Argosy Partners and MTN Capital Partners have acquired Joliet Equipment Corporation, a supplier of new and remanufactured AC and DC traction motors for the oil and gas drilling and explora
Argosy Partners and MTN Capital Partners have acquired Joliet Equipment Corporation, a supplier of new and remanufactured AC and DC traction motors for the oil and gas drilling and exploration industries and other high-power, large-motor industrial applications.
Over its 75-year history Joliet, which also provides industrial motor repair services has built one of the most recognisable names in the industrial motor sectors both in the US and internationally.
Robert LeBlanc, an MTN operating partner, advised the investors in this acquisition and has joined Joliet’s board of directors. He was formerly chief executive of Handy & Harman, a USD400m manufacturer of industrial products.
Senior debt was provided by Fifth Third Bank and mezzanine debt was provided by Ironwood Mezzanine Capital. Equity capital was provided by Argosy, MTN, LeBlanc, Ironwood Mezzanine Capital, and Joliet management. The company’s president Jim Keck will remain active as a consultant to Joliet and the management team.
Based in Wayne, Pennsylvania, Argosy invests in mid-market manufacturing and business service companies and has more than USD300m under management. Joliet is its first investment from Argosy Investment Partners IV, a USD150m fund that recently held its first closing. MTN Capital Partners is a private equity firm based in New York that focuses on acquiring mid-market companies.
