Kaiser-backed equity fund buys OKC-based machining company
BY Staff and Wire Reports
Wednesday, January 30, 2013
1/30/13 at 2:33 AM
Argonaut Private Equity, an investment vehicle founded by Tulsa billionaire George Kaiser's family foundation, has acquired Oklahoma City-based Applied Industrial Machining Inc.
Financial terms of the deal, which closed earlier this month, were not disclosed.
Applied Industrial Machining, also known as AIM, offers machining mainly for energy companies. Founded in 1978, it employs about 120 people at its Oklahoma City plant.
"AIM is expanding rapidly, financially sound, and has talented, tenured and highly productive employees," Argonaut Managing Director Steve Mitchell said in a statement.
Bob Gilson and Mike Drain, AIM's owners, will continue managing the business while retaining ownership stakes.
Kaiser owns Kaiser-Francis Oil Corp. and is chairman of BOK Financial Corp.
Tulsa-based Acquisition Advisors represented AIM in the transaction.