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Oaktree Acquires Pulse Electronics

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pulse nf1Publicly-traded Pulse Electronics has entered into an agreement to be acquired by Oaktree Capital Management for $17 million in cash. Upon closing of the transaction, Pulse will become a private company and will continue to be led by its Chief Executive Officer Mark Twaalfhoven. The transaction is expected to close sometime before the end of the second quarter.

Bruce Karsh nf1“We are excited about the opportunity to support and work closely with Mark and the management team as they execute on Pulse’s plans and goals. We look forward to leveraging the company’s strengths as we move into the next phase for Pulse,” said Bruce Karsh, Co-Chairman and Chief Investment Officer of Oaktree Capital.

Pulse Electronics produces and sells electronic components and modules that are used in the wireless and wireline communications, power management, military/aerospace and automotive industries. Products include antennas, filters, transformers, splitters, chokes, power transformers, current and voltage sensors, and ignition coils. Pulse sells its products to original equipment manufacturers, original design manufacturers, and electronic contract equipment manufacturers through its direct sales force.  The company was formerly known as Technitrol and changed its name to Pulse Electronics Corporation in November 2010. Pulse Electronics is based in San Diego (www.pulseelectronics.com).

Mark Twaalfhoven nf1“Since I assumed the CEO role three months ago, I’ve been inspired by the entire organization’s commitment to our goal of providing our customer base with the highest quality products and capabilities,” said Mark Twaalfhoven, CEO of Pulse.  “This transaction will strengthen Pulse’s ability to execute on this goal by enabling critical investments to further enhance our application-specific products and manufacturing base, as well as optimizing our corporate structure.”

Oaktree Capital Management makes investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities.  The firm has over 900 employees and $91 billion in assets under management and is headquartered in Los Angeles (www.oaktreecapital.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 3-4-15

Evergreen Pacific Partners Invests in Abracon

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abracon nf1Evergreen Pacific Partners has completed an investment in Abracon Corporation, a manufacturer of frequency control and magnetic components.  The founders of Abracon, Chris Polley and Don Bebout, will continue to lead the business as equity partners with Evergreen.

Abracon is a manufacturer of electronic components used for frequency control, signal conditioning, wireless communication, and power management.  Products are sold to commercial, industrial, consumer and select military markets and include quartz timing crystals, crystal and micro-electro-mechanical systems oscillators, real time clocks, antennas, Bluetooth modules, ceramic resonators, and surface acoustic wave filters.  The company’s design, engineering, and testing functions are based in California and Illinois; and sales offices are based in Texas, California, China, Taiwan, Singapore, Scotland, and Germany. Abracon was founded in 1992 and is headquartered in Irvine, CA (www.abracon.com).

The investment from Evergreen Pacific Partners (EPP) will enable Abracon to accelerate its growth through partnerships and acquisitions, expanding products, geographic locations and sales channels.  “Driven by the proliferation of internet enabled devices, we’ve seen double digit growth in the past two years,” said Chris Polley, Chief Executive Officer. “With this investment from EPP, we will make strategic partnerships and acquisitions, allowing us to serve more customers in more places through an expanded product line, new geographic reach and new channel partnerships.”

Evergreen Pacific Partners invests in traditional buyouts, management led buyouts, and growth equity investments in middle-market companies located in the western US and Canada. Sectors of interest include manufacturing; distribution; specialty packaging; consumer products; and cable television and radio. The firm has two private equity funds under management with capital totaling $700 million. Evergreen Pacific Partners was co-founded by Timothy Bernardez, T. J. McGill, and Michael Nibarger and is headquartered in Seattle (www.eppcapital.com).

mcgill nf1“Abracon has been executing on a service-centric growth plan since its founding, and this investment will enable them to expand their already strong position across multiple product categories,” said T.J. McGill, co-founder and managing partner of Evergreen Pacific Partners. “Chris Polley has assembled an outstanding team, and we look forward to working with them to seize new opportunities for growth through acquisition and enhanced customer satisfaction.”

In addition to the investment in Abracon, EPP’s other acquisitions and investments include Vantage Mobility International (Phoenix, AZ), Gene Juarez Salons & Spas (Seattle, WA), Good Source Solutions (Carlsbad, CA), Haney Truck Line (Yakima, WA), Puget Sound Truck Lines (Seattle, WA), Nickel Plate Express (Portland, OR), Nuprecon (Snoqualmie, WA), CST Environmental (Brea, CA), Marcor Environmental (Baltimore, MD), Radiant Imaging (Redmond, WA), Zemax Development Corp. (Redmond, WA) Thermal Dynamics (Ontario, CA), PAC Stainless (Seattle, WAZ, Span Alaska (Auburn, WA) and Abracon (Irvine, CA).

© 2015 PEPD • Private Equity’s Leading News Magazine • 2-20-15

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