The British conglomerate Invensys plc. has sold Alemite Corp. to senior management and a private investment firm, which paid 23 million pounds (U.S. $35.7 million). Alemite develops fixed and mobile lubrication equipment for automotive dealerships and repair centers and fleet and heavy equipment repair, as well as for factories.
We plan to keep the course were on, but being independent will allow us to invest more heavily in the business, Alemite President Jeff Wolfberg said.
Alemite was founded in 1919, invented the first high-pressure grease fitting four years later and went on to develop grease guns and a variety of lubrication equipment.
Invensys, a $10 billion firm based in London, decided to sell the Charlotte, N.C., manufacturer as part of a new strategy that included divestment of numerous businesses. Alemite management teamed with Sentinel Capital Partners, of New York City, to complete the buyout. Alemite will continue to be headquartered in Charlotte. It has manufacturing plants in Johnson City, Tenn., and Belleville, Ontario, and employs approximately 400 people.