New Water Capital has acquired Nelson-Miller, a provider of engineered components and assemblies used in user-interface and product identification applications.
Nelson-Miller is a supplier of membrane switches, silicone rubber keypads, graphic overlays, metal nameplates, light guides, modules, and assemblies used by OEMs in the medical, aerospace & defense, and industrial sectors. Los Angeles-headquartered Nelson-Miller is led by CEO Hosmel Galan and CTO Jim Kaldem.
Many of Nelson-Miller’s products function as human-machine interface (HMI) components that connect a person to a machine, system, or device. The HMI term is commonly used in the context of an industrial process.
Nelson-Miller was formed in April 2011 by Superior Capital Partners and Eagle Private Capital through the acquisition and merger of two Los Angeles-based metal manufacturing companies, Nelson Nameplate and Miller Dial. In 2017, Nelson-Miller added on with the buy of Wisconsin-based Wilson-Hurd Manufacturing which added complementary product lines and a Midwest manufacturing base to Nelson-Miller.
Nelson-Miller will be used by New Water as a platform investment in the medical and industrial technology sector. “Our team sees a huge market opportunity for companies such as Nelson-Miller that develop, produce and support the increasingly complex components used in a wide spectrum of today’s highly technical, essential products,” said Brian McGee, a partner at New Water. “With its deep bench of engineering talent and support and established global supply chain expertise with both domestic and international manufacturing capabilities, we believe Nelson-Miller is perfectly positioned for growth.”
“Nelson-Miller is known for product quality, engineering prowess, and customer service, and for the ability to provide custom solutions that go beyond simply manufacturing or product sourcing to support our customers throughout the entire lifecycle of their products,” said Mr. Galan. “With New Water’s demonstrated success in creating and growing high-technology manufacturing, design and engineering companies, we think it is an ideal partner as our company looks toward its next evolution.”
Twin Brook Capital Partners, as administrative agent, provided debt financing to support New Water’s buy of Nelson-Miller. Chicago-based Twin Brook focuses on loans to private equity-owned companies with EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below. The firm targets senior financing opportunities up to $200 million, with hold sizes across the platform ranging from $25 million up to $150 million. Twin Brook’s products include opportunistic investments in second lien, mezzanine, and equity co-investments.
New Water invests in lower middle-market companies with revenues between $30 million and $300 million that are active in the consumer, retail and industrial manufacturing and services sectors. The firm was founded in September 2014 and is based in Boca Raton, Florida.
© 2021 Private Equity Professional | November 4, 2021
