Parker Hannifin buys Olear Group

Posted on 25 Apr 2012 by The Manufacturer

Parker Hannifin has acquired Olear Group, a manufacturer of fluid management solutions.

Parker Hannifin, the global manufacturer of motion control technologies, announced yesterday that it has bought a controlling stake in Deeside-based Olaer Group from private equity firm Gresham.

Gresham has now exited Olaer Group and Parker Hannifin says it made the acquisition in order to expand its own geographic reach as well as its product portfolio.

Jeff Cullman, president of Parker’s Hydraulics Group said that Olaer’s reputation in target markets such as oil and gas, power generation and renewables made it particularly attractive to Parker Hannifin.

Law firm Eversheds assisted Parker Hannifin in the acquisition of Olaer Group which has shown strong growth since 2005 when Gresham invested in it. Since then revenues have grown 80% to £126.5 million.

The Eversheds team was led by partner Amanda Partland who said of the transaction: “This is a significant deal which will help long standing and valued client Parker Hannifin secure a strong foothold in this market. Eversheds has vast experience in this type of cross border M&A deal we and look forward to advising Parker on future mandates as they continue their growth.”

Olaer Group will now be subsumed into Parker Hannifin’s Hydraulics Group, part of its industrial segment.

Olaer Group currently employs 550 people across 14 countries. Manufacturing facilities are located in the UK, France, Sweeden and China.