Gridiron Capital has sold its portfolio company ESP/SurgeX to publicly-traded AMETEK.
Gridiron first invested in the company in January 2008 when it was known as Electronic Systems Protection. In January 2009 the company completed the add-on acquisition of SurgeX.
Today, ESP/SurgeX is a provider of power protection, monitoring, and management products and services that are used to ensure that electric power is continuously supplied to critical equipment. The company’s products are sold through distributors and dealers and are used in the business equipment, imaging, audio/visual, information technology, gaming and vending industries. ESP/SurgeX was founded in 1985 and is headquartered east of Raleigh in Knightdale, NC (www.espsurgex.com).
“While it was a difficult decision to divest ESP/SurgeX given the history of growth and our longstanding partnership with the company, we’re glad to see that ESP/SurgeX has found a new home with AMETEK and is well positioned to continue its growth and market leadership,” said Tom Burger, Managing Partner of Gridiron Capital.
Gridiron Capital invests in manufacturing, service and specialty consumer companies that have EBITDAs from $5 million to $30 million and that are located in the United States and Canada. The firm is based in New Canaan, CT (www.gridironcapital.com).
Lincoln International (www.lincolninternational.com) and BNP Paribas (www.bnpparibas.com/en) acted as joint advisors for the transaction and Ropes & Gray (www.ropesgray.com) provided legal counsel.
© 2016 Private Equity Professional • 2-9-16
