ECM Industries, a portfolio company of Sentinel Capital Partners since February 2020, has acquired ILSCO, a manufacturer of electrical connectors and accessories.
The operations of ILSCO include Surge Suppression, a Brooksville, Florida-based supplier of surge protection devices for both AC and DC power systems, and data and telecommunication systems; ILSCO Extrusions, a Greenville, Pennsylvania-based maker of aluminum products used as connectors for power transmission, electrical machinery, and lighting fixtures. ILSCO of Canada, a Mississauga, Ontario-based maker of electrical connectors and other products sold to the electrical wholesale, utility and OEM markets; UTILCO, a Cincinnati-based manufacturer of aluminum and copper connectors used in underground and overhead applications in the utility sector; Glenmoor, a Cincinnati-based maker of aluminum, steel, copper and brass set screws and screw machine components; and FTZ Industries, a Simpsonville, South Carolina-based manufacturer of electrical components including battery terminals, copper lugs and splices, heat shrink tubing and other types of industrial connectors.
ILSCO is led by CEO Andrew Quinn and is headquartered in Cincinnati with seven distribution centers and more than 1,000 employees. The company was founded in 1894 as the Incandescent Light and Stove Co. and is a third-generation, family-owned business.
“This is a very exciting time for ILSCO as we start the next phase of our business with ECM,” said Mr. Quinn. “We are very proud of what we have built in our 126-year history and, with our complimentary organizations and product lines, we will accelerate our growth and presence in the electrical industry.”
ECM is a manufacturer and supplier of electrical products and maintains an inventory of more than 3,000 SKUs that are used in the construction, maintenance, lighting, irrigation, landscape supply, and gas utility markets. Customers of the company include distributors, specialty hardware stores, and home centers and its products are used by professional electricians, contractors, maintenance technicians, and do-it-yourselfers.
ECM brand names include Gardner Bender (electrical products and tools); King Innovation (harsh environment connectors); Bergen (construction and maintenance lighting); Sperry Instruments (multimeters and electrical test equipment); and Calterm (automotive connectors and switches). The company is led by CEO Mike Masino and operates through six facilities with headquarters just west of Milwaukee in New Berlin, Wisconsin.
“The acquisition of ILSCO adds an industry-leading brand with best in class power connectors and grounding solutions. But its real value is with its talented and experienced leadership team that has built deep and impactful customer and channel relationships,” said Mr. Masino.
New York City-based Sentinel Capital Partners invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $65 million. Sentinel targets eight industry sectors: aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrials.
Private Equity Professional | May 19, 2020