US takeover of Olaer Group completes
OLAER Group, the Flintshire-based international manufacturer, has been bought by US Parker Hannifin Corporation.
Olaer, which is headquartered at Flintshire Industrial Estate, employs 550 people at sales and manufacturing sites at France, Sweden and China and has sales offices in 17 other countries.
It has been sold to Cleveland-based Parker Hannifin, a global leader in motion and control technologies, by Gresham Private Equity.
Olaer is a manufacturer of a broad range of advanced hydraulic accumulator and cooling technologies which provide solutions for energy, mobile and industrial markets. Last year it has annual sales of approximately £126.5m.
It will now be integrated into Parker’s Hydraulics Group as part of its industrial segment.
Law firm DLA Piper advised Gresham’s Manchester office on the exit from the long-standing industrial business.
The DLA Piper team was led by partner James Kerrigan assisted by partner Yunus Maka, solicitor Kyle Quinn, solicitor Jennifer Lee and tax partner David Thompson.
Michael Blenkinsop, chief executive of Olaer Group commented: “Joining Parker is absolutely the right move for Olaer now.
“This alliance will secure Olaer’s continued development, with the added dimension of being an integral part of one of the world’s leading manufacturing groups.
“The DLA team did a brilliant job in advising the shareholders and getting the deal over the finishing line.”
