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hydraulic cylinders

Novacap Buys Mailhot

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Novacap has acquired Mailhot Industries, a Canadian-based manufacturer of hydraulic cylinders.

Mailhot Industries was founded in 1956 and is a manufacturer of single-stage and telescopic hydraulic cylinders. The company’s products are used refuse trucks, dump trucks, stationary refuse compactors, snow removal equipment and lifting equipment.

Mailhot Industries, led by CEO Charles Massicotte, has 324 employees, a plant in Saint-Jacques, QE (headquarters); distribution centers in Edmonton, AB and Nashua, NH; and an additional plant in Mexico (www.mailhotindustries.com). All 324 employee positions at the company will be maintained, as will all management roles, and Novacap plans to invest in the company’s growth to help it expand into new markets.

“The team at Mailhot has demonstrated peerless know-how in innovation, production and market development,” said Frédérick Perrault, a Senior Partner at Novacap. “We firmly believe that blending their expertise with that of Novacap will enable Mailhot to drive growth and become the North American leader in its industry segment. This partnership will allow us to explore multiple strategic opportunities with an eye to consolidating Mailhot’s foundations, which are already quite sound. We are all very enthusiastic about this chance to work with a very dynamic company.”

“Mailhot is proud to be joining forces with a strategic partner of the caliber of Novacap in order to propel our company to the next phase of its growth,” said Mr. Massicotte. “With its team of seasoned managers and this injection of fresh capital, it will bring complementary expertise that will enable us to accelerate our development plan and achieve our high ambitions by exploring new market segments.”

Novacap, with $2.3 billion in assets under management, invests in middle market companies within traditional industries and in companies in the technology, media and telecommunications sector.  The firm was founded in 1981 and is based in Quebec (www.novacap.ca).

© 2018 Private Equity Professional | February 16, 2018

Wynnchurch Buys Texas Hydraulics

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texas hydraulics nf1Wynnchurch 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.

texas hydraulics nf12Hydraulic 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).

Greg Gleason NF1“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

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