Key Takeaways
- • Argonaut Private Equity, a Tulsa-based firm with $2.9 billion in assets under management, has announced a partnership with Layco Electric Innovations (LEI), a Tulsa company that manufactures electrical equipment and services motors.
- • Argonaut recently closed its Fund V, a $500 million fund focused on family-owned businesses in manufacturing, industrial and services sectors.
- • LEI serves petrochemical, manufacturing, renewable energy and data center end markets, and is building a large manufacturing facility in Tulsa.
- • Argonaut CEO and Managing Director Steve Mitchell says the partnership will provide operational efficiency expertise and a structured approach to rapid growth.
- • LEI CEO Mike Lay says the company is enthusiastic about growing and expanding alongside Argonaut.
Summary
Argonaut Private Equity, a private equity firm focused on investing in Middle America, has announced a partnership with Layco Electric Innovations (LEI), a Tulsa, Oklahoma-based company that provides a wide range of products, including manufactured electrical equipment and motor servicing, according to a Business Wire release dated July 31, 2024.
Layco's products serve a variety of applications and critical end markets, including petrochemical, manufacturing, renewable energy and data centers, a segment the release describes as growing across the domestic market as artificial intelligence advances. LEI is currently building a large, state-of-the-art manufacturing facility in Tulsa to support growth in this area. The company has been based in Tulsa since 1945.
Argonaut CEO and Managing Director Steve Mitchell said the firm aims to accelerate LEI's growth by providing expertise in operational efficiency and bringing a structured approach to rapid growth in an expanding industry. Mitchell argued that rising U.S. energy demand will require supporting infrastructure and capacity to expand exponentially, and said the partnership would help meet that demand. He described the deal as a perfect fit that benefits Tulsa and a step toward substantive growth in the manufacturing market.
LEI CEO Mike Lay said the company is enthusiastic about working with Argonaut to grow and expand, noting the company's work is in a critical space for the country at this time.
Argonaut, founded in 2002, has $2.9 billion in assets under management and recently closed its Fund V, a $500 million vehicle that continues its strategy of partnering with family-owned businesses in the manufacturing, industrial and services sectors. The release did not disclose the financial terms of the partnership.
Layco's products serve a variety of applications and critical end markets, including petrochemical, manufacturing, renewable energy and data centers, a segment the release describes as growing across the domestic market as artificial intelligence advances. LEI is currently building a large, state-of-the-art manufacturing facility in Tulsa to support growth in this area. The company has been based in Tulsa since 1945.
Argonaut CEO and Managing Director Steve Mitchell said the firm aims to accelerate LEI's growth by providing expertise in operational efficiency and bringing a structured approach to rapid growth in an expanding industry. Mitchell argued that rising U.S. energy demand will require supporting infrastructure and capacity to expand exponentially, and said the partnership would help meet that demand. He described the deal as a perfect fit that benefits Tulsa and a step toward substantive growth in the manufacturing market.
LEI CEO Mike Lay said the company is enthusiastic about working with Argonaut to grow and expand, noting the company's work is in a critical space for the country at this time.
Argonaut, founded in 2002, has $2.9 billion in assets under management and recently closed its Fund V, a $500 million vehicle that continues its strategy of partnering with family-owned businesses in the manufacturing, industrial and services sectors. The release did not disclose the financial terms of the partnership.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.