Private equity firm Frontenac Company invested an undisclosed amount on Ohio Transmission Corporation, said the latter on Friday.
Frontenac Company is a 40-year-old, Chicago-based private investment firm with numerous existing partnerships.
Ohio Transmission was founded in 1963 and specialises in the distribution of a large portfolio of industrial products to more than 13,000 clients involved in various markets including commercial and industrial. The industrial company offers products such as bearings, pumps, fluid power solutions and power transmission equipment as well as related services.
"Over the past five years Ohio Transmission has grown 100%-some of it organic and some through acquisitions of similar companies. There are even more opportunities available to us and our partnership with Frontenac Company will give us the additional resources and capabilities to continue our aggressive growth path while delivering and continually improving the value we provide to our customers, our suppliers and our associates," said Ohio Transmission CEO, Phil Derrow.
"We have found the perfect partner in Frontenac, which has a rich history of providing solutions to family-owned businesses and a track record of supporting successful growth of enterprises like ours. This presents a huge opportunity to bring our unique value proposition to even more customers and markets and create career growth for our 500 associates," he added.
Existing shareholders and management will retain ownership positions of significant equity. Current management team, headed by Chief Executive Officer Phil Derrow, will continue to oversee the daily operations of the business.
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