VirTex Enterprises, a portfolio company of Insight Equity, has acquired PPI-Time Zero from Guardian Capital Partners. PPI-Time Zero was purchased by Guardian Capital from Saugatuck Capital in January 2011. Insight Equity acquired VirTex in October 2017.
PPI-Time Zero (PPI) is a low-to-medium volume contract manufacturer of electronics components used in the aerospace and defense, medical, and industrial electronics industries.
PPI has facilities in Fairfield, NJ (headquarters); Waynesboro, VA; and Norwood, MA (www.ppi-timezero.com).
VirTex Enterprises manufactures printed circuit board assemblies and other electronic systems for small and medium-sized customer programs across a range of industries, including industrial, aerospace and defense, automotive, and medical. VirTex, led by CEO Brad Heath, is headquartered in Austin, TX with additional manufacturing facilities in Menomonee Falls, WI and Juarez, Mexico (www.virtexassembly.com).
“PPI provides many additional services that our customers have been asking for. We now can provide a single source for electronic design, metal fabrication, and wire and cable assembly, as well as the traditional services of supply chain, PCBA assembly, and system build,” said Mr. Heath. “This opens many new opportunities for our customers to consolidate their supply base with VirTex with the new capability to take a project from inception, through end of life, all with in-house resources.”
“The acquisition of PPI significantly enhances VirTex’s position as a leading nationwide EMS partner for low volume, high complexity manufacturing within our core markets of aerospace and defense, medical, and industrial technology,” said Victor Vescovo, Managing Partner at Insight Equity.
“PPI’s proven engineering and design expertise and motivated leadership team will be major assets to the VirTex platform and its existing customers,” said Luke Bateman, a Senior Vice President at Insight Equity. “We are excited to be able to provide all of VirTex’s and PPI’s customers with enhanced capabilities, expanded geographic presence, and improved economies of scale as a result of this transaction.”
Insight Equity makes control investments in middle market, asset-intensive companies across a range of industries and specializes in partnering with companies in complex and challenging situations, including corporate divestitures, aggressive growth opportunities, restructurings, and transitions from private family ownership. The firm is based near Dallas in Southlake, TX and also has an office in New York (www.insightequity.com).
© 2018 Private Equity Professional | September 25, 2018