TRAVERSE CITY — A manufacturer of heavy-duty hydraulic pumps, valves and systems has sold to a private equity-backed Texas firm.
The Oilgear Co., headquartered in Traverse City, was acquired by Temple, Texas-based Texas Hydraulics Inc., a portfolio company of Rosemont, Ill.-based Wynnchurch Capital LLC, according to a statement.
Oilgear operates out of 12 global facilities, serving customers in the industrial, oil and gas and mobile equipment industries. The company, founded in 1921 in Milwaukee, focused on engineered products for extreme conditions.
For Texas Hydraulics, a manufacturer of engineered, custom-designed hydraulic cylinders, the deal expands the company’s offerings into an end-to-end provider of engineering and aftermarket support services, according to CEO Patrick Taylor.
“Our two companies have significant design and engineering capabilities with a commitment to quality, durability and performance in the most mission critical applications,” Oilgear President and COO Craig LaFave said in a statement. “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.”
Wynnchurch Capital acquired Texas Hydraulics in 2016. The PE firm, which has $2.2 billion in committed capital under management, focuses on middle market companies in the U.S. and Canada with a specialties in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings.