Worldwide Electric Switches Sponsors

Worldwide Electric Switches Sponsors

Graycliff acquired Worldwide Electric in June 2018 from the company’s two founders and completed three add-on acquisitions

Worldwide Electric specializes in oil well pump motors, rock crusher motors, fluid power unit motors, stainless steel motors, and explosion-proof motors

SOURCE: WorldWide Electric

Graycliff Partners has sold WorldWide Electric Corporation to AEA Investors.

WorldWide Electric (WWE) is a manufacturer and importer of electric motors, motor controls, gear reducers, frequency converters, and generators. The company’s low voltage product line – WWE is the exclusive master distributor of Hyundai Electric’s low-voltage motors – includes both single-phase (⅓-5hp) and three-phase (⅓-600hp) motors from 1/3 horsepower through 600 horsepower.

[Source: Worldwide Electric]
WWE specializes in oil well pump motors, rock crusher motors, fluid power unit motors, stainless steel motors, and explosion-proof motors. The company, led by CEO Jim Taylor, was founded in 1998 and operates six regional United States warehouses with a headquarters facility in Rochester, New York.

“Graycliff has been an extraordinary partner,” said Mr. Taylor. “We could not have achieved such an ambitious level of growth without their support and strategic direction. We are looking forward to our next chapter as part of the AEA portfolio.”

Graycliff acquired WWE in June 2018 from the company’s two founders, Rick Simmonds and Fred Rosen, who were seeking liquidity for estate planning purposes. Over its investment term, Graycliff actively worked with the company to diversify its supply chain, plan and execute operational improvements, and build the management team.

Graycliff also completed three add-on acquisitions, including the buys of Louis Allis, an Alabama-based designer, manufacturer, repairer, and refurbisher of medium voltage motors (February 2020); Georator Corporation, an Alabama-based designer and manufacturer of motor-generator sets, permanent magnet generators, and frequency converters (July 2021); and Gleason Avery, an upstate New York-based designer, and manufacturer of AC and DC gear motors and rotisserie motors (October 2021). These three add-ons expanded WWE’s product portfolio, diversified its end markets, and added in-house production capabilities.

“We knew from the outset that WWE’s commitment to quality and best-in-class service set the company apart, and we have greatly enjoyed working with the team to build upon this foundation to grow the company both organically and through acquisition,” said Brandon Martindale, a partner at Graycliff. “The company is well positioned for continued success, and we are confident AEA Investors is the ideal partner to take the company forward.”

AEA invests across three sectors – value-added industrials, consumer, and services – and has 100 investment professionals at its headquarters in New York City with additional offices in Stamford, San Francisco, London, Munich, and Shanghai. AEA was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co.

New York City-based Graycliff invests from $10 million to $50 million of control equity in companies with revenues of $10 million to $200 million and EBITDA of $4 million to $20 million. Sectors of interest include niche manufacturing, business services, and value-added distribution. The firm was formed in December 2011 by the former investment team of HSBC Capital.

Lazard was the financial advisor to both Graycliff and WWE on this transaction.

© 2022 Private Equity Professional | October 5, 2022

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