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Genstar’s Infinite RF Buys L-Com Global

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lcom nf1Infinite RF, a portfolio company of Genstar Capital, has acquired L-Com Global Connectivity, a supplier of wired and wireless connectivity products, from Odyssey Investment Partners.

lcom nf44L-Com’s products include cable assemblies, connectors, adapters, computer networking equipment as wells as the HyperLink brand of wireless products which includes antennas, RF amplifiers, coaxial lightning and surge protectors, and NEMA (National Electrical Manufacturers Association) rated enclosures.  Most of the company’s products are used in the electronics and data communications industries. Odyssey acquired L-Com in July 2012 from The Riverside Company. L-Com is headquartered north of Boston in North Andover, MA (www.l-com.com).

infinite rf nf1Infinite RF is a multi-channel, business-to-business, direct marketer of radio frequency, microwave and fiber optic connectors, adapters, cables, and cable assemblies. The company’s products, sold under the Pasternack and Fairview brand names, are used in electronic instrumentation; military and aerospace electronics, telecommunications equipment; medical, industrial and transportation equipment; as well as computers, peripherals, and office equipment. Infinite RF has more than 50,000 customers located in 75 countries. The company, led by CEO Terry Jarnigan, is headquartered in Irvine, CA with additional facilities in Allen, TX and Shanghai, China (www.infiniterf.com) (www.pasternack.com) (www.fairviewmicrowave.com) (www.pasternack.cn).

Rob Rutledge nf1Genstar acquired Infinite RF in June 2016 from Windjammer Capital Investors. “We are moving quickly in partnership with Terry and his management team to grow Infinite and further build and expand the company’s offerings,” said Rob Rutledge, a Managing Director at Genstar. “This is the first add-on acquisition since Genstar’s investment earlier this year and we continue to pursue additional acquisitions as a growth strategy to broaden Infinite’s products, capabilities and brands to serve its global customers.”

genstar nf22Genstar, which had a final close in August 2015 of its seventh fund with $2 billion in commitments, invests from $50 million to $400 million in middle-market companies that have enterprise values from $50 million to $1 billion and EBITDAs greater than $15 million.  Genstar targets investments in the financial services, software, industrial technology, and healthcare industries.  The firm was founded in 1988 and is based in San Francisco (www.gencap.com).

odyssey nf22Odyssey, the seller of L-Com, makes control investments in middle-market companies in a variety of industries including industrial manufacturing; business, financial and healthcare services; aerospace products; and localized and route-based service businesses. The firm has approximately $4 billion of capital under management and has offices in New York and west of Los Angeles in Woodland Hills, CA (www.odysseyinvestment.com).

© 2016 Private Equity Professional • 7-28-16

Snow Phipps Buys Winchester from Audax

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winchester nf1Snow Phipps Group has acquired Winchester Electronics, a portfolio company of Audax Private Equity.

winchester nf22Winchester is a designer and manufacturer of connectors and cable assemblies used in military; aerospace; medical; semiconductor; data infrastructure; test & measurement; and oil & gas applications. Company brand names include Bomar, Cadillac, Clements National, Continental, Kings, Source Technology, SRC Haverhill, SRI Hermetics, Tru and Winchester. The company, led by CEO Kevin Perhamus, was founded in 1941 and has operations in the United States, China, Mexico, and Malaysia and is headquartered near Stamford in South Norwalk, CT (www.winchesterelectronics.com).

Audax acquired Winchester in June 2006 and completed 11 add-on acquisitions during its ownership including: SRI Hermetics (Melbourne, FL) in November 2014; Bomar Interconnect Products (Ledgewood, NJ) in August of 2013; SRC Cables (Santa Rosa, CA) in October of 2013; Haverhill Cable and Manufacturing (Haverhill, MA) in November of 2013; TRU Corporation (Peabody, MA) in April 2014; and Source Technology (Houston, TX) in September 2014. Continental Connector Company (Hatfield, PA) in May of 2013; Clements National Company (Broadview, IL) in August of 2012; Electrical Specialty Products (Spartanburg, SC) in July of 2012; Kings Electronics Corporation (Rock Hill, SC) in May of 2007; and Advanced Interconnect (Franklin, MA) in April of 2007.

john pless nf1“Snow Phipps is excited to partner with Winchester’s management team to begin executing on a significant number of growth opportunities.  The Winchester team has an impressive track record of executing their growth strategy both organically and through acquisitions, and we look forward to supporting the company as it continues to find additional ways to serve customers and expand its product offering,” said John Pless, a Partner at Snow Phipps.

snow phipps nf2Snow Phipps makes control investments in companies primarily located in North America with enterprise values ranging from $100 million to $500 million that require equity investments ranging from $40 million to $100 million. The firm has $1.5 billion of assets under management and was co-founded by Ian Snow and Ogden Phipps in April 2005. Snow Phipps is headquartered in New York (www.snowphipps.com).

Jay Twombly nf1With the closing of this acquisition, Snow Phipps Operating Partner Jay Twombly will join Winchester as the non-executive Chairman of the Board of Directors.  Mr. Twombly formerly served as Chairman of Snow Phipps’ portfolio company Boyd Corporation. Boyd – a maker of sealing systems used by large, multinational original equipment manufacturers – was sold to Genstar in April 2015.

Simpson Thacher & Bartlett (www.stblaw.com) was the legal counsel to Snow Phipps for this transaction.  Lincoln International (www.lincolninternational.com) served as financial advisor to both Winchester and Audax.  Kirkland & Ellis provided legal counsel to Winchester and Audax.

audax nf44The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).

© 2016 Private Equity Professional • 7-12-16

Audax Acquires Bomar Interconnect Products

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bowmar nfWinchester Electronics, a portfolio company of Audax Private Equity, has completed the acquisition of Bomar Interconnect Products.

Bomar is a producer of radio frequency (RF) connectors for the RF, video, broadcast, and wireless markets. The company was founded in 1989 and is based in Ledgewood, NJ (www.bomarinterconnect.com).

The acquisition of Bomar expands Winchester’s OEM relationships in the broadcast market and provides a complementary BNC product line for board-mounted applications. BNC connectors are miniature quick connect/disconnect RF connectors used for coaxial cable.

Winchester is a designer and manufacturer of connectors and cable assemblies used in the medical, military, energy & power, broadcast and ruggedized industrial end markets. The company is based in Middlebury, CT (www.winchesterelectronics.com).

Audax acquired Winchester in June 2006 and has completed six add-on acquisitions including: Continental Connector Company (Hatfield, PA) in May of 2013; Clements National Company (Broadview, IL) in August of 2012; Electrical Specialty Products (Spartanburg, SC) in July of 2012; Kings Electronics Corporation (Rock Hill, SC) in May of 2007; and Advanced Interconnect (Franklin, MA) in April of 2007.

“Winchester is a market leading provider of interconnect technologies. The acquisition of Bomar diversifies its customer base and product offering. We will continue to work with Kevin Perhamus and the Winchester team to build the business through new product introductions, global expansion, and strategic add-on acquisitions,” said Oliver Ewald, Managing Director of Audax Private Equity.

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).

© 2013 PEPD • Private Equity’s Leading News Magazine • 8-8-13

Audax Group Acquires Clements National Company

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Winchester Electronics, a portfolio company of Audax Group, has completed the acquisition of Clements National Company. The acquisition of Clements is the fourth add-on acquisition for Winchester which Audax acquired in June 2006.

Clements is a designer and manufacturer of power and signal connectors to the rail/mass transit and marine, and oil & gas markets. Its connectors and cable assemblies are sold under the Cadillac trademark to railroad equipment manufacturers and rail operators, as well as oil & gas distributors, in the United States and Canada. The company is headquartered in Broadview, IL (www.cadillacproducts.com).

Winchester is a designer and manufacturer of connectivity products, including both connectors and cable assemblies, for the medical, military, energy & power, and ruggedized industrial markets. Since the acquisition of Winchester in June 2006 by Audax, the company has purchased Electrical Specialty Products (Spartanburg, SC) in July of 2012; Kings Electronics (Rock Hill, SC) in May of 2007; and Advanced Interconnect (Franklin, MA) in April of 2007.  Winchester is based in Wallingford, CT (www.winchesterelectronics.com).

“Winchester is a leading provider of interconnect technologies worldwide. The acquisition of Clements expands Winchester’s product offering for ruggedized industrial applications. We will continue to grow the company through new product offerings, global expansion, and strategic add-on acquisitions,” said Oliver Ewald, Managing Director of Audax Group

The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace and defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, MA and New York, NY (www.audaxgroup.com).

Lincoln International advised Clements. K&L Gates served as counsel to Winchester.

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