P&M Corporate Finance, LLC (PMCF) is pleased to announce the sale of Olmsted Products Co. (Olmsted) to The Oilgear Company (Oilgear), a portfolio holding of Milwaukee-based private equity group Mason Wells. Based in Traverse City, Michigan, Olmsted is a leading niche designer, manufacturer, tester and installer of specialty high-flow, high-pressure hydraulic components and control systems primarily to the offshore oil and gas industry. It has supplied valve components and complete control systems to a global customer base since 1962.
PMCF worked closely with the shareholder and management team of Olmsted to manage and successfully complete this highly strategic transaction. PMCF’s role included preparing marketing materials, identifying potential buyers, evaluating offers, managing the due diligence process, and negotiating the transaction.
The acquisition of Olmsted enables Oilgear to expand its customer base and gain immediate access into the offshore oil & gas industry. Mr. Richard Armbrust, President & CEO of Oilgear, commented: “Olmsted is a very well respected company with a long history of success. We are excited to welcome the company, its employees, and its customers to the Oilgear family. The addition of Olmsted’s highly engineered product line serving the offshore oil and gas industry is a significant component to our overall growth strategy.”
The law firm of Kotz, Sangster, Wysocki and Berg, P.C. served as legal advisor to Olmsted Products Co. The transaction closed effective November 10, 2008.
About Olmsted Products Co.
Olmsted Products Co. specializes in the design and manufacture of high-flow, high-pressure hydraulic components and control systems for the offshore oil and gas, marine, and industrial marketplaces. It has developed an exceptional reputation in the field by designing and engineering premium valves specific to customer applications. Olmsted has designed products used on hundreds of press, die cast and propulsion systems, as well as hundreds of offshore drilling rigs operating throughout the world. It also provides ancillary services such as full-service commissioning of valves and controls to ensure complete system integration and spare parts for all valves in service.
About The Oilgear Company
A leader in the fluid power industry, The Oilgear Company provides advanced technology in the design and production of unique fluid power components and electronic controls. The company serves customers in the primary metals, machine tool, automobile, petroleum, construction equipment, chemical, plastic, glass, lumber, rubber and food industries. Its products are sold as individual components or integrated into high performance applications. The Oilgear Company is a portfolio holding of Mason Wells and is headquartered in Milwaukee, Wisconsin with locations in 16 countries.
About P&M Corporate Finance, LLC
P&M Corporate Finance, LLC is a boutique investment bank providing merger and acquisition services to middle-market companies in North America and Europe. PMCF has dedicated industry teams providing services to the industrials, life sciences, plastics & packaging and business services industries. PMCF is headquartered in Southfield, Michigan with additional offices in Cleveland, Ohio and Chicago, Illinois.
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