A manufacturer of thermocouple products used to monitor high-temperature manufacturing processes has been acquired in a transaction intended to support its continued growth. The products serve demanding aerospace and defense, power generation, and industrial applications where accurate temperature measurement is required.
Mason Wells announced September 29 that it completed the acquisition of The Cleveland Electric Laboratories (CEL). The company is now owned by Mason Wells, members of CEL’s management team, and other board members and co-investors.
Founded in 1920 and based in Twinsburg, Ohio, CEL manufactures thermocouple products for high-temperature manufacturing environments. Its capabilities include materials science, precious-metals expertise, application engineering, precision manufacturing, and laboratory testing to certify products and materials to customer and industry requirements. CEL operates manufacturing facilities in Twinsburg and Tempe, Arizona.
“We are excited about the opportunity to partner with Mason Wells and to continue the company’s next phase of growth,” said Scott Puhalsky, chief executive officer at CEL. “Mason Wells’ experience successfully supporting engineered product businesses will provide CEL the resources and network to achieve its long-term growth initiatives.”
Mason Wells said it plans to make investments supporting CEL’s clients, suppliers, and employees. The Milwaukee-based private equity firm has invested in Midwest-based engineered products and services companies since 1998 and is currently investing through Mason Wells Buyout Fund V, a $767 million fund.
Press release is available in its original form here.
