Mission Critical Electronics, a portfolio company of Windjammer Capital, has acquired the Xantrex division of Schneider Electric.
Xantrex is a developer and manufacturer of power electronic products and systems used in the mobile power markets including commercial truck, recreational vehicle, marine, automotive, military and consumer markets. The company’s products include inverters, inverter/chargers, battery chargers, backup power and accessories for a range of entry-level to high-end applications.
Xantrex, led by Vice President and General Manager Richard Gaudet, operates from facilities in Burnaby, BC (headquarters) and Elkhart, IN (www.xantrex.com).
Mission Critical Electronics (MCE) is a provider of power conversion, battery charging, and battery products used in specialty vehicle, public safety, and industrial applications. The company has more than 2,000 SKU’s and sells its products under the Kussmaul, Newmar, ASEA, Power Products, and American Battery Charging brands. MCE is headquartered in Huntington Beach, CA (www.mission-critical-electronics.com). MCE was acquired by Windjammer in September 2016 through its fourth fund.
“We are delighted to have Xantrex join MCE,” said Kevin Moschetti, chief executive officer of MCE. “Its products are high quality, technologically advanced, and valued by its customers. Moreover, the portfolio of mobile power products, end markets, and distribution partners of Xantrex are highly complementary to MCE.”
“We are excited to work with and support the management team at Mission Critical Electronics in their ongoing organic and acquisition-oriented growth strategies,” said Matt Anderson, a managing director at Windjammer. “The acquisition of Xantrex’s mobile power assets furthers MCE’s capabilities and end market reach, helping the company to achieve its mission: keeping the world energized and ready, by delivering power solutions where quality and responsiveness matter.”
Windjammer invests equity and subordinated debt as a control investor in middle market businesses located in the US or Canada that have EBITDA from $10 million to $50 million. Sectors of interest include niche manufacturing, business services and value-added distribution. The firm’s investment size will range from $50 million to $200 million per transaction. Windjammer was founded in 1990 and is based in Newport Beach, CA and Waltham, MA (www.windjammercapital.com).
Earlier this month, Windjammer closed its fifth fund, Windjammer Senior Equity Fund V LP, at the hard cap of $870 million. The firm’s earlier fund closed in March 2013 with $726 million of committed capital.
Publicly-traded Schneider Electric (Euronext: SU), the seller of Xantrex, is a French multinational corporation that specializes in building automation, switches and sockets, industrial safety systems, industrial control systems, electric power distribution, electrical grid automation, and power and cooling systems for datacenters. The company had revenue in 2017 of €24.7 billion and is headquartered near Paris in Rueil-Malmaison (www.schneider-electric.com).
Lincoln International was the financial advisor to Schneider Electric on this transaction.
© 2018 Private Equity Professional | December 19, 2018
