Lubricating Specialties Co. announced Monday that Stephen Milam, current president and chief operating officer, together with private equity firm Vintage Capital Group, has acquired full ownership of the independent lubricant and grease manufacturer.
Milam bought out former majority owner and CEO Fred Atchitys interest in the Pico Rivera, Calif., company. He declined to disclose terms of the sale.
Atchity and Milam bought LSC in 1998 from Michael Delaney and Armen Hampar, under whose 30-year control the company grew from a tiny blending operation to become the largest independently-owned blender in the western United States. It currently has four principal facilities, three in Southern California and one in Northern California.
We have a very strong position on the West Coast, and we intend to keep it, Milam told Lube Report. Were redoubling our efforts to provide all the services our customers need, and we will continue to serve big customers.
Milam noted that the entire LSC senior management team – including Bob Cook, Sydney Thwaites, Kevin Jordan, Steve Miller and Mark Negast – will remain in place.
We are extremely pleased to invest with Steve in his acquisition of the company, Mark Sampson, managing director of Vintage Capital said. We are investing in a company that emphasizes a high quality of service to its customers and delivers an even higher quality product. It is strategically located on the West Coast, has a marvelous relationship with all of its key vendors and a very strong and experienced management team. We believe this is the formula for success.