American engineering technology business Parker Hannifin has bought Olaer from Gresham Private Equity netting the firm an ‘exceptional return’.

Gresham Private Equity has divested of its interest in Olaer, a manufacturer of motion and control technologies, through a deal with US-based competitor Parker Hannifin.

The transaction, which has been made for an undisclosed amount, follows seven years of backing from Gresham following the acquisition of Olaer back in 2005.

According to a statement, during the seven-year period revenues grew by 80 per cent to £126.5 million for the year ended 31 December 2011.

Mike Blenkinsop, CEO of Olaer, says the timing of the deal is ‘absolutely right’. He adds, ‘This transaction will secure Olaer’s continued development, with the added dimension of being an integral part of one of the world’s leading manufacturing companies.

Wales-based Olaer manufactures, markets and distributes accumulators, oil coolers and filters to markets spanning five continents.

Ian Wolstenholme, partner at Gresham Private Equity, ‘Through our partnership with management, the business has gone form strength to strength and we are delighted to have achieved such a successful return for our investors.’

Speaking to GrowthBusiness in February as part of the annual Power Top 50 list of influential entrepreneurs and investors, Gresham Private Equity managing partner, Paul Marson-Smith, said 2011 was a ‘phenomenal’ year for the firm with two new investments and 12 bolt-on deals.