Wells Manufacturing Company has been sold to Charter Manufacturing Company
Lincoln International, a leading global mid-market investment bank, today announced that Wells Manufacturing Company, including Dura-Bar and Dura-Bar Metal Services, has been sold to Charter Manufacturing Company, Inc. Terms of the transaction were not disclosed.
Based in Woodstock, Illinois, Dura-Bar is a world leader in the production, technology and application of continuous cast iron bar stock, and Dura-Bar Metal Services is a distributor of Dura-Bar products and bronze alloys. Dura-Bar’s products are converted into mission critical components (such as hydraulic manifolds, bearing housings, piston pump barrels, planetary gears, pulleys and many others) for demanding applications in fluid power, agriculture, construction and mining, and oil & gas / energy. The Company offers a full product range of grades, shapes and sizes and all products are engineered to improve form, fit and function for customer specifications.
Lincoln International acted as the exclusive financial advisor to Wells Manufacturing Company, working closely with the senior management team throughout the sale process. This included providing advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction.
Thomas W. Wells, Chairman, President and CEO of Wells Manufacturing Company and the third generation of his family to lead the privately-held company, said the acquisition strengthens Dura-Bar’s position as an international leader in providing continuous cast iron bar stock.
“This acquisition strengthens Dura-Bar’s future and enhances its ability to grow nationally and internationally for the long term,” he said. “Both Charter and Wells share similar value structures and a work culture that will allow the organization to be the most competitive cast iron bar enterprise in the world.”
“Charter shares our commitment to people and a focus on being an invaluable resource to customers,” Wells added. “The two companies are extremely compatible, and both have strong track records as high-quality, committed family-owned businesses. We anticipate a long and successful future.”
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