Altus Capital Partners II, L.P. Acquires Nichols Portland from Parker Hannifin
March 11, 2016
Altus Capital Partners, an investment firm focused on middle market manufacturing companies in the USA, has announced the acquisition of Nichols Portland, a division of Parker Hannifin Corporation. Nichols Portland is a leading manufacturer of precision Powder Metallurgy fixed and variable displacement gears including gerotor gears and smart pumps for automotive and on-off highway and other industrial markets.
Altus Capital along with the management team of Nichols Portland are reported to have made this investment in order to participate in the expected growth of smart pump and advanced variable vane gears. The financial terms of the investment were not disclosed.
Nichols Portland was founded in 1904 as WH Nichols and has its manufacturing operations headquarters in Portland, Maine, USA. The company’s business comprises Powder Metallurgy and steel components for fixed and variable displacement pumps and the smart pump business comprises mechanical and electronically driven fuel and oil pumps.
Altus and the management of Nichols Portland believe that demand for smart pump and advanced variable vane gears will increase based upon these products ability to offer increased fuel and motor efficiency.
“We are very excited to be partnering with Altus Capital Partners as we continue to grow. Nichols Portland has consistently built on its foundation of innovation and engineering excellence and we look forward to the resources that Altus Capital can provide to help us achieve our strategic growth objectives,” stated Rick Izor, Nichols Portland’s General Manager.
Russell Greenberg, Managing Partner of Altus Capital, added, “Altus is enthusiastic to partner with Nichols Portland’s management team in acquiring an industry leader in the designing and manufacturing powder metal gerotor gears and a growing developer of innovative smart pumps for fuel applications. We recognise and value management’s depth of capabilities along with the Company’s exceptional technological advancements, which has earned Nichols Portland its industry leadership position.”
