Sverica Capital Management has acquired Electronic Source Company (ESC), an electronics manufacturing services provider serving the aerospace, defense, and space markets.
ESC specializes in circuit card assemblies, complex box builds (assembling complete electronic systems or subassemblies that go beyond simple circuit boards), engineering support, prototype assembly, and testing.
ESC’s products are used in high-profile programs such as the F-35, Apache and Blackhawk helicopters, Patriot Missile, Mars Rover, and the International Space Station.
Founded in 1994 and headquartered in Van Nuys, California, ESC is led by President Chris Sorby with a second-generation leadership team.
“For over 20 years, ESC has been dedicated to delivering uncompromising quality electronics for critical applications in demanding environments,” said ESC founder Scott Alyn. “With Sverica as our capital partner, we are excited about future growth opportunities.”
Post closing, Mr. Sorby will continue to lead the company while Dave Finley, a managing partner at Sverica, Greg Hylant, a principal at Sverica, and Scott Alyn will join the board of directors.
“We appreciate Scott’s trust in choosing Sverica as the steward of the company he founded, and we are excited to work with the ESC team to help execute a growth strategy in the defense electronics sector,” said Mr. Finley. “ESC’s impressive performance has positioned it well for future growth.”
Also joining the board will be Steve Stone, the former CEO of Primus Technologies, a Pennsylvania-based provider of engineering, manufacturing and testing services of circuit card assemblies and box builds for original equipment manufacturers in the aerospace, defense, medical and industrial markets. Primus was sold in December 2020 to Spartronics, a portfolio company of One Equity Partners.
Sverica invests in North American companies with less than $20 million in EBITDA and under $250 million in enterprise value, focusing on technology, business services, software, healthcare, and advanced industrials. Sverica’s sixth fund, Sverica Capital Partners VI LP, closed in March 2023 with $750 million.
© 2024 Private Equity Professional | October 25, 2024
