Chicago, IL - October 2, 2015
Frontenac Company LLC, a Chicago-based private equity firm, today announced that it has completed the sale of OTC, a leading technical MRO distributor of pumps, motion control and compressed air solutions, to Irving Place Capital. Terms of the transaction were not disclosed.
Founded in 1963 and headquartered in Columbus, Ohio, OTC has more than 600 employees and services over 11,000 customers from 23 locations in 12 states.
“From our very first introduction and continuing through the acquisition and ownership process, the Frontenac team have shown nothing but professionalism, integrity, and a genuine desire to help,” said Phil Derrow, long-time CEO of OTC and second generation owner. “In addition to hitting our lofty organic growth objectives, we were able to complete four highly accretive acquisitions, goals we otherwise would not have accomplished without Frontenac’s collaboration.”
“We are delighted that in our successful partnership with OTC and its management team that in just over two years we were able to double the size of the business,” said Ron Kuehl, Managing Director of Frontenac. “Partnering with longstanding, family held businesses is a core pillar of our strategy and we could not be more pleased with the collective accomplishments in this investment.” Paul Carbery, Managing Partner of Frontenac, added, “Our investment in OTC is a great case study of how we work with our businesses to develop and grow together. This is the third liquidity event for our firm this year and the second from our current tenth investment fund.”
Frontenac is a leading private equity firm, based in Chicago. The firm focuses on investing in lower middle market buyout transactions in the food, industrial, and services industries. Frontenac works in partnership with proven operating leaders, through our executive-centric approach called CEO1ST, to identify, acquire, and build market leading companies through transformational acquisitions and operational excellence. The firm has built a leading franchise working with over 225 owners of mid-sized businesses, almost always families or founders, as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit www.frontenac.com.