Stillwater represented Davis Controls in the transaction.
Stillwater Capital is pleased to announce that it served as an exclusive advisor to Davis Controls in its sale to Hoskin Scientific Ltd. in November 2025.
River Associates Investments, L.P. (“River Associates”), a longstanding lower middle market private equity firm based in Chattanooga, TN, announced the acquisition of Davis Controls (“Davis”) by its Oakville, Ontario based portfolio company Hoskin Scientific Ltd. (“Hoskin”).
Based in Oakville, Ontario, Davis is a leading provider of industrial automation and process control products and solutions. Founded over 90 years ago, Davis offers both automation and continuous process control solutions; a rare dual capability that broadens their customer base.
“We are pleased to welcome the Davis Controls team to the growing Hoskin Scientific family” commented Justin Warren, Chief Executive Officer of Hoskin. “Since 1933, Davis Controls has built a strong reputation for delivering deep technical expertise and consultative approach in helping industrial customers solve both automation and continuous process control challenges. Hoskin’s national footprint will provide a platform for Davis to be able to accelerate its growth as well as provide existing Hoskin customers access to a wider range of products. The acquisition of Davis further enhances Hoskin’s positioning as a Canadian leader of industrial and process instrumentation.”
Founded in 1946, Hoskin provides test and measurement data to monitor critical applications in environmental, geotechnical, and industrial applications. Key applications served include instruments for monitoring air, water, soil, asphalt, petroleum, and concrete across environmental, mining, construction, forestry, industrial, and utility markets.
“Davis Controls has been a respected name in the Canadian industry for over 90 years, and I’m proud of the stability, integrity, and technical excellence that have defined us through that time. We’ve built something enduring – not just in the solutions we deliver, but in the relationships we’ve maintained across generations of customers. I’m equally excited about the new opportunities ahead and the next phase of growth for the business alongside the Hoskins team,” said Matt Moser, President of Davis Controls.
Don Pagnutti, one of Stillwater’s Managing Directors, led the deal team through the transaction with the support of Jamal Faraj and Steven Stringer. “Matt and the entire Davis Controls team have built an impressive company, and we are excited about the new possibilities for them as they start this new partnership with Hoskin. We are delighted to have been part of bringing these two organizations together,” said Don Pagnutti.
About Davis Controls Davis Controls is a family-owned Canadian leader in industrial automation and process instrumentation, proudly serving businesses nationwide since 1933. Headquartered in Oakville, Ontario, the company delivers advanced solutions for process control, automation, and environmental applications, backed by expert technical support and a diverse portfolio of trusted global brands. With over 90 years of innovation and reliability, Davis Controls remains committed to helping Canadian industries operate efficiently, safely, and sustainably. More information is available at www.daviscontrols.com.
About Hoskin Scientific Founded in 1946, Hoskin Scientific provides test and measurement data to monitor critical applications in Environmental, Geotechnical and Industrial Applications. The company provides dedicated local technical support to customers across Canada through a national network, providing sales, service support, integration and rental of test and measurement solutions across 5 locations in Vancouver, Edmonton, Calgary, Oakville and Montreal. Key applications served include instruments for the monitoring of air, water, soil, asphalt, petroleum and concrete across Environmental, Mining, Construction, Forestry, Industrial and Utility markets. More information is available at www.hoskin.ca.
About River Associates River Associates is a private equity firm based in Chattanooga, TN, that focuses exclusively on investing in the lower middle-market and has served as a financial sponsor partner for management teams for over 35 years. Target businesses can be privately held, private equity-backed, or divestitures from larger companies. River Associates is opportunistic as to industry and has invested in numerous manufacturers, high margin distributors, industrial service providers and business service companies. River targets U.S. and Canadian companies typically with EBITDA in the $3-15 million range. Since its founding in 1989, River Associates has initiated more than 110 transactions. River is currently investing its eighth investment fund, which has $345 million of committed capital. For more information visit www.riverassociates.com.
About Stillwater Capital Stillwater Capital is one of North America’s leading mid-market M&A advisors, having completed over 110 transactions in the past 20 years. Stillwater is passionate about helping owners realize maximum value in the sale of their business. We believe that people who spend their lives building a company deserve the absolute best advice to ensure that hard work is rewarded in full. Stillwater is a member of the world’s premier professional advisory group, Geneva Capital Group, connected to 30,000 of the world’s best legal, accounting, and M&A professionals in over 800 offices in 126 countries.
Published on: January 6, 2026
