Sussex Wire, a portfolio company of Argosy Private Equity since May 2012, has acquired Marox Corporation. Marox’s entire management team will remain with the business post-closing.
Marox is a CNC manufacturer of a variety of medical components and assemblies, and aerospace components and fasteners, including spinal implants, pins, screws, plates and instruments. The company can provide prototyping as well as full-scale production of parts made from titanium, PEEK (an engineered plastic that can be used for implantable devices), stainless steel, cobalt chrome, aluminum, and other synthetic polymers. The company was founded in 1951 and has a 46,000 sq. ft. manufacturing facility in Holyoke, MA (www.marox.com)
Sussex Wire utilizes cold forming and roll-forming processes to manufacture highly engineered, micro-miniature precision metal and specialty alloy components that are used in the medical device, healthcare consumables, aerospace, defense, consumer electronics, semi-conductor and hermetic assembly market sectors. The company’s manufacturing techniques allow it to shape metal wire and special alloys at room temperatures which is more cost-effective than traditional machining, stamping, metal injection molding and casting methods. Sussex Wire was founded in 1973 and is based in Easton, PA (www.sussexwire.com).
“The combination of Sussex Wire and Marox brings together two great companies with long histories of success,” said Jack Nugent, a Partner at Argosy Private Equity. “Together, Sussex Wire and Marox will have increased manufacturing capabilities and more engineering horsepower to solve our customer’s most difficult challenges.”
Argosy invests from $5 million to $15 million in lower middle market companies that have revenues of $10 million to $100 million and EBITDA margins of 10% or greater. Sectors of interest include manufacturing, business services, and value-added distribution. The firm was founded in 1990 and is headquartered in the Philadelphia suburb of Wayne, PA (www.argosycapital.com).
“We’re excited by what the unique benefits of having CNC machining and cold forming capabilities under one roof will bring to MAROX and Sussex Wire’s customers,” said Tim Kardish, the CEO of Sussex Wire. “MAROX and Sussex Wire are complementary organizations with shared value propositions of proactive customer service, engineering innovation and state of the art manufacturing technology.”
© 2017 Private Equity Professional | March 21, 2017
