Chicago-based private equity firm Frontenac Co. acquired a minority stake in Ohio Transmission Corp. as part of a recapitalization deal.
Terms of the transaction were not disclosed.
Current shareholders and management will retain “significant” ownership stakes in Ohio Transmission, a Columbus, Ohio-based manufacturer and distributor of industrial equipment including pumps, bearings, compressors and ancillary products.
In January, Ohio Transmission purchased Industrial Process Equipment Group (IPEG), a pump and process equipment company as a means of expanding the company’s footprint and product offerings. By acquiring IPEG, Ohio Transmission grew its workforce to 468 employees and was able to expand its portfolio by three additional locations: St. Louis, Mo.; Decatur, Ill.; and Calvert City, Ken.
The company, founded in 1963, currently operates out of 18 facilities across several Midwest states, including Indiana, Kentucky, Texas and West Virginia.
Bob Grubbs, the former CEO of wire, cable and fastener maker Anixter International Inc. (NYSE: AXE) joins Ohio Transmission’s board, while chief executive Phil Derrow will continue in his current role.