Gresham Private Equity has successfully signed a deal to sell its investment in Olaer to Parker Hannifin, a manufacturer of motion and control technologies and systems.
The deal is subject to regulatory approval. The performance of the Olaer Group since acquisition in 2005 will result in an exceptional return on investment for Gresham.
With origins as an 18th century UK engineering business, Olaer is one of the world’s leaders in the provision of fluid management solutions. Olaer manufactures, markets and distributes a range of accumulators, oil coolers and filters that represent high quality and superior technology. Present on 5 continents, Olaer has been able to establish a partnership with the major operators worldwide to provide customers with personalised and unrivalled levels of close support.
Since investing in 2005, Gresham has helped Olaer to deliver on the significant growth potential identified at the time through strong strategic and financial support provided to the management team, which was bolstered with Gresham’s introduction of a senior and experienced Chairman and Finance Director. Revenues have increased under Gresham’s ownership by over 80 per cent to £126.5m for the year ended 31 December 2011. Gresham’s philosophy of hands-on partnership with management provided an impressive framework for the enterprise to flourish.
Mike Blenkinsop, CEO, says: “Joining Parker is absolutely the right move for Olaer now. This transaction will secure Olaer’s continued development, with the added dimension of being an integral part of one of the world’s leading manufacturing companies. We’re very grateful to the Gresham team for playing such a key role in the development of Olaer.”
Iain Wolstenholme (pictured), Partner at Gresham, says: “We are privileged to have backed Olaer and its management team. Through our partnership with management, the business has gone from strength to strength and we are delighted to have achieved such a successful return for our investors.”
Robert W Baird Limited acted as exclusive financial adviser to Olaer on the transaction and DLA Piper were the legal advisors.
