Milwaukee-based Oldenburg Group has completed its previously announced sale of its defense and mining divisions to New York-based private equity firm J.F. Lehman & Co.
[caption id="attachment_147522" align="alignright" width="335"] Oldenburg Group sold its defense business, which makes ramps for the U.S. Navy, among other things.[/caption]
Included in the sale were Oldenburg’s factories in Rhinelander, Wisconsin; Ontonagon and Iron River, Michigan; and Zacatecas, Mexico; and its technology and administrative center in Kingsford, Michigan.
All employees at those facilities were retained by J.F. Lehman, and the agreement also stipulated their pay and benefits would not be reduced and none of the facilities would be closed or moved. The financial terms of the deal were not disclosed.
Oldenburg Group will continue to own Milwaukee-based high-performance architectural lighting manufacturer Visa Lighting.
Wayne Oldenburg, chief executive officer of Oldenburg Group, said he is now focused on creating jobs in disadvantaged Milwaukee neighborhoods.
[caption id="attachment_147525" align="alignleft" width="300"] Oldenburg Group also sold its division that manufacturers equipment for underground hard rock mining.[/caption]
“The sale is within our normal business operations,” said Oldenburg. “We have previously developed and sold 12 businesses throughout Australia, South Africa, Mexico and the U. S. We are now looking for additional acquisitions. However, I now have a strong preference to acquire or start up businesses in the Milwaukee area, where economic development and new jobs are needed. One of our goals is to create jobs for people in our inner city neighborhoods."
Ryan Oldenburg, Wayne’s son, will head the process of targeting new business ventures.
“We don’t buy partial interests in businesses or provide capital to other owners,” Ryan said. “We acquire or start up companies. We are interested in markets that are rapidly growing and focused on continuing innovation. Part of our search is focusing on technology or controls businesses that are compatible with our lighting company, Visa Lighting.”