Myotek, a portfolio company of New Water Capital, has acquired Amptech, a manufacturer of electronics and electrical assemblies.
Amptech designs, engineers and manufactures circuit boards and other electronic assemblies that are used in the automotive, utility and other industrial end markets. The company’s services include product design, material procurement, circuit board assembly, wire harness build, housing and box assembly, and testing.
Amptech, led by its president Lee Wyatt, was founded in 1980 and is headquartered in Manistee, MI with an additional manufacturing facility north of Pittsburgh in Wampum, PA (www.amptechinc.com).
Myotek, acquired by New Water in October 2017, is a Tier 1 designer, manufacturer and supplier of fog lamps for several OEM automakers and other vehicle manufacturers. The company, led by CEO Eric Showalter, was founded in 1997 and is headquartered in Irvine, CA with manufacturing facilities located in Taiwan, Hong Kong and Guangdong, China (www.myotek.com).
The acquisition of Amptech will allow Myotek to provide its customers with domestic production capabilities for its automotive lighting products. “Amptech represents a highly strategic acquisition for the Myotek platform,” said New Water Partner Brian McGee. “Our partnership with Amptech will support Myotek’s vision for expanding its lamp manufacturing capabilities domestically.”
New Water plans to expand the existing Amptech manufacturing facilities in Michigan and Pennsylvania to accommodate customer demand. “We are excited that our partnership with New Water and Myotek will enable Amptech to grow, both in its historic core business segments as well as more deeply penetrate the automotive lighting end market,” said Mr. Wyatt.
“Building out US manufacturing will allow us to more efficiently support Myotek’s growth and our customers over the coming years,” said Mr. Showalter. “We are excited about the prospects of building our products right here in Michigan.”
New Water invests in lower middle market companies with revenues between $30 and $300 million. Sectors of interest include consumer products, retail, and industrial manufacturing and services. The firm closed its first private equity fund at the hard cap of $406 million in July 2015. New Water was founded in September 2014 and is based in Boca Raton (www.newwatercap.com).
© 2018 Private Equity Professional | November 13, 2018
