The WellMark Company, Inc

Location

Oklahoma City, OK

Industry

Industrials

Investment Status

Realized

Investment Date

Nov 2012

Realized Date

Jul 2014

Sold to

The Dover Corporation

Company Information (At Exit)

Investment Thesis

Platte River Value Add

Company Information (At Exit)

  • Founded in 1981, WellMark is a provider of a full line of liquid and pneumatic flow controls and valves for the oil and gas industry
  • Late founder’s estate seeking liquidity for the family and a partner to steward the WellMark brand and legacy
  • Platte River completed a buyout of WellMark in 2012 and sold the company to The Dover Corporation (NYSE: DOV) in July 2014

Investment Thesis

  • Industry: Increasing demand for flow control products due to the growth in the oil and gas production and midstream markets
  • Opportunity: Invest in a family-owned company with strong brands and an identified opportunity to grow through investments in capital, systems, new products and sales
  • Strategy: Recruit key managers to the company, restart new product development efforts, broaden geographic reach and leverage Platte River’s industry network to expand the company’s revenues and market share

Platte River Value Add

  • Augmented highly talented management team, accelerated new product development, invested in an enhanced sales force to penetrate underserved geographies, professionalized HR, accounting and management information systems
  • Led cost and working capital efficiency initiatives and the introduction of a new marketing campaign
  • Under Platte River’s ownership, WellMark increased its profitability by over 35% and revenue by 30%
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