Branford Castle Partners has acquired Testek Solutions, a manufacturer of aviation component testing equipment, from Odyssey Investment Partners.
Testek Solutions designs and manufactures specialized testing equipment for military and commercial aviation components, offering products for testing aircraft hydraulic, power generation, fuel, pneumatic, and avionics systems. Testek’s products are utilized by major commercial airlines, the U.S. military, maintenance, repair, and overhaul (MRO) service providers, as well as aerospace and defense original equipment manufacturers (OEMs). The company, led by CEO Bruce DeWitt, was founded in 1969 and is headquartered in Wixom, Michigan, near Detroit.
“Today’s milestone is a validation of the trusted solutions and customer-focused culture that we have achieved,” said Mr. DeWitt. “We are extremely grateful for the support of our previous sponsor, Odyssey Investment Partners, and look forward to continuing to deliver on future growth opportunities with our new partners at Branford Castle.”
This acquisition marks the seventh platform investment and the twelfth acquisition overall for Branford Castle’s Fund II, which closed in 2021.
“We are excited to partner with Bruce and the entire Testek team,” said Eric Korsten, a senior managing director at Branford Castle. “We see attractive opportunities in this market as the aerospace industry continues to expand, creating increased demand for Testek’s specialized aviation testing equipment. The company’s leading position in the market, along with its proprietary capabilities, make it a terrific platform for growth.”
Branford Castle focuses on investing in companies with enterprise values up to $100 million and EBITDA of less than $15 million. The firm’s preferred sectors include industrials and specialty manufacturing, consumer products and services, commercial distribution, business services, and logistics. Founded in 1986, President and CEO John S. Castle and Managing Partner David Castle have led Branford Castle for the past 16 years. In addition to its New York City headquarters, the firm also operates an office in Boca Raton, Florida.
Other recent transactions closed by Branford Castle include the October 2024 acquisition of Hoffman Engineering, a Connecticut-based provider of night vision and lighting equipment for the aerospace and defense sectors. Hoffman’s products, which include night vision test equipment, night vision imaging lighting systems, and specialty LED lighting, are primarily used by the U.S. military, aerospace and defense OEMs, and commercial airlines. Hoffman Engineering was acquired from Trident Maritime Systems, a portfolio company of J.F. Lehman.
Earlier in 2024, Branford Castle exited its investment in Clean Solutions Group, a provider of nonwoven filtration media and cleaning products, through a sale in September to Wind Point Partners. In July 2024, Branford Castle also sold Earthlite, a California-based manufacturer of massage tables, alternative beauty and wellness equipment, and medical exam equipment, to Valesco Industries.
Siguler Guff & Company is providing unitranche debt capital and equity to support Branford Castle’s acquisition of Testek.
“This important transaction would not have been possible without our long-time financing partner, Siguler Guff & Company, whose continued support of our growing portfolio is greatly valued,” said David Castle, managing partner at Branford Castle.
Testek was advised on the sell-side by Kroll investment banking.
© 2024 Private Equity Professional | November 14, 2024
