The private equity firm J.F. Lehman & Company last week said it has agreed to acquire the Heavy Equipment Group of the equipment and architectural lighting company Oldenburg Group Incorporated, expanding its portfolio of companies in the defense and maritime markets.
Terms of the deal were not disclosed.
The Heavy Equipment Group will be renamed Lake Shore Systems, Inc., with operations in Wisconsin and Michigan. The company designs, engineers, manufactures and supports complex, heavy equipment systems such as large deck handling equipment, access and lifting systems for United States Navy vessels and the Army.
The Heavy Equipment Group also designs and manufactures customized underground mining equipment for mine owners and operators worldwide.
“We are pleased to have Lake Shore join our expanding portfolio of defense, maritime and aerospace companies,” Alex Harman, a partner at J.F. Lehman, said in a statement. “They are an excellent fit with our investment strategy given their leading market positions, long-standing customer relationships and outstanding workforce. In today’s marine and mining marketplace, the need for specialized, high-quality, safe, and cost-effective solutions are growing, and Lake Shore offers a full-range of products and aftermarket services to meet this demand.”
Harman said that J.F. Lehman will work with Lake Shore’s management to grow the business organically and through acquisitions.
The deal is expected to close later this year.