Platte River Equity has acquired The WellMark Company, an Oklahoma-based manufacturer of liquid and pneumatic flow controls and valves serving the oil and gas and petrochemical industries.
"We are pleased about WellMark’s new partnership with Platte River Equity," says Dick Pfieffer, co-founder of the company. "The additional capital along with the significant operating and financial experience of the Platte River team creates exciting opportunities for WellMark as we remain focused on building quality products and maintaining the highest level of service for our customers."
Platte River principal Mark Brown says: "The significant development of unconventional resources in North America has driven the need for continued build-out of production and pipeline infrastructure. We believe that the acquisition of WellMark provides an opportunity to capitalise on these growing demand trends and establishes a solid platform for future investments in the flow control industry."
Bartlit Beck Herman Palenchar & Scott served as legal counsel, and St. Charles Capital served as buy-side adviser to Platte River. Madison Capital Funding provided senior debt financing for the transaction.
