HOUSTON, TEXAS / MANSFIELD, OHIO (SEPTEMBER 14, 2017) – Statesman Corporate Finance, LLC (“Statesman”) is pleased to announce that Ideal Electric Company (“Ideal Electric” or the Company), formerly owned by Hyundai Heavy Industries Co., Ltd. of South Korea, has been acquired by a privately held affiliate of Gulf Electroquip, Ltd. (“Gulf Electroquip”) of Houston, Texas.
The purchase of Ideal Electric brings the 114-year-old business back into private hands and allows for all options to be on the table as the Company is re-imaged in the globally competitive marketplace. Ideal Electric is an established American manufacturer of electric motors and generators, switchgear, and control systems for a broad number of applications including industrial, oil, gas and petrochemical, water and infrastructure, pulp and paper, air handling, marine, mining, power generation and renewable energy. The new Company’s leadership team, led by entrepreneurs George Jackson, James Petersen, Jr. and Nicholas Phillips, is headquartered in Houston, Texas.
“We are incredibly honored to have this opportunity to renew and extend Ideal Electric’s service to hundreds of marquee customers around the world,” said Jim Petersen, Jr., President of Gulf Electroquip. “As the 3rd generation of a family electric machinery manufacturer, and an electrical engineer myself, I’ve known of, and respected Ideal Electric’s market leadership in strong equipment. The Company’s engineering, designs, facility, technology and good team are available to support our clients and extend Ideal Electric into a brighter future. We are all looking forward to this new venture in Ohio and to being a positive member of the community in Mansfield as we roll up our sleeves and get back to work serving the loyal customers of Ideal Electric,” added Petersen.
Gulf Electroquip is a Houston, TX based ISO 9001 manufacturer of new electrical motors and generators, as well as a preferred repair facility for many well known global manufacturers. Gulf Electroquip has complete in-house machining capabilities and parts support, and has one of the largest testing facilities in North America.
“The industry has admired the Ideal Electric name and the robustness of the products for more than a century,” said Nicholas Phillips – Leadership Team Member, “We intend to fully support legacy products through a renewed focus on service, parts and repair, while also expanding our product offering with innovative technologies and new commercial partnerships,” added Phillips
About the other transaction participants
Statesman Corporate Finance, LLC (Houston, TX) served as exclusive financial advisor to Gulf Electroquip, LP / Heartland Power Investment Group, LLC on this transaction and is the FINRA licensed broker dealer affiliate of Statesman Business Advisors, LLC. With offices in Houston and Austin, Texas, Statesman is a leading middle-market investment banking firm providing merger and acquisition, capital formation, valuation and other general corporate financial advisory services to middle-market companies. The Statesman team advising on this engagement included Principal Will Jaco, Vice President Peter Chiu, and VP – Machinery & Equipment, Scott McClain.
Bracewell LLP (Houston, TX), a leading law and government relations firm primarily serving th energy, finance and technology industries throughout the world, provided legal counsel to Gulf Electroquip, Ltd. / Heartland Power Investment Group, LLC.
McCarthy, Lebit, Crystal & Liffman Co., LPA (Cleveland, OH) provided legal counsel to Hyundai Heavy Industries Co. Ltd. (Seoul, South Korea) and Hyundai Ideal Electric Co. (Mansfield, OH)