Cortec Group has sold Chauvet & Sons, a provider of entertainment related lighting, control and power products, to Court Square Capital Partners.
Chauvet is a provider of branded entertainment, theatrical, broadcast and film lighting, controllers, and power products used in applications ranging from DJ, club, corporate events, hospitality venues, and houses of worship, to more demanding settings including concert tours, theaters, and television.
Chauvet was founded in 1990 by CEO Albert Chauvet and is headquartered near Fort Lauderdale in Davie, Florida, with additional offices in the UK, Belgium, France, Germany and Mexico.
Chauvet was acquired by Cortec through its sixth fund, Cortec Group Fund VI LP, in March 2016. During Cortec’s ownership term the company’s revenue grew 3x through a combination of new product introductions, new end markets and adding new customers, and through add-on acquisitions.
In March 2017, Chauvet acquired ChamSys (Chameleon Systems), a UK-based designer and manufacturer of lighting controllers used in entertainment applications; and in August 2021, it acquired Kino Flo, a California-based designer and manufacturer of professional lighting equipment used in the film and broadcast markets.
“Our investments in partnership with Albert Chauvet to broaden the leadership and commercial teams, build out a global infrastructure, and complete several strategic acquisitions, enabled management to dramatically grow the business,” said Scott Schafler, a founding partner at Cortec. “We enjoyed our close partnership with Albert and the leadership team and have conviction that Chauvet is exceptionally well-positioned for the future.”
“Cortec has been a vital partner to our team,” said Mr. Chauvet, who will continue to lead the business in partnership with Court Square. “Their understanding of the business and unequivocal support of key initiatives proved invaluable to our growth. We will miss working with them but are eager to continue to build on our success with our new partners at Court Square.”
“While Chauvet grew from day one of our investment, we had some trying times during the pandemic as live entertainment paused,” said Jonathan Stein, a managing partner at Cortec. “However, collectively we quickly went on offense, and our investments in people, product development, and inventory positioned the business to rapidly recover and gain market share. We are thrilled with the outcome for Chauvet’s shareholders and management.”
Cortec invests from $100 million to $500 million in equity in United States and Canadian companies with EBITDA of $7 million to $50 million. Sectors of interest include consumer, healthcare, and specialty services and products. Cortec is currently investing through its eighth fund, Cortec Group Fund VIII LP, and has approximately $6 billion in assets under management. The firm was founded in 1984 and is headquartered in New York City.
New York City-based Court Square invests in middle-market companies that have enterprise values of $150 million to $1.5 billion. Sectors of interest include industrial, business services, healthcare, and tech and telecom sectors. Since the firm’s founding in 1979, Court Square has completed over 245 platform investments.
Piper Sandler and KPMG Corporate Finance were the financial advisors to Chauvet on this transaction.
© 2023 Private Equity Professional | November 14, 2023
