Platte River has sold WellMark to Dover Corp. No financial terms were disclosed. Houlihan Lokey provided financial advice to WellMark on the transaction. Based in Oklahoma City, WellMark is a maker of flow control solutions for systems used in the oil, gas and petrochemical sectors.
DENVER, July 30, 2014 /PRNewswire/ — Platte River Equity (“Platte River”) today announced the sale of its portfolio company, The WellMark Company (“WellMark”), to Dover Corporation (NYSE: DOV) (“Dover”). Founded in 1981 and headquartered in Oklahoma City, Oklahoma, WellMark is a leading manufacturer of flow control solutions for systems used in the oil and gas and petrochemical industries.
CEO of WellMark Luis Gomez said, “We are proud of what we have accomplished during our partnership with Platte River. We have expanded our sales footprint and developed exciting new products to better serve our customer base. We now look forward to the next chapter of growth as a part of Dover and its great complementary brands.”
Mark Brown, Principal of Platte River, commented, “We have enjoyed a terrific partnership with WellMark and its management team and have been impressed with their success in accelerating growth through deeper customer relationships, expanded product offerings and penetrating new market segments.”
Peter Calamari, Managing Director of Platte River, added, “WellMark was an ideal platform for Platte River to pursue our investment thesis surrounding the development of critical energy infrastructure in North America. We remain excited about the potential in this market and are confident that WellMark and its management team will continue to thrive as part of Dover.”
Bartlit Beck Herman Palenchar & Scott LLP served as legal counsel to Platte River, and Houlihan Lokey served as the exclusive financial advisor to WellMark.
About Platte River Equity
Based in Denver, Colorado, Platte River Equity is a private equity firm that invests in lower middle market operating companies with enterprise values generally between $20 million and $250 million. The firm focuses on targeted industry sectors where it has deep operating and investing experience including: aerospace and transportation; energy and industrial products and services; and chemicals, metals and industrial minerals. Platte River Equity manages funds with committed capital in excess of $700 million.
Dover is a diversified global manufacturer with annual revenues of $8 billion. It delivers innovative equipment and components, specialty systems and support services through four major operating segments: Energy, Engineered Systems, Fluids, and Refrigeration & Food Equipment. Dover combines global scale with operational agility to lead the markets we serve. Recognized for its entrepreneurial approach for nearly 60 years, Dover’s team of 25,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.” Additional information is available at www.dovercorporation.com.