Connecticut middle market private equity firm Altus Capital Partners, acquired Nichols Portland, a division of Parker-Hannifin Corp. (NYSE: PH).
Nichols Portland is a leading designer and manufacturer of precision powder metal fixed and variable displacement gears including gerotor gears and smart pumps for automotive and on-off highway and other industrial markets.
Altus Capital along with the management team of Nichols Portland made this investment to participate in the expected growth of smart pump and advanced variable vane gears. Financial terms of the deal were not disclosed.
Nichols Portland, was founded in 1904 as W.H. Nichols and has its manufacturing operations headquarters in Portland, Maine. As a leading manufacturer of gerotors, Nichols Portland not only sells these parts, but the company provides value-engineered product solutions. The company’s business comprises powder metal and steel components for fixed and variable displacement pumps and the smart pump business comprises mechanical and electronically driven fuel and oil pumps.
Altus and the management of Nichols Portland believe that demand for smart pump and advanced variable vane gears will increase based upon these products ability to offer increased fuel and motor efficiency.
“We are very excited to be partnering with Altus Capital Partners as we continue to grow,” said Rick Izor, Nichols Portland’s general manager. “Nichols Portland has consistently built on its foundation of innovation and engineering excellence and we look forward to the resources that Altus Capital can provide to help us achieve our strategic growth objectives.”
“Altus is enthusiastic to partner with Nichols Portland’s management team in acquiring an industry leader in the designing and manufacturing powder metal gerotor gears and a growing developer of innovative smart pumps for fuel applications,” said Russell Greenberg, managing partner of Altus Capital. “We recognize and value management’s depth of capabilities along with the Company’s exceptional technological advancements, which has earned Nichols Portland its industry leadership position.”
Headquartered in Wilton, Conn., with offices in Lincolnshire, Ill., Altus Capital Partners invests alongside management teams in profitable small to medium-sized manufacturing companies domiciled in the U.S. that have proprietary technologies, processes, and products. The Altus investment team is led by three partners, who, in over 15 years of investing together, individually and collectively, have acquired over 20 platform companies. The firm was co-founded in 2003 by managing partner Russell J. Greenberg, and senior partners Elizabeth A. Burgess and Gregory L. Greenberg.
Parker-Hannifin Corp. is the world’s leading diversified manufacturer of motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The company was founded in 1918 and is headquartered in Cleveland, Ohio. Parker-Hannifin has a market capitalization of $14.41 billion.