Winchester Electronics Corporation, a portfolio company of Audax Group, has completed the acquisition of Electrical Specialty Products, a manufacturer of cable assemblies. This is the third add-on acquisition completed by Audax since it acquired Winchester in June 2006. The firm added acquired Kings Electronics (Rock Hill, SC) in May of 2007 and Advanced Interconnect (Franklin, MA) in April of 2007.
Electrical Specialty Products (“ESP”) is a manufacturer of wire harnesses, cable assemblies, and electro-mechanical assemblies. Sectors served include industrial OEMs, instrumentation, transportation, food & beverage, weight & measurement, and heavy equipment. The company was founded in 1992 and is based in Spartanburg, SC (www.esp-sc.com).
Winchester is a designer and manufacturer of connectivity products, including both connectors and cable assemblies, for the medical, military, energy & power, and ruggedized industrial markets. The company is based in Wallingford, CT (www.winchesterelectronics.com).
“Winchester is a leader in its market segments within the electronic connectors industry. The acquisition of ESP diversifies its customer base and product offering. We will continue working with Kevin Perhamus and the Winchester management team to build the business through new product offerings, global expansion, and synergistic add-on acquisitions,” said Oliver Ewald, Managing Director of Audax Group.
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace and defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, MA and New York, NY (www.audaxgroup.com).
Business Acquisition & Merger Associates advised ESP. K&L Gates served as counsel to Winchester and McGuire Woods served as counsel to ESP.