DBHCAP and Tides Capital have acquired Salvo Technologies, a developer and manufacturer of photonics products used in cameras, imaging systems and sports accessories.
Salvo’s products include electro-optical components and assemblies, fine control optics, custom camera lenses, multispectral and hyperspectral point detection and imaging systems, and optical filters used in the defense, security, medical, industrial and commercial sectors.
Salvo is headquartered near Tampa in Largo, Florida, and was founded in 2006 as a value-added reseller of optics, coatings and industrial equipment before diversifying via acquisitions into optical and electronic products.
Salvo has closed numerous add-ons including Next Phase Optics (2015), Shepherd Enterprises (2016), EOITech (2018), and the manufacturing arm of Pixelteq (2019).
More recent acquisitions by Salvo include Graflex, a Florida-based maker of optical, electronic and mechanical devices (November 2021); Kreischer Optics, an Illinois-based manufacturer of optical components used in the semiconductor and medical imaging sectors (April 2021); Spectrecology, a Florida-based distributor of spectrometers, imaging and sensing products (February 2021); and Arrow Thin Films, a New Jersey-based manufacturer of coatings, crystals and optics used in laser systems (January 2021).
“The partnership with DBH and Tides and their commitment to operational and financial resources will amplify our standalone growth initiatives,” said John Dougherty, the president of Salvo. “We look forward to accelerating our strategy to consolidate the fragmented, strategically critical niches of the global photonics supply chain in which we operate.”
DBHCAP makes investments of $5 million to $30 million in United States-headquartered companies that have revenues of at least $15 million and EBITDA of at least $3 million. The Dallas-headquartered firm was founded in 2020 by Desmond Henry, a former managing director at Trive Capital.
“We couldn’t be more excited to partner with a world-class organization like Salvo that provides a differentiated value proposition to its global customer base,” said Mr. Henry. “Salvo is uniquely positioned to capitalize on the strong secular growth trends driving photonics content across the diverse end markets it serves.”
Tides Capital was founded in 2014 by Scott Mackay and invests in both public and private lower middle-market companies. The firm is based near Philadelphia in Wayne, Pennsylvania.
“We are thrilled to partner with the Salvo executive team to continue its rapid growth trajectory while providing world-class capabilities to our customer base across the photonics landscape,” said Mr. Mackay. “The team has done a tremendous job managing its business while also adding superior personnel and manufacturing prowess through acquisitions. The future for Salvo has never been brighter.”
© 2022 Private Equity Professional | June 21, 2022
