Wyandotte's Mercury Manufacturing Co. announced Tuesday that it has been purchased by O2 Investment Partners, LLC, a Midwest-based private equity firm based in Bloomfield Hills.
Terms of the deal were not disclosed.
The Wyandotte company manufacturers and supplies specialized mechanical equipment to the air conditioning, refrigeration, automotive and heavy truck industries. It will continue to operate at its current location.
“We looked far and wide to find a partner that shared our same values and strategic vision for Mercury," Janice Wiegand, president of Mercury Manufacturing Co., said in a written statement. "O2 is a great fit for us and we look forward to working with them to further grow the business while continuing to provide the highest level of service to our existing blue chip customer base."
Founded in 1964, Mercury employs 63 people and supplies specialty valves and mechanical assemblies to clients across the world.
"The company’s ability to design its own automated assembly and test equipment has given it a strong competitive advantage in cost-effectively manufacturing its products at volumes required by customers," the company said in a press release.
According to its website, O2 Investment Partners is a private-equity firm that acuires small and middle-market manufacturing and select service technology compainies with earning potential. The offices are located at 40900 Woodward Ave.
Jay Hansen, president of O2 Investment Partners, said he's excited about the acquisition and looks forward to the Wyandotte company growing in coming years.
“We are very pleased with our investment in Mercury and its employees," he said in a written statement. "The vision that Jan Wiegand and the management team have developed for this business is truly exciting and we look forward to supporting the Mercury team in achieving their plan. We believe that Mercury has the right combination of a talented and experienced workforce, efficient engineering and manufacturing processes, blue chip customer base, and diversified market opportunities to be extremely competitive in the specialty valve market, which we expect to present significant growth opportunities in the years ahead.
"We also view Mercury as an exciting platform for developing or acquiring additional businesses in the high-precision machining and specialty valve sector that serve other industries and are actively seeking add-on acquisitions. With this team and the support of our financial partner, Comerica Bank, we are very optimistic about realizing these growth opportunities."