Titanium Lens

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In 2022, AZZ faced a strategic crossroads. Its galvanizing business was highly profitable and resilient, while its infrastructure segment lacked synergy and consistency. After years of trying to manage both, the pandemic made the trade-offs clear. CEO of AZZ Tom Ferguson and the leadership team realized AZZ needed focus and the infrastructure solutions businesss needed a different kind of environment to thrive.

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Rather than selling the businesses outright, AZZ pursued a joint venture with The Fernweh Group to create Avail Infrastructure Solutions. The JV model allowed AZZ to unlock capital for reinvestment while retaining upside in a set of assets it still believed in. Tom had long-standing trust in Fernweh’s founder Nick Santhanam and saw in Fernweh and its operating partner Ayna a rare combination of industrial know-how, strategic discipline, and transformation capability. Their hands-on approach, paired with a strong leadership team, allowed Avail to focus, grow, and build scale as a private company.

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The transformation proved fruitful on all fronts. AZZ rapidly paid down debt, increased EBITDA margins, and drove higher returns on capital. Avail has also thrived. Avail recently completed the sale of its electrical product group (EPG) to nVvent, a move that further validated the value of the joint venture structure.

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Looking back, Ferguson shared several lessons from the experience. First, bold decisions are often necessary, especially when legacy portfolios no longer align with strategy. “It’s not going to get better if we just sit here and hope,” he said. Second, companies need to know what they’re good at and be honest about what doesn’t fit. AZZ’s model worked for tolling services with operational focus but not for managing subscale global product businesses. Third, finding the right partner is essential. Trust and shared values between AZZ and Fernweh created a foundation for long-term success. And finally, getting the right leadership in place, both at AZZ and Avail was critical to driving and sustaining transformation.

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In the end, Ferguson sees AZZ’s pivot and the Avail joint venture as a textbook example of how focus, partnership, and bold action can unlock value. Watch the Tom's full interview on the decision to form the joint venture, the transformation and the journey above.

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