Cleveland private equity firm CapitalWorks has completed a majority investment in Electromechanical Research Laboratories, Inc., of New Albany, Indiana, and subsidiary Law Valve of Texas in partnership with President and CEO, Stephen Wilkins and the ERL management team.

Founded in 1970, ERL Commercial Marine is the leading provider of pumping, gauging, venting, environmental and related solutions for tank barges. Its strong commitment to engineering and research and development has led to more than 30 patents while its dedication to customer service and support has earned a strong brand reputation and loyal customers.

“We are excited to partner with Stephen and the rest of the ERL team,” said CapitalWorks Managing Director and CEO Dick Hollington. “They have earned the position of market leader in their niche market through consistent product innovation and a commitment and focus on customer service. We see ample opportunities for ERL to continue its stellar track record and look forward to partnering with the team.”

Senior financing was provided by CIBC. Oxer Capital provided subordinated debt and equity. CapitalWorks LLC was advised by Calfee, Halter & Griswold on the transaction. ERL Inc. was advised by Baird BOS, Lynch Cox Gilman & Goodman PSC and Harding Shymanski & Company PSC.