WILTON, Conn. (March 10, 2016) – Altus Capital Partners, an investment firm focused on middle market manufacturing companies in the U.S., announced the acquisition of Nichols Portland, a division of Parker Hannifin Corporation.
Nichols Portland is a designer and manufacturer of precision powder metal 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 made this investment 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 W.H. Nichols and has its manufacturing operations headquarters in Portland, Maine. As a manufacturer of gerotors, Nichols Portland not only sells these parts provides value-engineered product solutions. The company’s business comprises powder metal 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,” said Rick Izor, Nichols Portland’s general manager. “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.”