Odyssey Investment Partners has sold NSI Industries, a provider of branded electrical and HVAC components, to Sentinel Capital Partners.
NSI offers more than 20,000 SKUs, including Polaris insulated connectors, Bridgeport brand conduit fittings, and TORK lighting controls such as timers and photo controls. In the HVAC category, NSI provides sheet metal and ductwork components under the Duro Dyne brand and other replenishment parts critical for HVAC system maintenance.
NSI also supplies specialized tools and test equipment that electrical and HVAC contractors use to optimize power usage in industrial and commercial settings. Founded in 1975, NSI is headquartered in Huntersville, North Carolina, and is led by CEO G.R. Schrotenboer. Odyssey acquired NSI in March 2020 from Blue Sea Capital.
“Odyssey has been an invaluable partner to NSI over the past several years, supporting our shared vision for growth and innovation,” said Mr. Schrotenboer. “Their commitment and deep sector knowledge enabled us to build out a strong, skilled team, enhance our product portfolio with market-leading brands, and become a best-in-class partner of scale to the distribution channel. We are excited for the next chapter as we continue our journey to deliver exceptional solutions and service for our customers.”
Under Odyssey’s ownership, NSI completed nine add-on acquisitions, significantly broadening its offerings and capabilities. These acquisitions include ENET Solutions, a California-based provider of network peripherals and connectivity products in December 2023; Cast Products, an Illinois-based zinc die-casting provider in November 2023; SUPCO (Sealed Unit Parts Co.), a New Jersey-based HVACR and appliance parts provider in August 2022; Remke Industries, an Illinois-based manufacturer and supplier of electrical connectors in June 2022; Lynn Electronics, a Pennsylvania-based provider of fiber optic and copper assemblies in June 2022; Metallics, a Connecticut-based manufacturer and supplier of fasteners in March 2022; Duro Dyne, a New York-based sheet metal manufacturer for the HVAC industry in November 2021; TechLogix, a Wisconsin-based provider of fiber optic products and audio-visual signal distribution equipment in November 2021; and Polaris Connectors, a Florida-based manufacturer of insulated electrical connectors in May 2020.
“NSI has a long record of success with a strong foundation of great brands in place for future growth,” said John Van Sickle, a partner at Sentinel. “We’re excited to partner with NSI and its talented management team.”
Sentinel Capital Partners, based in New York City, invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $65 million. Sentinel focuses on eight industries: aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrials.
New York City-based Odyssey makes control investments of $100 million to $300 million in middle-market companies that have from $20 million to $100 million of EBITDA and are active in the industrial and business services sectors. In February 2020, Odyssey held a first, final, and hard cap closing of Odyssey Investment Partners Fund VI LP with $3.25 billion of capital.
“The successful outcome of our investment reflects our experience in helping middle-market businesses navigate growth inflection points. When we acquired NSI, the company was a leading supplier in its markets but with a narrower addressable opportunity and more limited manufacturing and distribution capabilities. Over the past several years, we worked with the NSI management team to expand the company’s product suite, end market exposure, and operational capabilities, ultimately creating a leading platform in the highly attractive electrical and HVAC markets,” said Craig Staub, a senior managing principal at Odyssey.
Harris Williams served as the financial advisor to Odyssey Investment Partners.
© 2024 Private Equity Professional | November 19, 2024
