in 1939. Murphy had based his company in Tulsa since 1945.

Investors in the IPO, which doesn’t have a date yet, will own 100 percent of the Class A shares in Enovation Controls Inc., according to the filings.

Murphy’s grandson, Frank W. Murphy III, is executive chairman of Enovation Controls. The younger Murphy and Kennon Guglielmo, chief technology officer, own control of the current organization.

Last year Enovation Controls generated $256 million in revenue and $41 million in operating income, the company reported. It has 70 product lines and 4,000 customers globally.

In fact, approximately 30 percent of Enovation Controls’ revenue flowed from international markets, including more than $60 million from Asia.

“We are a leading global provider of sophisticated digital control systems for gaseous fuel engines and engine-drive equipment focused on the vehicle and energy markets,” the SEC filing states.

FW Murphy changed its name to Enovation Controls after merging with San Antonio-based EControls in 2009. Guglielmo founded EControls in 1994.

The company announced its hiring of current CEO Patrick W. Cavanagh in early 2013.

Rod Walton 918-581-8457


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