Milwaukee-based private equity firm Mason Wells Inc. has sold portfolio company The Oilgear Co. to Texas Hydraulics. The transaction closed March 27 for an undisclosed price.
[caption id="attachment_132332" align="alignright" width="354"] Mason Wells is located in the 411 Building at 411 E. Wisconsin Ave. in downtown Milwaukee.[/caption]
Traverse City, Michigan-based Oilgear makes hydraulic pumps, valves and systems for heavy-duty applications. Mason Wells acquired it with its Buyout Fund II in 2006. Oilgear was previously based in Milwaukee, but ceased manufacturing operations here in 2015.
Temple, Texas-based Texas Hydraulics is a portfolio company of Wynnchurch Capital LLC. It manufactures custom hydraulic cylinders for original equipment manufacturers.
Mason Wells is selling off portfolio companies from earlier funds as it continues investing its $615 million Buyout Fund IV. It expects to invest in between 10 and 14 companies by 2021 with Fund IV.
“We have enjoyed working with the management team at Oilgear over the years,” said Jim Domach, chief financial officer at Mason Wells. “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.”
“I am sincerely grateful to Mason Wells,” said Craig LaFave, president of Oilgear. “Their support and significant investment into Oilgear will provide a platform of success for years to come. “We are excited to join Texas Hydraulics and broaden our product and service offering.”