Praesidian Capital has made a $22.8 million senior debt investment in Mission Critical Electronics (MCE), a portfolio company of Evolve Capital, to recapitalize the business. “Praesidian took the extra time to listen and fully understand our goals for MCE,” said Ryan Shultz, Partner of Evolve Capital. “This new partnership will provide the flexibility we need to continue executing on our long-term initiatives.”
Mission Critical Electronics is a manufacturer of specialized electronic products for the emergency/specialty vehicle, marine and telecommunications industries. MCE produces more than 900 different products sold under the Kussmaul and Newmar brands. The emergency/specialty vehicle product line includes battery chargers, cord eject systems, compressor pumps, instruments, inverters, solar panels and specialized installation accessories that maintain vehicles in a constant state of readiness. The marine product line includes battery chargers, power supplies, DC converters, DC-AC inverters, distribution panels, circuit control and protection devices, and installation accessories. Telecommunications products comprise DC power systems and components; rectifiers, DC converters, inverters, distribution panels, remote monitoring, back-up power systems, and instrumentation. The company employs over 100 people and has facilities in Santa Ana, CA and West Sayville, NY (www.mission-critical-electronics.com).
“MCE is a compelling company offering technology that is critical in today’s electronic world. We are pleased to team with Evolve to support MCE’s success,” said Glenn Harrison, Partner of Praesidian Capital.
Praesidian Capital provides mezzanine capital to small and mid-sized businesses. The firm typically invests in connection with a management/leveraged buyout, recapitalization or refinancing. Praesidian manages over $700 million in committed capital and is based in New York (www.praesidian.com).
Evolve Capital is a private equity firm specializing in leveraged recapitalizations of entrepreneurial businesses with EBITDA between $2.5 million and $4.0 million. The firm’s investment focus is primarily on service or asset-light businesses. Evolve Capital was founded in 2005 and is based in Dallas (www.evolvecapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-1-13