DLA Piper has advised Gresham Private Equity and the other shareholders in Olaer Group Limited on the sale of the company and its various subsidiaries to Parker Hannifin Corporation, the global leader in motion and control technologies.
Olaer is a leading manufacturer of a broad range of advanced hydraulic accumulator and cooling technologies which provide solutions for energy, mobile and industrial markets.
Olaer has annual sales of approximately 150 million Euros ($200 million) and employs 550 people. The company has manufacturing and sales facilities in the United Kingdom, France, Sweden and China and sales operations in 17 other countries. Upon completion of the transaction, the acquired company will be integrated into Parker’s Hydraulics Group as part of its Industrial Segment.
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 with assistance given from another 20 of DLA Piper’s global offices.
James Kerrigan, partner at DLA Piper commented: “This is a good deal for all shareholders of Olaer Group, including our valued client, Gresham Private Equity. DLA Piper has unparalleled experience in international/cross border M&A and the strength of our global reach was utilised to bring this transaction to a successful conclusion.”
Michael Blenkinsop, CEO 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.”
