Stonebridge Partners (“Stonebridge”) is pleased to announce that it has completed the acquisition of Attica Hydraulic Exchange (“Attica” or the “Company”) on August 2, 2010. Attica is the third equity investment made by Stonebridge Partners Equity Fund IV, L.P.
Attica is a leader in rebuilding and repairing hydraulic components including pumps, motors, valves and electronic fluid controls, which are used for the maintenance and repair of in-plant and mobile machinery and equipment. The Company also provides value-added distribution of aftermarket hydraulic components. Stonebridge is partnering with a seasoned industry executive, Shirish Pareek, who will be the CEO of a new holding company called Hydraulex International, which intends to acquire complementary hydraulics companies to augment the Attica platform company.
Stonebridge’s Managing Partner, Michael S. Bruno, Jr., commented: “We are very pleased to have the opportunity to invest in Attica Hydraulic Exchange and to partner with its high quality management team. Stonebridge will be a resource for helping the Company achieve its long term goals and objectives, as well as providing operational advice and additional capital for its intended expansion.”
Stonebridge Partners has over 24 years of experience recapitalizing and supporting the growth objectives of middle market manufacturing companies. Stonebridge has invested $550 million of equity in approximately 51 acquisitions and is currently investing through Stonebridge Partners Equity Fund IV, L.P. which closed in July 2008. Stonebridge primarily focuses on value-added manufacturing companies, specifically in the packaging, infrastructure, building products, and specialty manufacturing industries.