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March 21, 2011
(Chesterfield, MI.) - Hydraulex Global, announced that it has successfully completed the acquisition of Hydraulic Repair and Design (“HRD”), located in Puyallup, WA. The acquisition of HRD further enhances Hydraulex Global’s position as a world leader in the repair, remanufacture and distribution of hydraulic components. The terms of the transaction were not disclosed.
Hydraulex Global is headed by Shirish Pareek, a seasoned industry executive, and is funded by Stonebridge Partners (www.stonebridgepartners.com), a White Plains, NY-based private equity firm. Shirish Pareek said, "Hydraulex Global has been formed with the objective of becoming the premier worldwide remanufacturer and distributor of all major makes and brands of quality hydraulic pumps, motors, valves/servo and cylinders for a vast variety of industrial, mobile, mining and oil-field applications. Our acquisition of Attica Hydraulic Exchange in August 2010 and the recent acquisition of Hydraulic Repair and Design are major steps towards achieving our goal.”
Nick Nesland, Sr. and the entire management team of HRD will remain in place. Hydraulex Global recognizes the importance of continuing with the individual organizations and cultures of HRD and Attica Hydraulic Exchange. Commenting about the acquisition, Nick Nesland, Sr. said, "This is going to be a win-win situation for the customers and suppliers of both HRD and Attica. The two companies will support each other to significantly increase their product and brand offerings of hydraulic products, especially in the industrial and mobile markets. Our customers will benefit from the broad geographic locations, favorably located in the Pacific Northwest and Mid-west U.S., and a much wider breath of hydraulic products and services.”