Ohio Transmission Corporation, a portfolio company of Irving Place Capital, has acquired Crimson Electric.
Crimson Electric specializes in the repair and testing of AC/DC motors, servo motors, pumps and gear reducers. The company has a complete in-house machine shop and can perform precision dynamic balancing, vibration analysis, and factory authorized modifications. Crimson Electric has 20 employees and a 15,000 sq. ft. facility and headquarters in Duncan, SC. The company was founded in 1954 and acquired by Charles and Debbie Wilson in 1994 (www.crimsonelec.com).
Irving Place Capital acquired Ohio Transmission Corporation (OTC), a distributor of motion control, pump and air compressor products, from Frontenac in September 2015.
OTC’s divisions include OTP Industrial Solutions, a provider of industrial motion control, factory automation, fluid power, pumping systems, spray finishing, and power transmission; and Air Technologies, a compressed air system equipment and service provider and the largest distributor of Atlas Copco compressed air equipment in North America. With the buy of Crimson Electric, OTC now has 35 locations throughout the South, Southeast, Midwest and Northeast regions, along with 14 service shops. OTC has approximately 920 employees and is headquartered in Columbus, OH (www.otpnet.com) (www.aircompressors.com).
“The southeastern United States is a rapidly growing industrial market, and Crimson Electric’s service focus provides a great opportunity to expand OTC’s geographic and product areas to better serve all of our customers,” said Phil Derrow, President and CEO of OTC. “We have wanted to include electric motor repair in our product portfolio for many years and are excited to be able to do so with such a great company that has a long history of providing top-notch service to help their customers achieve success.”
Irving Place is a mid-market private equity firm that invests in North American or Western European-based companies that are active in the industrial, packaging, consumer and retail industries. Transaction types include buyouts, recapitalizations, build-ups, corporate divestitures, take-privates and distressed-to-control situations. The firm was founded in 1997 and is headquartered in New York (www.irvingplacecapital.com).
© 2018 Private Equity Professional | June 19, 2018
