Posted 04/08/2017
Argonaut Private Equity buys local manufacturer MIRATECH
David Zenthoefer, executive vice president of MIRATECH, stands with a catalytic converter at the company’s paint and fabrication facilities on Friday. Argonaut Private Equity recently purchased the Tulsa manufacturer. CORY YOUNG/Tulsa World
A local private equity firm recently acquired a Tulsa-based producer of emission and acoustic solutions — the components used to bring all manner of engines into compliance with regulatory standards and make them run cleaner and quieter.
Argonaut Private Equity, one of the larger private equity firms in the central U.S., bought MIRATECH, a manufacturer and supplier of emissions and acoustic solutions equipment, Argonaut said this week.
“We are fortunate to find a first-in-class asset here in Tulsa. The addition of MIRATECH to the Argonaut portfolio is part of a disciplined investment strategy to acquire companies with a strong growth trajectory,” said Steve Mitchell, president and CEO of Argonaut, which was founded in Tulsa.
MIRATECH has 150 employees in North America, including Tulsa, according to the company. Terms of the transaction were not disclosed to the World.
Mitchell said MIRATECH could either grow organically or through acquisition.
He highlighted how the company had diversified during the energy downturn.
“MIRATECH committed resources in order to diversify its product offerings and expand its scope for the power generation and data center markets. Additionally, the company has entered the process silencing market and is now looking for the energy sector to continue to rebound,” said Mitchell.
The company’s website highlights its expertise in emissions and its silencing equipment. One silencer the company sells purportedly can take an industrial engine, which is typically close to the level of a baby crying, and bring it down to the level of a normal conversation.
“This acquisition allows MIRATECH to continue our efforts to broaden our scope and reach, while maintaining our commitment to product development and customized solutions for every environmental zone,” said Miratech Executive Vice President David Zenthoefer.
Argonaut recently raised $600 million in its Argonaut Private Equity Fund III.
“Argonaut is uniquely positioned in the central United States,” Mitchell said.
He added that there’s a difference between Argonaut and private equity firms from the coasts.
“The difference is that we are not swooping in from New York and leaving. We choose to live here and invest here, meaning we are a partner to their success instead of being disconnected from the people that lead and work in a company.”
Samuel Hardiman 918-581-8466
sam.hardiman@tulsaworld.com
Twitter: @samhardiman
