Platte River Equity Acquires The WellMark Company
DENVER, Nov. 26, 2012 /PRNewswire/ — Platte River Equity (“Platte River”) announced today that it has acquired The WellMark Company, LLC (“WellMark” or the “Company”). Founded in 1981 and headquartered in Oklahoma City, Oklahoma, WellMark manufactures liquid and pneumatic flow controls and valves serving the oil and gas and petrochemical industries.
“We are pleased about WellMark’s new partnership with Platte River Equity,” said Dick Pfieffer, co-founder of the Company. “The additional capital along with the significant operating and financial experience of the Platte River team creates exciting opportunities for WellMark as we remain focused on building quality products and maintaining the highest level of service for our customers.”
Platte River Principal Mark Brown said, “The significant development of unconventional resources in North America has driven the need for continued build-out of production and pipeline infrastructure. We believe that the acquisition of WellMark provides an opportunity to capitalize on these growing demand trends and establishes a solid platform for future investments in the flow control industry.”
“WellMark has built a great reputation for high quality products, outstanding customer service and loyal employees,” commented Platte River Managing Director Peter Calamari. “We are looking forward to working with the team at WellMark to help grow the business from the strong foundation that has been built over the last thirty years.”
Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel, and St. Charles Capital served as buy-side advisor to Platte River. Madison Capital Funding LLC provided senior debt financing for the transaction.
About The WellMark Company, LLC
Headquartered in Oklahoma City, Oklahoma, WellMark produces a full line of liquid and pneumatic flow controls and valves to the oil and gas and petrochemical industries. Each WellMark product has been proven through extensive testing and years of field service to ensure quality, functional efficiency and durability. With its broad line of diaphragm operated valves, pneumatic and electrical level controls, safety relief valves, chemical pumps, liquid level indicators, switches, point level electronic controls, and various accessory products, WellMark is a cost-effective single source for these products. WellMark sells products under the WellMark, Cemco and Major brands.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm focused on investments in lower middle market operating companies with enterprise values generally between $20 million and $250 million, as well as strategic add-on investments. The firm focuses on investing in the aerospace and transportation; energy and industrial services; and chemicals, metals and industrial minerals sectors. Platte River Equity manages funds with committed capital of approximately $700 million. Please visit www.platteriverequity.com.
SOURCE Platte River Equity