Avtron Holdings, a portfolio company of Morgenthaler Private Equity, has sold Avtron Industrial Automation, a provider of control and automation products, to Nidec Corporation.
Avtron Industrial Automation (AIA) manufactures AC and DC drive systems, diagnostic and productivity software, and encoders to the cranes and material handling, pulp and paper, mining, metals, and marine sectors. The company’s products and systems are used for the precise control of the motion of heavy industrial equipment in applications such as oil and gas drilling rigs, port cranes and hoists, mining shovels and draglines, maritime vessel propulsion systems, steel rolling mills, and paper machines. AIA has 150 employees and was founded in 1953. The company is headquartered in Independence, OH (www.avtron.com).
AIA was one of three companies owned by Avtron Holdings. In March 2012, Avtron Loadbank was sold to Emerson. Avtron Aerospace was not part of this transaction and will continue to operate under Avtron and be owned by Morgenthaler Private Equity.
Morgenthaler Private Equity invests in companies in the lower middle market with transaction values between $25 million and $150 million and EBITDA in excess of $5 million. Sectors of interests include high-value manufacturing and proprietary business services. The firm has offices in Cleveland, OH and Boston, MA (www.morgenthaler.com).
Western Reserve Partners served as financial advisor to Morgenthaler Private Equity.
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-1-12