Mason Wells Acquires The Cleveland Electric Laboratories Company

Mason Wells announced today that it has completed the acquisition of The Cleveland Electric Laboratories Company (“CEL” or the “Company”). The Company is owned by Mason Wells, members of the current management team, and other board members and co-investors.

Founded in 1920, CEL is a leading manufacturer of thermocouple products used in high-temperature and demanding manufacturing environments. CEL primarily services aerospace & defense, power generation, and other industrial end markets. The Company is differentiated by its focus on high-temperature manufacturing environments, materials science and precious metals expertise, application engineering to solve customer challenges, and precision manufacturing to deliver consistent quality. CEL also has a well-invested laboratory to certify products and materials to meet stringent customer and industry regulations and requirements. CEL operates two manufacturing locations, including its headquarters in Twinsburg, OH and a second facility in Tempe, AZ.

Since 1998, Mason Wells has invested in numerous Midwest-based companies in the engineered products and services industry, supporting family ownership transitions.

“We are excited about the opportunity to partner with Mason Wells and to continue the Company’s next phase of growth,” said Scott Puhalsky, Chief Executive Officer at CEL. “Mason Wells’ experience successfully supporting engineered product businesses will provide CEL the resources and network to achieve its long-term growth initiatives. We look forward to building upon CEL’s world-class capabilities and continuing to provide industry-leading, high-temperature sensing products and services to our customers.”

“CEL is a unique test and measurement platform with a customer-centric culture and a differentiated position in the high-temperature thermocouple market that is unmatched,” said Jay Radtke, Executive Managing Director at Mason Wells. “The Company’s management, employees, and suppliers are all critical factors that have allowed the Company to consistently exceed the expectations of its customers in demanding applications. We are thrilled to partner with CEL and plan to make numerous investments to support the needs of the Company’s customers, suppliers, and employees.”

Ally Corporate Finance provided financing for the transaction. Quarles & Brady represented Mason Wells as legal counsel.

Based in Twinsburg, OH, CEL is a leading manufacturer of thermocouple products used in high-temperature and demanding manufacturing environments. CEL primarily serves aerospace & defense, power generation, and other industrial end markets. For more information, please visit the CEL website at www.clevelandelectriclabs.com.

Mason Wells is a Milwaukee-based private equity firm that has raised $2.4 billion in aggregate across five independent buyout funds. The firm is currently investing out of Mason Wells Buyout Fund V, a $767 million fund. Since Mason Wells was formed in 1998, its buyout funds have invested in four specific industry sectors: Consumer Packaged Goods, Outsourced Business Services, Engineered Products & Services, and Packaging Materials & Converting. For more information related to Mason Wells, please visit the firm’s website at www.masonwells.com.