MML Capital Partners and PaR's management have teamed to acquire the company from American Capital, with senior financing provided by M+I Marshall and Ilsley Bank
PaR is a provider of specialised material handling and automation equipment, serving a diverse group of Fortune 500 customers in the aerospace, defense, food and beverage, hazardous material management, industrial manufacturing, and life sciences industries.
With 270 employees, PaR offers complete engineering and manufacturing capabilities.
Over the last 25 years, PaR has supplied all of the aircraft elevators and over half of the weapons elevators on US Navy ships, built the two largest operating robots in the world, a neutron and X-ray system to inspect jet fighters, and one of the world's tallest automated cranes for Nasa to inspect the space shuttle's solid rocket motors.
MML's investment in PaR demonstrates the firm's strategy of partnering with a strong management team and providing all levels of junior capital.
Commenting on the acquisition, Robert Davies, managing director of MML said: "We are very pleased to add PaR to our Fund IV portfolio.
"PaR represents a strong platform serving very attractive end markets and we look forward to supporting the management team in executing the company's business plan".
Mark Wrightsman, president and CEO of PaR, added: "The PaR team is really looking forward to partnering with MML Capital Partners to support the company's growth.
"MML's strong track record with other management teams became evident to us during this process.
"After the in-depth review of PaR's past results and growth plans, MML expressed its confidence in our strategy, employees, and management.
"PaR is an excellent fit with MML's high expectations for results that benefit customers and shareholders".
