Actuant to acquire New York company
Butler-based Actuant Corp. announced the signing of a definitive agreement to acquire the stock of the Cortland Companies from an investor group lead by Cortec Group.
The purchase is subject to customary regulatory approvals and closing conditions, and is expected to close within 30 days.
Total consideration for the transaction is approximately $230 million, which will be funded by Actuant’s cash and revolving credit facility.
Headquartered in Cortland, N.Y., Cortland is a global designer, manufacturer and distributor of custom-engineered electro-mechanical cables and umbilicals, high-performance synthetic ropes and value-added steel cable and assemblies. Cortland’s products are utilized in critical applications in end markets including offshore oil and gas, marine geophysical survey, commercial diving, marine transport, medical, security, defense and aerospace. With five facilities across three continents, Cortland is expected to generate approximately $100 million in revenue this calendar year.
Commenting on the transaction, Robert Arzbaecher, Actuant’s chief executive officer, said, “Cortland represents a great addition to Actuant’s diversified business portfolio. Its niche leadership position, strong management team and global customer relationships are an ideal fit with our business model.”
The majority of the Cortland businesses will operate within Actuant’s Industrial segment. Cortland’s Sanlo product line, an engineered cable applications business, will operate as part of Actuant’s Elliott Manufacturing business included in the Actuation Systems segment.
Duncan Solutions to acquire New York firm
Milwaukee-based Duncan Solutions Inc. announced plans to acquire Law Enforcement Systems Inc. (LES), a Long Island, N.Y.-based provider of debt collection and motor vehicle violation fines collection.
The acquisition will strengthen Duncan’s position as a major provider of debt collection solutions for governmental clients.
“LES has built a solid business providing customers with the data and services needed to increase compliance and maximize revenues,” said Duncan president and chief executive officer Mike Nickolaus. “Together, Duncan and LES will be able to leverage our combined capabilities to deliver even greater value for our clients.”
LES will operate as a division of Duncan Solutions, with Richard Carrier continuing to serve as president and George Moskowitz continuing to serve as chief operating officer.
Duncan’s headquarters is located at 633 W. Wisconsin Ave.