It was announced today that Hammond, Kennedy, Whitney & Company has sold its portfolio company OakRiver Technology, a manufacturer of automation equipment, to PaR Systems.
OakRiver Technology is now part of the new PaR Life Science and Process Automation group and will serve as a platform to lead PaR Systems’ expansion in the life sciences market.
OakRiver Technology is a manufacturer of high precision automation equipment to the medical device and high tech industrial sectors. The company is based in Oakdale, MN (www.oakrivertechnology.com).
PaR Systems is a designer and manufacturer of automation equipment and a portfolio company of MML Capital Partners. Industries served include aerospace, defense/marine, hazardous material/nuclear, heavy material handling, industrial manufacturing, and life sciences. The company was founded in 1961 and is based in St. Paul, MN (www.par.com).
“OakRiver Technology brings to PaR deep engineering talent with superior technology know-how. They have a great combination of strong operational and engineering expertise and focus while sustaining steady growth. Like PaR, their customer base views them as a trusted partner for demanding and complex solutions and they continually adopt new technologies to add to their solutions arsenal. We are excited about the market opportunities OakRiver brings to the mix, and pleased to add this quality organization to the PaR family,” said Mark Wrightsman, President and CEO of PaR Systems.
Greene Holcomb & Fisher (GH&F) served as the exclusive financial advisor to OakRiver Technology. GH&F, with offices in Minneapolis, Phoenix, Seattle and Atlanta, is an investment banking firm that specializes in mergers and acquisitions, private placements and financial advisory services for the middle market (www.ghf.net).
“OakRiver is an extremely well-run company with an outstanding management team and track record of delivering high quality engineered products to its customers. We worked together with the management team and HKW to find a strong partner for the business in PaR Systems,” said GH&F Managing Director, Ken Higgins.
Hammond, Kennedy, Whitney & Company invests in companies with revenues between $20 million and $200 million and EBITDAs between $2 million and $20 million. Over the past 29 years, HKW has completed 40 platform management buyouts of small middle-market companies throughout North America as well as 42 add-on acquisitions. The firm is headquartered in Indianapolis, IN with an additional office in New York, NY (www.hkwinc.com).
