Wynnchurch Capital secures financing to acquire Texas Hydraulics
Lincoln International (“Lincoln”), a leading global mid-market investment bank, announced today the successful completion of a debt capital raise in support of Wynnchurch Capital’s (“Wynnchurch”) acquisition of Texas Hydraulics (or the “Company”). Wynnchurch, a leading mid-market private equity firm, acquired Texas Hydraulics from its former parent, Dover Corporation.
Texas Hydraulics was founded in 1968 and is headquartered in Temple, Texas. The Company is a leading manufacturer of highly engineered, custom-designed hydraulic cylinders, swivels and related components for mobile equipment applications. Texas Hydraulics provides front-end design solutions, addressing the most challenging applications for a diverse range of end markets, including infrastructure, utilities, natural resources and transportation.
Lincoln acted as the exclusive financial advisor to Wynnchurch in connection with securing debt financing commitments in support of the acquisition of Texas Hydraulics. The debt facility was provided by PNC Bank and Garrison Investment Group and consisted of a revolving credit line and a term loan. In addition to funding a portion of the acquisition, proceeds from the financing will be used to support the Company’s strategic growth plans and fund its ongoing working capital requirements.
As Wynnchurch’s exclusive financial advisor, Lincoln worked closely with the firm on all aspects of the transaction, including helping to structure, arrange and negotiate the financing. Frank Hayes, Partner at Wynnchurch, commented, “Lincoln acted as an extension of our deal team, allowing us to focus our attention on the due diligence process and the operational and tactical aspects of the transaction. Wynnchurch has worked with Lincoln on prior transactions and once again Lincoln proved to be a trusted partner, delivering an attractive financing solution in support of our investment in Texas Hydraulics.”
About Wynnchurch Capital
Wynnchurch Capital, LLC, headquartered in the Chicago suburb of Rosemont, Illinois, with offices in California, Michigan, Ohio and Canada, was founded in 1999, and is a leading mid-market private equity investment firm. Wynnchurch’s strategy is to partner with mid-market companies in the U.S. and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch Capital manages a number of private equity funds with $2.3 billion of capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information about Wynnchurch Capital, please visit www.wynnchurch.com.
About Texas Hydraulics
Founded in 1968 and headquartered in Temple, Texas, Texas Hydraulics is a leading manufacturer of highly engineered, custom-designed hydraulic cylinders, swivels and related components for mobile equipment applications. The Company is known as a leading provider of front-end design solutions for the most challenging hydraulic cylinder, swivel and related applications. Texas Hydraulics uses its technical expertise related to valve integration, position sensing technology, large bore and long stroke cylinder manufacturing to provide a differentiated value proposition to its customers. The Company has long-standing relationships with blue-chip OEM customers across a variety of end markets, including infrastructure, utilities, natural resources and transportation. For more information about Texas Hydraulics, please visit www.texashydraulics.com.
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