Behrman Capital has completed a $515 million dividend recapitalization of Data Device Corporation (DDC), a provider of connectivity and power products used in aerospace, defense, and industrial applications.
DDC is a designer and manufacturer of data networking, motion control, and solid-state power controller products for aerospace, defense, and industrial applications. The company was founded in 1964 and is headquartered in Bohemia, NY (www.ddc-web.com).
Behrman acquired DDC when it acquired ILC Industries in April 2003. At that time, ILC Industries was composed of two operating subsidiaries: Data Device Corporation, a manufacturer of microelectronic components for the aerospace and defense industries, and ILC Dover, a manufacturer of soft good materials for space, military and commercial applications.
Since acquiring DDC, Behrman Capital has completed two add-on acquisitions with the buy of Emrise Electronics in June 2015 and National Hybrid in July 2013. The firm also spun off ILC Dover to shareholders January 2011.
This is the sixth recapitalization of DDC since being acquired by Behrman in April 2003. Today’s recapitalization was completed with a $515 million one-stop facility (that included a $25 million revolving credit facility, which was unfunded at closing). Golub Capital (www.golubcapital.com) is the administrative agent on the transaction.
“The steps we have taken in partnership with management to build on DDC’s world-class reputation as a leading supplier to the aerospace and defense industries have enabled us to realize significant value for DDC’s investor,” said Grant Behrman, Managing Partner. “We look forward to our continued partnership with DDC as the company executes on its strategic plan and pursues new opportunities for growth.”
Behrman Capital invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The firm’s investments are primarily focused in four industries: health care, specialty manufacturing, business-to-business outsourcing and defense. The firm has raised five funds with a combined capital base in excess of $3 billion. Behrman Capital was founded in 1991 by Grant G. and Daryl G. Behrman and has offices in New York and San Francisco (www.behrmancap.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 7-20-15