Tulsa Power is being sold

By Jim Stafford

Published: September 6, 2008

TULSA — A Tulsa-based company that manufactures equipment used in the wire and wire handling business has been sold for an undisclosed amount to Greenwich, Conn., investors.

Tulsa Power LLC was sold to Dubin Clark, a private equity group located in Connecticut.

"Dubin Clark is exactly what we wanted to find,” said Mike Spence, Tulsa Power's chief executive officer. "They're considerate, honest and have both the experience and financial resources to help us continue to grow our business.”

Thirty-five year old Tulsa Power services the oil and gas, marine, telecommunications, power, hose, pipe, tube and wire rope industries. Its products include line spoolers, wireline units, umbilical reels and other cabling and other spooling products.

All management and employees will remain with Tulsa Power, said David L. Perkins, owner of Acquisition Advisors, a merger and acquisition advisory firm that brokered the deal.

Acquisition Advisors specializes in what Perkins called "recapitalizations” for companies with annual profits between $1 million and $25 million.

"Tulsa Power was a classic case,” Perkins said. "It is a successful, growing business that was profitable and whose owners wished to sell but leave the business in good and capable hands so the business can continue to grow here in Oklahoma with the current management team.”

Tulsa Power employs about 35 people, according to Hoovers, the business information company. The company had sales of $3.6 million in 2007, Hoovers said.

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