Quantic Electronics, a portfolio company of Arcline Investment Management, has acquired M-Wave Design.
M-Wave is a supplier of ferrite-based radio frequency (RF) and microwave components used in aerospace, defense, and quantum computing applications. In electronics, ferrite refers to ceramic-like magnetic materials made from iron oxides mixed with other metal oxides including manganese, zinc, and nickel.
M-Wave’s products include passive waveguide and coaxial components such as isolators, circulators, adapters, and terminations. Its passive waveguide components are used to guide microwaves or radio waves through a specific path without adding energy to them, while its coaxial components are used to manage electrical signals that travel through coaxial cables, a type of cable with a center wire, an insulating layer around it, and an outer metal shield. Many of M-Wave’s products can perform at cryogenic temperatures used in quantum computing applications.
M-Wave, led by CEO Ken Boswell, was founded in 1988 and is headquartered near Los Angeles in Simi Vally, California. “We have proudly served the RF and microwave industry for almost forty years,” said Mr. Boswell. “As part of Quantic, we are excited to further advance our product, technology, and growth goals to better support our customers.”
Arcline formed Quantic in January 2021 as a platform to consolidate its investments in the electronics components sector and now, including M-Wave, has acquired nine companies.
The eight earlier buys were Evans Capacitor, a Rhode Island-based designer and manufacturer of capacitors made from corrosion-resistant metals tantalum and ruthenium (November 2020); Ohmega Technologies, a California-based maker of thin-film electronic resistive materials (January 2021); TRM Microwave, a New Hampshire-based maker of RF and microwave components used in the military, space and commercial markets (January 2021); BEI Precision, a maker of sensors used in space, land, air, and sea applications (August 2021); X-Microwave, a Texas-based provider of modular RF and microwave (RFMW) components (September 2021); ECI Transcon, a Massachusetts-based maker of passive magnetic components used in aerospace, automotive, avionics, and other applications (September 2021); Microwave Dynamics, a California-based maker of microwave and millimeter wave components (June 2022); and Eulex Components, a California-based maker of ceramic capacitor components used in high-frequency, microwave, millimeterwave and 5G applications (June 2022).
“We are delighted to add M-Wave to the Quantic portfolio of businesses,” said Ross Sealfon, the chief executive officer of Quantic. “The M-Wave product portfolio perfectly complements our current product line up. Additionally, M-Wave’s deep expertise in quantum computing and long history supporting military and space programs further enhances our ability to solve our customers’ difficult design challenges.”
Arcline makes control investments in companies with recurring revenue business models in the defense and aerospace; infrastructure services; industrial and medical technology; life sciences and specialty materials sectors. Arcline’s targets will typically have from $10 million to $100 million of EBITDA and enterprise values up to $1 billion. The firm closed its third fund in March 2023 with total capital commitments of $4.5 billion. Arcline’s earlier fund closed in January 2021 with $2.75 billion of capital commitments.
Arcline is headquartered in Nashville with additional offices in San Francisco and New York City.
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