Windjammer Capital Investors has sold Infinite RF, a distributor of electronic components and cable assemblies, to Genstar Capital.
Infinite RF is a multi-channel, business-to-business direct marketer of radio frequency, microwave and fiber optic connectors, adapters, cables, and cable assemblies. The company’s products, sold under the Pasternack and Fairview brand names, are used in electronic instrumentation; military and aerospace electronics, telecommunications equipment; medical, industrial and transportation equipment; as well as computers, peripherals, and office equipment. Infinite RF has more than 50,000 customers located in 75 countries. The company, led by CEO Terry Jarnigan, is headquartered in Irvine, CA with additional facilities in Allen, TX and Shanghai, China (www.infiniterf.com) (www.pasternack.com) (www.fairviewmicrowave.com) (www.pasternack.cn).
Windjammer acquired Pasternack Enterprises through its third fund in February 2008. In 2010, it acquired Fairview Microwave creating Infinite RF as a result of the combination. During Windjammer’s ownership period, revenues more than doubled as the company transitioned from a traditional catalog-based direct marketing business to a multi-channel and e-commerce focused specialty supplier.
“We congratulate Terry and his team on successfully building the company, both organically and through acquisition,” said Jeff Miehe, a Managing Director of Windjammer. “Infinite RF has grown significantly and evolved to become a stronger and more innovative organization as a result of management and Windjammer’s collaborative efforts.”
“Windjammer has been a great partner during a period of significant growth and transformation for Infinite RF,” said Mr. Jarnigan. “Their growth oriented approach, coupled with strategic, financial and operational resources helped us to elevate our performance, product offering and service levels, ultimately driving significant revenue growth.
Windjammer makes control investments of $50 million to $200 million in middle market businesses with EBITDAs from $10 million to $50 million. Sectors of interest include niche manufacturing, value-added distribution and business services. Windjammer is currently investing from its $726 million Windjammer Senior Equity Fund IV, which closed in March of 2013. The firm was founded in 1990 and is based in Newport Beach, CA and Waltham, MA (www.windjammercapital.com).
According to Genstar, which has an experience investing in the industrial technology sector, future growth at Infinite RF will come from increased research and development in the RF space as well as from positive trends in automation and the “internet of things”. Rob Rutledge, a Genstar managing director, led the transaction.
Genstar, which had a final close in August 2015 of its seventh fund with $2 billion in commitments, invests from $50 million to $400 million in middle-market companies that have enterprise values from $50 million to $1 billion and EBITDAs greater than $15 million. Genstar targets investments in the financial services, software, industrial technology, and healthcare industries. The firm was founded in 1988 and is based in San Francisco (www.gencap.com).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 6-1-16
