Argosy Private Equity has sold antenna maker Linx Technologies to publicly traded TE Connectivity.
Linx is a designer and manufacturer of antennas that are sold to original equipment manufacturers that require wireless functionality for their products. Other Linx products include RF connectors, RF modules, remote controls and sub-GHz data modules.

Linx’s antennas are engineered for industrial, scientific and medical, Wi-Fi, cellular and global navigation satellite system bands for applications in the commercial, government, consumer, agricultural, and industrial sectors. Linx, led by CEO Tolga Latif, was founded in 1997 by Paul True and is headquartered in Merlin, Oregon.
“Argosy Private Equity has been a true partner throughout their investment,” said Mr. Latif. “Early in our partnership, the Internet of Things market dynamics changed, and we implemented a strategic shift by developing a novel strategy using analytics to guide rapid product development. It is never easy telling your investors that the investment thesis needs to change. Argosy supported the team, while asking tough questions to help refine and develop the right strategy that ultimately led to our rapid growth and successful sale to TE Connectivity.”
TE Connectivity (formerly Tyco Electronics) designs and manufactures connectors and sensors used in the automotive, industrial equipment, data communication systems, aerospace, defense, medical, oil and gas, consumer electronics and energy sectors. The company (NYSE: TEL) had revenues in 2021 of $14.9 billion.
Argosy acquired Linx in December 2015 from Alpine Investors and in partnership with Mr. Latif the company expanded into its existing markets and pursued new industry verticals. The result of these efforts was a nearly quadruple rise in EBITDA over the 6.5-year hold.
“Working collaboratively with the Linx Technologies team has been an exceptional experience. The team embraced Argosy’s “Value Acceleration Methodology” (VAM) tools, with particular impact coming from the strategy deployment and new product development areas,” said Steve Morgenthal, a managing partner at Argosy. “The entire team came to truly embody the company’s mission and succeeded in delivering the right product, at the right price to become one of the top brands of antennas, connectors and related RF devices selling through distribution. Our journey with this exceptional team has exceeded all our expectations.”
Argosy Private Equity invests from $5 million to $25 million in lower middle-market companies that have revenues up to $100 million, EBITDA up to $10 million, and EBITDA margins of 10% or greater. Sectors of interest include niche manufacturing and business-to-business services companies. Argosy Private Equity is a division of Argosy Capital, an investment adviser with $2.7 billion of assets under management. The firm was founded in 1990 and is headquartered near Philadelphia in Wayne, Pennsylvania.
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