The Sterling Group, a middle market private equity firm based in Houston, Texas, announced that it acquired Time Manufacturing Company from O’Flaherty Holdings Limited.

Headquartered in Waco, Texas, Time is a global designer, manufacturer, and distributor of vehicle-mounted aerial lifts primarily for the telecom and electric utility end markets. Time has pioneered several brands within the aerial lift market, including the market-leading Versalift brand. The business had been owned by the O’Flaherty family for over 40 years.

“Sterling is the right partner for Time as we continue to pursue the significant growth opportunities that exist for the company today,” said Charles Wiley, CEO of Time. “The Time team is excited to partner with Sterling, and together we expect continued success in this next phase of our company’s history.”

“The team at Time has built the company into an industry leader that provides outstanding products and services to its customers, and we look forward to further supporting their future growth,” said Kent Wallace, a partner at The Sterling Group. Sterling has a long history of partnering with management teams of family- and entrepreneur-owned businesses in the industrial sector.