Stonebridge Partners (“Stonebridge”) is pleased to announce that it has completed the acquisition of Attica Hydraulic Exchange (“Attica” or the “Company”) on August 2, 2010. Stonebridge Partners Equity Fund IV, L.P, the third equity investment makes Attica.
Attica is a leader in rebuilding and repairing hydraulic components including pumps, motors, valves and electronic fluid controls, which are used for the maintenance and repair of in-plant and mobile machinery and equipment. The Company also provides value-added distribution of aftermarket hydraulic components.
Stonebridge is partnering with a seasoned industry executive, Shirish Pareek, who will be the CEO of a new holding company called Hydraulex International, which intends to acquire complementary hydraulics companies to augment the Attica platform company. Mr. Pareek said, “We have formed Hydraulex International with the objective of becoming the premier worldwide remanufacturer and distributor of all major makes and brands of quality Hydraulics Pumps, Motors, Valves/Servo and Cylinders for a vast variety of Industrial, Mobile, Mining and Oil-field applications. We plan to provide the broadest offering of quality hydraulic products and fastest delivery times to our customers. And, we will do this by significantly expanding Attica’s offering as well acquiring well-positioned, quality hydraulics remanufacturing and distribution businesses in various parts of North America and overseas.”
As part of this transaction Attica’s top management team will stay in place. William Wildner, Jr. will remain as Attica’s President. PK Guha will oversee all Sales and Marketing activities of Attica. Cathy Ayers will continue to be the Vice President of Operations and Sam Caruso has been promoted to Vice President of Materials Management.
Stonebridge’s Managing Partner, Michael S. Bruno, Jr., commented: “We are very pleased to have the opportunity to invest in Attica Hydraulic Exchange and to partner with its high quality management team. Stonebridge will be a resource for helping the Company achieve its long term goals and objectives, as well as providing operational advice and additional capital for its intended expansion.”
Stonebridge Partners has over 24 years of experience recapitalizing and supporting the growth objectives of middle market manufacturing companies. Stonebridge has invested over $820 million of equity in approximately 51 acquisitions and is currently investing through Stonebridge Partners Equity Fund IV, L.P. that closed in July 2008. Stonebridge primarily focuses on value-added manufacturing companies, specifically in the packaging, infrastructure, building products, and specialty manufacturing industries.