Morgenthaler Private Equity Announces Sale of Phillips & Temro
Morgenthaler Private Equity, the Boston and Cleveland-based private equity team focused on lower middle-market buyouts, announced that it has completed the sale of Phillips & Temro Industries, a designer, manufacturer and distributor of highly engineered diesel engine components to original equipment manufacturers (OEMs) and suppliers of construction equipment, light and heavy duty trucks, agriculture equipment, stationary power generators and automobiles.
Terms of the transaction were not disclosed.
Butch Sumpter, president and CEO of Phillips & Temro, said, “We are excited about our future growth prospects across all three operating divisions. Over the past several years, we have significantly enhanced our global reach, introduced new product offerings and expanded our customer relationships. We thank Morgenthaler for their advice, support and stewardship over the course of our successful partnership.”
Morgenthaler Private Equity originally acquired Phillips & Temro in December 2004. Joe Machado, director of Phillips & Temro and partner at Morgenthaler added, “It has been a privilege for John Lutsi and me to work with Butch Sumpter, Mike Ramsay and the entire senior management team. We are proud to have been a small part of Phillips & Temro’s esteemed 90-year operating history. In partnership with management, we have successfully completed an add-on acquisition in the United Kingdom, established a new factory start-up in China, improved operating efficiencies and invested in exciting technologies for electric and hybrid electric vehicle platforms. Going forward, Phillips & Temro will continue to build upon its leadership position by focusing on highly engineered products that meet the exacting performance standards of its global customer base.”
Baker Hostetler served as legal advisor and Goldman Sachs served as financial advisor to Morgenthaler Private Equity.