TPC Wire & Cable (TPC), a portfolio company of Audax Private Equity, has acquired Cicoil, a manufacturer and distributor of flat cable and flat and round cable assemblies. Audax acquired TPC in May 2015 from Pfingsten Partners.
Cicoil was founded in 1956 and invented the flat ribbon cable which was used in early mainframe computers as a replacement for bulky and stiff round cables. Today, the company’s products have performed on every US fighter jet, most commercial airplanes, and the International Space Station.
Customers of the company are active in the military-aerospace, semiconductor, motion control and medical automation industries worldwide. Cicoil is led by CEO Howard Lind and is headquartered near Los Angeles in Valencia, CA (www.cicoil.com).
TPC is a designer and provider of wire, cable, connectors, assemblies, and other accessories that are used in harsh, high cost-of-failure environments. The company’s products are used in a range of applications in the steel, automotive, industrial automation, utility, transportation, food & beverage, oil & gas, wood, pulp & paper and defense markets. The company, led by CEO Jeff Crane, was founded in 1979 and is headquartered near Cleveland in Macedonia, OH (www.tpcwire.com).
“We continue to execute our strategy of combining above-market organic growth with acquisitions that diversify our product and service capabilities as well as the end markets we serve,” said Mr. Crane. An earlier acquisition by TPC was the June 2019 buy of EZ Form Cable, a Hamden, CT-based manufacturer of miniature semi-rigid coaxial cables and formable and flexible cable assemblies used in the defense, aerospace, communications, medical, and instrumentation sectors.
Audax invests in middle-market companies that have from $8 million to $50 million in EBITDA and enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services; energy; healthcare; technology, media and telecom; and industrials including chemicals, infrastructure and building materials. Audax has offices in Boston and San Francisco (www.audaxgroup.com).
© 2019 Private Equity Professional | October 3, 2019
