Port Washington-based Voeller Mixers Inc.
has been recapitalized by Boston and Cleveland-based Morgenthaler Private Equity
. The investment amount was not disclosed.
Voeller manufactures batch plants and mixing equipment, and offers aftermarket parts and service, for the concrete and glass industries.
As part of the recapitalization deal, Voeller’s existing shareholders, president Ted Burbach and vice president Mike Haggenjos, will continue to lead the company. And Butch Sumpter, senior advisor at MPE, has been appointed chairman.
"Mike and I have enjoyed growing Voeller into one of the leading companies in our industry over the past 13 years,” Burbach said. “We are eager to embark on our next phase of growth in collaboration with MPE."
Under MPE, Voeller now will seek acquisitions to accelerate its growth, broaden its product portfolio and expand its reach.
"We were attracted to Voeller due to the company's high-quality products and reliable aftermarket parts and services,” said Joe Machado, partner at MPE. “Furthermore, Voeller fits squarely within MPE's strategy to invest in entrepreneur-owned, high-value manufacturing businesses. We are excited to partner with the existing senior leadership team to help the company achieve its growth objectives."
Representatives of MPE and Voeller could not be reached for additional information.