WireCo World Group has acquired Grupo Oliveira Sá of Maia, Portugal, for an undisclosed amount.
Kansas City-based WireCo describes itself as the world’s leading producer of specialty wire ropes. Oliveira, which employs 400, is a large manufacturer of high-performance synthetic ropes targeted at mooring line and towing applications. It also has a wire rope business for the crane and fishing markets.
The acquisition closed on Nov. 16.
But in a release, WireCo CEO Ira Glazer said the acquisition “is the continuation of our strategy to strengthen our leadership in our core markets, to bring access to new geographic and end markets, and to expand our synthetics capabilities.”
WireCo expects the existing Oliveira management team to remain with the company. It also plans to continue investing in improvements to Oliveira’s manufacturing operations.
Glazer said Oliveira’s products complement WireCo’s existing offerings in fishing and offshore oil and gas.
“In combination with our December 2009 merger with Phillystran, we believe we will now offer the market a full package of technologically advanced synthetic ropes,” Glazer said in the release. “In addition, Oliveira has a strong position in the global wire rope aftermarket for cranes, which we believe will further enhance our leadership in that segment.”
WireCo is owned by investment funds managed by Paine and Partners LLC, a private equity fund based in New York and San Francisco. The firm played a key role in setting up the acquisition and arranging the financing.