Artemis Adds to Maury Microwave with Wireless Telecom Buy

Artemis Adds to Maury Microwave with Wireless Telecom Buy

Abacus provides debt and makes an equity co-investment to again back Artemis' test and measurement platform

Wireless Telecom is a designer and manufacturer of advanced RF and microwave communication equipment used in aerospace, defense, telecommunications, medical, and semiconductor applications.

SOURCE: Getty Images

Maury Microwave, a portfolio company of Artemis since June 2021, has acquired publicly traded Wireless Telecom Group.

Wireless Telecom (NYSE American: WTT) is a designer and manufacturer of advanced RF and microwave communication equipment used in aerospace, defense, telecommunications, medical, and semiconductor applications. The company is headquartered near New York City in Parsippany, New Jersey, and goes to market under three brands; Boonton Electronics, Holzworth Instrumentation, and Noisecom.

Source: Wireless Telecom Group

Boonton Electronics is a provider of electronic equipment used to test, measure, and analyzing complex electronic signals for radar, avionics, electronic warfare, satellite and wireless communications, and electromagnetic interference (EMI) and electromagnetic compatibility (EMC) applications. Boonton is based in Parsippany, New Jersey.

Holzworth Instrumentation is a provider of electronic equipment used for testing  and measuring oscillating radio frequency (RF) or microwave signals. The Holzworth product portfolio includes real-time phase noise analyzers (used to measure random variations or fluctuations in a signal), broadband RF and microwave synthesizers, frequency dividers, amplifiers, phase detectors, and phase shifters. Holzworth is based in Boulder, Colorado.

Source: Wireless Telecom Group

Noisecom provides RF and microwave noise generation devices used for signal jamming and impairment, reference level comparison and calibration, receiver testing, and jitter injection (the deliberate introduction of data or signal variability into a system to test its performance under less-than-ideal conditions). Noisecom products include noise diodes, built-in-test modules, calibrated noise sources, jitter sources, cryogenic noise standards and programmable instruments. Noisecom is based in Parsippany, New Jersey.

Maury Microwave is a designer and manufacturer of radio frequency (RF) measurement and connection products – including instrumentation, cables assemblies, coaxial and waveguide components and adapters – used in the telecommunications, semiconductor, aerospace, defense, instrumentation, and research sectors. The company’s products are used for calibration, measurement, modeling, and interconnection of wireless technologies across the radio frequency spectrum including the terahertz (THz) frequency band (0.1-10 THz).

Source: Maury Microwave

Maury Microwave, headquartered near Los Angeles in Ontario, California, was founded in October 1957 by Mario Maury and is today led by CEO Michael Howo.

“We have long appreciated the leadership position of the Boonton, Holzworth and Noisecom brands, high-performance solutions and long-term customer relationships and we have always been interested in finding market opportunities where we could partner,” said Mr. Howo. “We look forward to contributing additional engineering and sales resources and technical value to the company’s core capabilities and help drive the next phase of growth.”

Artemis acquired Maury Microwave in June 2021 with debt financing and an equity co-investment from Abacus Finance. In October 2021, Maury completed the add-on acquisition of dBmCorp, a New Jersey-headquartered maker of test equipment and subsystems used in wireless telecommunications, satellite systems, and defense applications. For the acquisition of Wireless Telecom, Abacus provided additional debt  – as Senior Secured Credit Facilities Administrative Agent and Lead Arranger – and made an equity co-investment in Wireless Telecom.

“We were once again pleased to support an Artemis transaction,” said Tim Clifford, the president and CEO of Abacus. “As in past transactions, our success was a function of our speed and flexibility – key aspects of our Total Partnership Approach™.”

Abacus provides cash flow-based senior financing to private equity and family office-sponsored, lower-middle market companies that have EBITDA between $3 million and $15 million. Debt facilities can be as large as $50 million. Since Abacus’s founding in June 2011, it has closed over $3 billion in financings. Abacus is headquartered in New York City and is an affiliate of New York Private Bank & Trust which was founded in 1850.

The Abacus transaction team included Managing Director Eric Petersen and Senior Associate Austin Rendell. “Artemis, which has fantastic depth in industrial technology, is an excellent group to work with,” said Mr. Petersen.

“Abacus provided us with assurance of certainty of closure throughout the process,” said Bill Pezza, an operating partner at Artemis.

Boston-based Artemis invests in companies with revenues of $5 million to $50 million and EBITDA of $1 million to $10 million. Target companies include manufacturers of differentiated industrial technologies in the aerospace, automotive, defense, energy, industrial automation, scientific and research, and medical sectors.

New York City-based CDX Advisors was the financial advisor to Wireless Telecom on this transaction.

© 2023 Private Equity Professional | September 14, 2023

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