Wynnchurch Capital has acquired Texas Hydraulics from publicly traded Dover Corporation. Texas Hydraulics is a manufacturer of hydraulic cylinders, swivels and other components that are used by mobile equipment manufacturers in the utility, mining, general construction, material handling, road building, waste and refuse sectors.
Hydraulic cylinders, also known as linear hydraulic motors, are used in many applications to apply a one directional force through a one directional stroke. Hydraulic cylinders get their power from pressurized hydraulic fluid, which is typically oil.
Texas Hydraulics has over 225,000 sq. ft. of manufacturing space at its headquarters located north of Austin in Temple, TX. The company is led by its CEO Pat Gerard and was founded in 1968 (www.texashydraulics.com).
“Wynnchurch has extensive experience helping manufacturing companies reach their full potential through growth and operational excellence,” said Mr. Gerard.
Wynnchurch Capital makes investments of $10 million to $90 million in middle-market companies that have revenues of $5 million to $500 million. Sectors of interest include niche manufacturing, business and industrial services, energy and power services, logistics, transportation and value-added distribution. The firm was founded in 1999 and is located in the Chicago suburb of Rosemont with additional offices in Detroit and Toronto (www.wynnchurch.com).
“Texas Hydraulics is well positioned to leverage its engineering expertise to grow into new end-markets, geographies and product adjacencies,” said Greg Gleason, a Managing Director at Wynnchurch.
Dover (NYSE: DOV) is a diversified manufacturer with operations in energy, engineered systems, fluids, and refrigeration & food equipment. The company has annual revenues of $7 billion and is headquartered in the Chicago suburb of Downers Grove, IL (www.dovercorporation.com)
Lazard (www.lazard.com) served as the exclusive financial advisor to Dover.
© 2016 Private Equity Professional • 2-18-16
