JZ Partners and The Edgewater Funds have sold their portfolio company Nielsen-Kellerman Co., a designer, manufacturer and distributor of waterproof environmental and sports performance instruments, to Clearview Capital.
Nielsen-Kellerman’s products – sold through a network of dealers in the United States and internationally under the Kestrel, NK, and Blue Ocean brands – include various consumer electronics that are used for monitoring sports performance and environmental conditions and include weather measurement, audio amplification, stroke/speed data and timing products.
Nielsen-Kellerman’s products are used in rowing and paddling, auto racing, concrete installation, construction and industrial, firefighting, HVAC and home inspection, military and shooting, and hunting applications. The company, led by CEO Alix James, was founded in 1978 and is headquartered near Philadelphia in Boothwyn, PA (www.nkhome.com).
Nielsen-Kellerman was acquired by JZ Partners and The Edgewater Funds in December 2010 through Sensor Solutions Holdings, a platform formed to acquire specialized sensor equipment manufacturers. In addition to Nielsen-Kellerman, Sensor Solutions also acquired Amptek, a manufacturer of X-Ray detectors, in April 2012. Amptek was sold to AMETEK (NYSE: AME), a manufacturer of electronic instruments and electromechanical devices, in August 2014.
JZ Partners invests in US and Canadian-based companies that have up to $200 million in enterprise value. Sectors of interest include niche manufacturing; value-added distribution; industrial services; healthcare; education; transportation and logistics; and business services. The firm was founded in 1986 by Jay Jordan and David Zalaznick and has offices in New York and Chicago (www.jzpartners.com).
The Edgewater Funds invests in companies with revenues from $20 million to $500 million and EBITDAs from $5 million to $30 million. Sectors of interest include business services, financial and government services, consumer products and services, healthcare services, IT services and software and basic industries. The firm has $2.6 billion in committed capital and is based in Chicago (www.edgewaterfunds.com).
Clearview Capital, the buyer of Nielsen-Kellerman, invests from $8 million to $50 million of equity in companies that have from $3 million to $15 million of EBITDA. Sectors of interest include business services, healthcare services, manufacturing, and specialized distribution. The firm was founded in 1999 by James Andersen and Calvin Neider and is headquartered in Old Greenwich, CT with an additional office in Los Angeles (www.ClearviewCap.com).
D.A. Davidson & Co. (www.dadavidson.com) was the financial advisor to Nielsen-Kellerman on this transaction. “The Kestrel and NK brands are respected in demanding outdoor markets for their relentless focus on accuracy, quality and reliability,” said Mike Smith, Managing Director at D.A. Davidson. “We are privileged to represent such a distinguished American-made brand and we have the highest respect for what management, JZ Partners and The Edgewater Funds have accomplished.”
© 2017 Private Equity Professional | October 12, 2017
