Mason Wells Announces the Sale of The Oilgear Company
For more information, contact: Jim S. Domach, CFO, 414-727-6412; Thomas G. Smith, Executive Managing Director, 414-727-6416 or Michael E. Graves, Senior Associate, 414-727-6426
MILWAUKEE, WI (April 4, 2018) – Mason Wells announced today the sale of The Oilgear Company (“Oilgear” or the “Company”), a Mason Wells Buyout Fund II portfolio company, to Texas Hydraulics, a portfolio company of Wynnchurch Capital, LLC. The transaction closed on March 27, 2018.
Based in Traverse City, Michigan, Oilgear is a leading provider of highly engineered hydraulic pumps, valves, systems, and aftermarket services for heavy duty applications.
“We have enjoyed working with the management team at Oilgear over the years. Under their leadership, the Company was able to successfully navigate through a challenging oil and gas market while continuing to provide superior technical solutions for its customers’ unique application requirements. We believe that the combination with Texas Hydraulics will be viewed favorably by the market and may lead to new commercial opportunities for the combined hydraulics business,” said Jim Domach, CFO of Mason Wells.
“I am sincerely grateful to Mason Wells. Their support and significant investment into Oilgear will provide a platform for success for years to come. Mason Wells is a first-rate organization and I am thankful for their efforts on behalf of Oilgear,” said Craig LaFave, Oilgear President. “We are excited to join Texas Hydraulics and broaden our product and service offering. Our two companies have significant design and engineering capabilities with a commitment to quality, durability, and performance in the most mission-critical applications. We are confident that, in partnership with Texas Hydraulics, we can leverage these capabilities and improve the value proposition and overall solutions we offer to our expanded global customer base.”
About Oilgear: Founded in 1921, Oilgear is a manufacturer of hydraulic pumps, valves, and systems for heavy duty applications. Oilgear also offers customers a wide range of related aftermarket services. Oilgear is based in Traverse City, MI and operates out of twelve primary facilities globally with broad coverage to customers in industrial, oil and gas, and mobile equipment end markets. Through its tradition of bringing only the most advanced engineered solutions to its customers, Oilgear looks to set the standard in industries requiring precise, high-performance hydraulic products, often operating in the harshest of environments. For more information, please visit the company's website at www.oilgear.com.
About Mason Wells: Mason Wells is a leading Midwest-based private equity firm with approximately $1.0 billion in assets under management across its current private equity funds. 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.