The Jordan Company (TJC) has acquired Communications & Power Industries (CPI), a manufacturer of components that generate, transmit, and control electromagnetic energy, from Odyssey Investment Partners.
CPI manufactures more than 4,500 SKUs of electronic components including microwave amplifiers, x-ray medical imaging products, microwave power sources, microwave antenna systems and radomes. The company’s products are used in the communications, defense and medical markets. CPI, led by CEO Bob Fickett, is headquartered in Palo Alto, California.
“At CPI, we are focused on accelerating innovation, by designing and manufacturing products that empower our customers both to implement and support today’s advanced systems and to develop and create the groundbreaking systems of tomorrow,” said Mr. Fickett. “TJC supports our vision for growth, and their operational expertise will be invaluable as we continue to scale our business. We are thrilled to welcome a partner that shares our mission of delivering dependable, best-in-class technology solutions.”
CPI began as the electron device business of Varian Associates, a California-based scientific and electronic components maker founded in 1948. In 1995, Varian sold the electron device business to Leonard Green & Partners which changed the corporate name to Communications & Power Industries. In 2003, the company was acquired by The Cypress Group and, seven years later, Cypress exited its investment in CPI through a sale to Veritas Capital. Veritas sold the business in 2017 to Odyssey Investment Partners.
“We are excited to partner with CPI, which is well-known in the industry for its exceptional management team and reputation for high-quality solutions across industrial technology markets,” said Erik Fagan, a partner at TJC. “CPI’s technology solutions work to power and connect their customers and we look forward to embarking on a new phase of growth with the company.”
The Jordan Company (TJC) is a middle-market private equity firm that invests in a range of industries including industrials, transportation and logistics, healthcare, consumer, telecom, technology, and utilities. The firm was founded in 1982 and is headquartered in New York City with an additional office in Chicago.
Odyssey makes control investments in middle-market companies that have from $20 million to $100 million of EBITDA and are active in the industrial and business services sectors. In February 2020, Odyssey held a first, final, and hard cap closing of Odyssey Investment Partners Fund VI LP with $3.25 billion of capital.
RBC Capital Markets and Perella Weinberg were TJC’s financial advisors and Kirkland & Ellis provided legal services to TJC. Goldman, Sachs & Co. and Harris Williams were the financial advisors to CPI on this transaction and Latham & Watkins provided legal services.
© 2022 Private Equity Professional | May 3, 2022
