Stout served as the financial advisor to A.Y. McDonald Mfg. Co. on its exclusive licensing of the American Meter Natural Gas Regulator Product Line from Honeywell. The transaction closed on April 1, 2025.

American Meter is Honeywell’s leading North American gas regulator portfolio including a variety of regulators designed for residential, commercial, and industrial applications with over 200 North American customers across gas utilities and prefabricators. The target product line was the American Meter natural gas 4” and 6” regulators used in residential applications.

A.Y. McDonald, founded in 1856 and headquartered in Dubuque, Iowa, is one of America's 100 oldest family businesses. The Company is a leading manufacturer of natural gas, water works, and plumbing products with its headquarters, brass foundry, and manufacturing plant located in Dubuque, Iowa, with additional plants located in Albia, Iowa, and Elizabethton, Tennessee. This strategic transaction significantly enhances A.Y.’s presence in the natural gas market by expanding its product offering and manufacturing capabilities. With the addition of the American Meter natural gas regulators, A.Y. is now positioned to produce fully integrated meter set assemblies that are designed, built, and tested to meet the highest standards within the natural gas industry.