Apollo Funds Acquire Majority Stake in The State Group, A Leading Provider of Multi-Trade Services

Apollo logo

NEW YORK, Nov. 18, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds associated with its Impact and Clean Transition strategies (the “Apollo Funds”) have acquired a majority stake in The State Group (“TSG” or the “Company”) from Blue Wolf Capital (“Blue Wolf”). Blue Wolf will retain a minority stake in the business, alongside existing management shareholders.

Established in 1961, TSG is a leading provider of electrical, mechanical, robotics and automation services, with a strong presence across industrial end markets. TSG executes complex projects at facilities from newbuild to ongoing maintenance and retrofit with decades-long customer relationships across key markets. A substantial portion of the Company’s work enables customers to optimize, reduce and decarbonize their energy use, helping a wide range of industrial end markets abate future emissions. The Company plays an important role in enabling the energy transition through its expertise in industrial manufacturing plants as well as power and renewable facilities. TSG’s capabilities have clear applicability to a number of fast-growing end markets, including data centers, where the Company supports critical technology infrastructure by providing electrical contracting services and other specialized solutions.

“The opportunity to leverage Apollo’s expertise and resources marks a significant milestone for the next phase of our business’ growth,” said Michael Lampert, CEO of TSG. “The partnership with Apollo positions us well to enhance our capabilities and meet the evolving needs of our customers as they scale and optimize their North American operations.”

“TSG has a proven track record of providing quality and reliable service to its industrial customers, with a key role to play in driving energy efficiency and the energy transition,” said Christine Hommes, Partner at Apollo. “Our organizations have a shared vision for the continued growth of the business, and we are excited to partner with Michael and the broader team as they strengthen and expand their offerings.”

Apollo is a high-growth asset management firm with strategies dedicated to investing in companies that demonstrate strong environmental and social impact. Apollo-managed funds have deployed approximately $40 billioni into energy transition and sustainability-related investments over the past five years, supporting companies and projects across clean energy, sustainable mobility and infrastructure.

Financial terms of the transaction are not disclosed. Moelis & Company served as financial advisor, and Holland & Knight LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel for The State Group. Latham & Watkins LLP and Blake, Cassels & Graydon LLP acted as legal advisors to the Apollo Funds.

i As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.


About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

About The State Group

The State Group is one of North America’s leading multi-trade industrial and specialty services contractor, providing electrical, mechanical, millwrighting, robotics and automation services to diverse industries. Headquartered in Franklin, TN, The State Group has offices across Canada and the United States and has built long-term relationships with Fortune 100 companies, property managers and original equipment suppliers who look to The State Group to complete complex building, manufacturing and engineering projects while staying on schedule and within budget.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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Ardian partners with Vecos to further support international growth strategy

Ardian

Ardian, a world-leading private investment house, today announced it has signed an agreement to acquire a majority stake in Vecos, a leading global provider of tech-enabled smart locker solutions with a focus on corporate offices, Education and Healthcare facilities. Ardian has acquired the stake from Bencis, which supported the Company’s growth since its investment in 2019. The management team around CEO Bram Kuipers will continue to lead the company and will invest alongside Ardian as part of the transaction.

Vecos started as an electrical engineering development company and has transformed into an end-to-end smart locker solution provider, which was initiated and led by current CEO Bram Kuipers. Vecos’ proprietary self-service, smart locker system is purposefully designed to support people to work more flexibly, in dynamic and hybrid working environments. The solution combines locker hardware (physical locks and terminals) with a proprietary SaaS platform and is accessible through multiple access methods, including access badges and a cloud-based App for employees. Facility managers benefit from remote, automated locker management and are provided with real-time data on locker usage via the online portal, which drive cost efficiencies versus more traditional locker solutions such as mechanical or electronical locks. Vecos’ solution can be seamlessly integrated into its customers’ IT workplace ecosystem allowing a harmonized setup across locations. The company has developed strong blue-chip customer relationships globally with a strong presence in Europe as well as APAC and the US.

The ongoing shift towards hybrid work models across organizations is driving the demand for flexible office solutions with Vecos ideally positioned to capitalize on this trend. The acquisition by Ardian is substantiated by several underlying market dynamics. First, the growing emphasis on flexibility and adaptability in the workplace has made Vecos’ offerings more relevant than ever. Companies are seeking solutions that allow them to adjust their office spaces to meet the evolving needs of their employees. Additionally, Vecos addresses the focus and commitment of organizations towards sustainability in order to meet their environmental goals (e.g. in term of carbon footprint reduction), which perfectly aligns with Ardian’s investment philosophy. Ardian is looking forward to support Vecos’ management team on its envisaged growth trajectory in the coming years.

“This acquisition represents a significant opportunity for both Ardian and Vecos. Our partnership with the management team of Vecos will focus on accelerating international growth within Europe, particularly in France and Germany, as well as in the US. Besides, we see a lot of potential by leveraging AI and digital capabilities to further enhance operational efficiencies.” Florian Haas, Director Expansion, Ardian

“The partnership with Vecos marks the second investment of Ardian Expansion in the Netherlands demonstrating our high commitment to the region. We are delighted having the opportunity to support Vecos’ management team in their next phase of growth.” Dirk Wittneben, Managing Director Expansion, Ardian

“Choosing Ardian as our partner was a strategic decision rooted in shared values and vision. Their expertise in scaling businesses and commitment to sustainable growth will enable us to enhance our offerings and expand our reach in key markets. We are excited about the opportunities that lie ahead as we work together to redefine the future of workspaces.” Bram Kuipers, CEO, Vecos

“We have enjoyed working alongside Bram and his team to make Vecos a global player in smart locker solutions. We are convinced that the management team together with their new partner Ardian will continue on this growth path and will track their journey with continued interest.” Katrien Bosquet, Managing Director, Bencis

List of participants

  • Participants

    • Ardian: Dirk Wittneben, Florian Haas, Max Dolata, Steffen Prochazka, Janine Paustian, Mathieu Lebrun
    • Bencis: Katrien Bosquet, Bo Kroezen
    • M&A: Jefferies (Serge Fielmich, Lars van Leeuwenstijn, Ritika Langer)
    • Legal: Clifford Chance (Jeroen Thijssen, Simon Reitz)
    • Commercial: EY Parthenon (Georg Hochleitner, Dr. Burak Yahsi)
    • Financial: Deloitte (Egon Sachsalber, Nils Nobereit)
    • Tax / Structuring: EY (Anne Mieke Holland)
    • Tech: Artefact (Arnold Struik, Jur Gaarlandt)

 

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,680 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

 

ABOUT VECOS

Vecos’ roots trace back to 1996 while the introduction of the first smart locker solution was initiated by the current CEO Bram Kuipers in 2010. The Company is headquartered in Eindhoven, the Netherlands. Vecos’ proprietary self-service, smart locker system is purposefully designed to support people to work more flexibly, in dynamic and hybrid working environments. Vecos offers an end-to-end smart locker solution that includes locker hardware (physical locks and terminals) and proprietary software. The SaaS-based Vecos Smart Locker system is fully customizable to tailor to each client’s needs and provides powerful management insight, enabling cost efficiencies versus more traditional locker solutions such as mechanical or electronical locks. Due to its strong market reputation, clear customer value proposition and a structured go-to-market focused on the office vertical, Vecos has developed strong blue-chip customer relationships over the past years. Today, the Company operates in over 45 countries and is seen as the leading provider in this space.

Media contacts

ARDIAN

 

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Carlyle acquires Kyoden

Carlyle

Tokyo, Japan, 5 November 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced it has acquired Kyoden Co. (“Kyoden”), a leading Japanese manufacturer of printed circuit boards (“PCBs”).

Founded in 1983 and headquartered in Nagano Prefecture, Kyoden is a leader in the design and manufacture of PCBs and board assembly for electronics devices, with a focus on small-lot and high-variety products delivered in short turnaround times. The business employs c. 2,100 employees, with manufacturing plants in Japan and Thailand and regional sales presence across APAC, enabling the business to manage small-lot, multi product production to larger scale mass production and meet a wide range of its customers’ needs.

The company’s product suite spans a highly diversified set of industrial applications including automated guided vehicles, semiconductor manufacturing equipment, amusement machines, wired and wireless equipment, and automotive devices. The PCB industry faces increasing demand for higher density and miniaturization in circuit boards, multi-layer and build-up PCBs in particular, integrating more functionality into compact and lightweight devices. Kyoden’s highly differentiated offering also focuses on delivering a wide range of small-lot, prototype PCB products within short lead times, and has established a leading share of the domestic prototype PCB market.

Kyoden also has deep experience in EMS (Electronics Manufacturing Services), providing end-to-end solutions from component design and manufacturing, procurement of materials and assembly of units and large-scale devices.

In partnership with Kyoden’s management team, Carlyle will support the company to further accelerate its growth plans through the continued development of its manufacturing capabilities focused on high-multilayer and build-up PCBs and commercial operations. Leveraging its global platform and resources, Carlyle will also support the business’ international expansion.

Kazuhiro Yamada, Co-Head of Carlyle Japan, said: “Kyoden has a high market share in the PCB industry thanks to its differentiated business model and advanced technological capabilities. Customer needs are becoming more diverse every day, and there is a growing need to incorporate more functions into more compact and lightweight devices. In acquiring Kyoden, we will support the business in responding to those evolving customer demands, continue its focus on technology and innovation, and accelerate its international expansion. We look forward to partnering with Kyoden’s management team in its journey to becoming a leading international PCB manufacturer.”

Hiroshi Naganuma, President of Kyoden, said: “We are excited to start the new partnership with Carlyle to sharpen our unique business model and accelerate Kyoden’s further growth in high-multilayer and build-up PCBs, the global PCB market, and EMS business. We believe Carlyle, with its deep knowledge and track record of growing Japanese companies like Kyoden, is the perfect partner to support the business’ accelerated growth trajectory.”

Carlyle’s Japan buyout platform has invested more than JPY 450 billion across approximately 40 private equity investments since 2000.

About Kyoden 

Kyoden Co. was founded in July 1983 as a comprehensive printed circuit board manufacturer. The company operates under the corporate philosophy of “manufacturing as a means, and service as an end.” Kyoden has established a fully integrated support system, offering total solutions from design and development to mass production (EMS). As a Total Solution Provider (“TSP”), Kyoden delivers a wide range of solutions centered around PCB manufacturing.
About Carlyle 

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on X and LinkedIn.

Media contacts

Andrew Kenny, Global Corporate Communications
+44 7816 176120
andrew.kenny@carlyle.com

 

Brunswick Group:
David Ashton / George Ohyama

+81 80 9713 2020 / +81 80 7340 1015

carlylejp@brunswickgroup.com

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Renta acquires Tunnel Support

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) acquires Tunnel Support AS and Tunnel Support Sverige AB (together “Tunnel Support” or “the Company”), from Andersen Mek Verksted AS. Tunnel Support is a rental company offering specialised machinery for tunnelling infrastructure projects across Norway and Sweden. The Company is headquartered in Bergen, Norway.

With the acquisition, Renta significantly strengthens its offering and market position in the tunnelling infrastructure rental segment. Tunnel Support is a growing company with strong profitability and a modern fleet consisting of machines from high-quality OEMs. Renta’s objective, together with the management of Tunnel Support, is to seek further growth in the rental of specialised tunnelling machines, while also capturing cross-selling synergies between the Company and Renta’s general rental operations.

The acquisition was completed on 31 October 2024.

Leif-Martin Drange, Managing Director at Renta Norway, said: “Tunnel Support provides high-quality specialised equipment and has highly skilled employees. I am looking forward to joining forces and combining Tunnel Support’s expertise with Renta’s broad depot network and offering. With the acquisition, we will strengthen our overall market position and be able to provide an even more comprehensive offering to the customers of both companies.”

Kato Stien, CEO of Tunnel Support AS, said: “We are looking forward to becoming part of Renta’s professional organisation. We can utilize our specialised equipment and technical expertise while benefitting from Renta’s broad presence and digital solutions. Together, we will be able to offer a complete solution that will help our customers operate more efficiently and sustainably.”

Enquiries: ir@renta.com

About Renta Group

Renta Group is a Northern European full-service equipment rental company founded in 2015. The Company has operations in Finland, Sweden, Norway, Denmark, Poland, and the Baltics, with 190 depots and more than 2,300 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a supplier of scaffolding and weather-protection services. For more information, visit www.renta.com

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About Tunnel Support

Tunnel Support is a tunnelling infrastructure rental specialist serving customers across Norway and Sweden. The Company is based in Bergen. For more information, visit www.tunnelsupport.com

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Shermco Industries Acquires KTR Associates, a Power System Engineering Company

Gryphon Investors

Acquisition Supports Shermco’s strategic growth and expansion in the Mid-Atlantic and Northeast U.S.

Shermco Industries, Inc. (“Shermco”), one of North America’s largest and fastest growing providers of power system engineering, electrical testing, maintenance, commissioning and repair services, announced today that it has completed the acquisition of KTR Associates (“KTR”), a power system engineering company based in Sinking Spring, PA. Terms of the transaction were not disclosed.

Phil Petrocelli, CEO of Shermco, said, “This strategic partnership will enhance the capabilities and reach of both companies, offering greater value to KTR’s clients and employees alike. Leveraging the support and resources of the wider Shermco organization, the team will continue to offer unmatched service excellence and a rigorous focus on safety, aligning with Shermco’s foundational values.”

Since 2004, KTR has been a leader in providing comprehensive power system consulting services, focusing on high and low voltage power system engineering studies, NFPA 70E requirements (including arc flash studies), and electrical safety programs & training for numerous customers in PA, NJ, NC and surrounding areas.

“We’re thrilled to join forces with the exceptional talent at KTR, as this partnership accelerates Shermco’s geographic expansion and enhances our ability to serve our growing base of blue-chip clients. Together, we’re poised to achieve new levels of innovation and customer success,” commented Mr. Petrocelli.

The KTR team, including principal owner Joseph Deane, will remain with the company following the acquisition.

Mr. Deane added, “I believe this transition will provide the resources and support needed to take our company to new heights. Shermco shares our values and vision for the future, and I am confident that together we will continue to build on the strong foundation we’ve created.”

Shermco is majority-owned by San Francisco-based Gryphon Investors, a leading middle-market private equity firm.

# # #

About Shermco

Headquartered in Irving, TX, Shermco provides electrical testing, maintenance, commissioning and repair services to a wide range of utility, industrial, energy and other end markets. With more than 40 locations, Shermco serves a diversified blue-chip client base across North America. The Company is an active participant in NETA (the InterNational Electrical Testing Association), EASA (Electrical Apparatus Service Association), and AWEA (American Wind Energy Association). For more information, visit www.shermco.com.

About Gryphon Investors
Gryphon Investors is a leading middle-market private equity firm focused on profitably-growing and competitively-advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9 billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly-differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

Shermco Contact:

Drew Johns, Vice President, Finance & Corporate Development

Shermco Industries

Drew.Johns@shermco.com

Gryphon Contact:

Caroline Luz

203-570-6462

cluz@lambert.com

or

Jennifer Hurson

845-507-0571

jhurson@lambert.com

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Gryphon Investors Acquires RapidAir

Gryphon Investors

stablishes New Platform for Branded Downstream Compressed Air Solutions

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, announced today that it has acquired RapidAir (or the “Company”), a provider of branded downstream compressed air solutions, from Pfingsten Partners. RapidAir will serve as a platform for future investments in compressed air solutions. This represents the sixth platform deal closed by Gryphon’s Heritage Group, the firm’s small-cap fund strategy. Financial terms of the transaction were not disclosed.

Founded in 2003 and headquartered in Auburndale, WI, RapidAir is a provider of downstream compressed air solutions, including fittings, accessories, aluminum piping, and filtration products. The Company serves customers in the automotive aftermarket, transportation, fleet, distribution, and manufacturing end markets.  CEO Mark LeMire, along with the Company’s management team, will remain with RapidAir and retain an ownership stake.

Jeff Pembroke, Gryphon Operating Partner, said, “We are excited to partner with Mark and the RapidAir team to grow the business and further position the Company as a market leader. RapidAir has built a strong reputation as the go-to-provider of downstream compressed air solutions for a variety of applications given its top-tier products, best-in-class customer service and technical support, comprehensive design capabilities, and superior lead times.”

Tim Bradley, Gryphon Deal Partner, added, “RapidAir has demonstrated consistent growth in an exciting industry with strong tailwinds. We believe there is an opportunity to continue to scale the business by leveraging Gryphon’s operational experience to further enhance the Company’s product portfolio, penetrate new end markets and execute on strategic M&A.”

RapidAir is actively seeking to partner with additional businesses to further expand its product portfolio and enter new geographies and markets.

Gryphon was advised by legal counsel Kirkland & Ellis and financial advisor BMO Capital Markets. Lincoln International served as the exclusive financial advisor to RapidAir, and Katten Muchin Rosenman served as legal counsel.

# # #

About RapidAir

Founded in 2003 and headquartered in Auburndale, WI, RapidAir is a provider of downstream compressed air solutions, including fittings, accessories, aluminum piping, and filtration products. The Company serves customers in the automotive aftermarket, transportation and fleet, distribution center, warehouse, and light-and-medium duty manufacturing end markets.

About Gryphon Investors

Gryphon Investors is a leading middle-market private equity firm focused on profitably growing and competitively advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9+ billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

Contact:

Lambert

Caroline Luz

203-570-6462

cluz@lambert.com

or

Jennifer Hurson

845-507-0571

jhurson@lambert.com

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Precinmac to be Acquired by Centerbridge Partners

BainCapital

Precinmac to be Acquired by Centerbridge Partners

Partnership will enable leading manufacturer of high-complexity precision components to continue investing in expanding capabilities and driving growth

SOUTH PARIS, ME — October 14, 2024 — Precinmac LP (“Precinmac” or the “Company”), a leading manufacturer of high-complexity precision components, today announced a definitive agreement to be acquired by funds advised by affiliates of Centerbridge Partners, L.P. (“Centerbridge”), a leading private investment firm. Centerbridge is acquiring Precinmac from an investor group comprising Pine Island Capital Partners, Bain Capital’s Private Credit Group and Compass Partners Capital, who have been the Company’s investment partners since April 2020.

Precinmac is a supplier of complex precision components for mission-critical applications in aerospace, defense, space, semiconductor and other high-requirements end markets. The Company serves these customers through a network of nine facilities across the United States and Canada.

“Precinmac is an impressive platform with unique capabilities, strong customer relationships and an exceptional track record of growth. We are excited to partner with a company and team of this caliber,” said Steve Silver, Global Co-Head of Private Equity and Senior Managing Director at Centerbridge.

“Through Precinmac’s constant focus on operational excellence and service to its customers, the Company has positioned itself to benefit from an array of powerful secular tailwinds across its end markets. We are thrilled to be partnering with CEO Eric Wisnefsky and his team,” added Conor Tochilin, Senior Managing Director at Centerbridge.

“We have enjoyed our partnership with Bain Capital, Pine Island and Compass and are grateful for their support over the past few years. We are excited to begin our next chapter of growth with Centerbridge. Their investment will help us continue to support our customers’ growth, the expansion of our capabilities and investment in our people,” said Eric Wisnefsky, CEO of Precinmac.

“It has been a privilege to partner with Eric and his talented team in supporting the build-out of Precinmac into a fully integrated best-in-class platform,” said Matt Evans, a Partner at Bain Capital.

“With a clearly defined growth strategy and an experienced leadership team in place, we believe the Company is well-positioned to continue its upward trajectory under Centerbridge’s ownership,” added Phil Cooper, Managing Partner at Pine Island. “We greatly appreciate all that management has accomplished,” said Stephen Waters, Managing Partner at Compass.

This transaction, which is subject to customary closing conditions and approvals, is expected to close in the fourth quarter of 2024. Financial terms of the private transaction were not disclosed.

Goldman Sachs & Co. LLC is serving as financial advisor and Weil, Gotshal & Manges LLP is serving as legal counsel to Precinmac. Evercore is serving as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to Centerbridge.

About Precinmac

Precinmac is a leading manufacturer of high-complexity, precision machined components and assemblies for aerospace, defense, space, semiconductor and other high requirements end markets. Precinmac offers a single-source solution for precise, high-quality, and on-time manufacturing to top-tier customers globally, with a dedication to customer service, operational excellence, and continuous improvement. Precinmac serves these customers through a network of nine facilities across the United States and Canada. Learn more at www.precinmac.com.

About Centerbridge Partners

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of June 30, 2024, has approximately $38 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com | LinkedIn.

About Pine Island Capital Partners, LLC

Pine Island Capital Partners is a U.S. based private equity firm investing in aerospace, defense and energy.

About Bain Capital Credit

Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital, real estate, life sciences, and insurance, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About Compass Partners Capital

Compass Partners Capital (www.compasspartners.com) is a private investment firm focused on helping companies seize 21st century opportunities. Compass invests in high-priority aerospace, defense, and industrial platforms to create value for investors through active management. The Compass team’s multi-disciplinary backgrounds of deep investment and industry experience complement a core ethos centered on trust and collaboration, passion for excellence, and an enduring belief in humility and adaptability. As patriotic investors, Compass partners with owners, investors, and management teams to drive growth, enhance profitability, and strengthen U.S. national security.

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Robin Radar and Parcom join forces to accelerate global expansion, innovation and scale up in radar technology

Parcom

The shareholders of Robin Radar and investment company Parcom have reached an agreement on the acquisition by Parcom of Robin Radar, a leading developer of radar systems specialised in detecting and tracking small flying objects. In partnership with Parcom, Robin Radar’s management aims to continue its current growth trajectory. In the coming years, the company will focus on expanding its presence in existing markets, while targeting growth in new sectors and geographies, particularly North America.

Founded in 2010 as a TNO spin-off, headquartered in The Hague, Netherlands, Robin Radar has established itself as a global leader in radar systems designed to detect and classify birds and drones. The company’s radar solutions serve a range of critical industries, including defence, security, civil and military aviation, and wind farms. It provides innovative solutions to reduce bird strikes as well as drone-related security risks. Robin Radar’s unique technology, particularly its proprietary software, has made it the radar solution of choice for a diverse range of applications.

With this new partnership, Robin Radar is set to expand its presence in key markets. The company will further invest in the development of new radar solutions to meet the changing needs within the sector. In addition to product development, Robin Radar will focus on increasing its sales and services rollout in the rapidly growing defence and civil market segments, including in North America. To facilitate joint growth, Robin Radar and Parcom will drive an ambitious scale-up strategy, expanding the organisation and increasing assembly outsourcing.

Siete Hamminga, CEO of Robin Radar: “We are super excited about the partnership with Parcom. It marks a new chapter in our adventure to rollout, scale up and innovate. With their support, we are well-positioned to accelerate these ambitions and continue delivering high-quality radar solutions that meet the growing needs of our customers.”

Norman Bremer, Partner at Parcom: “Robin Radar’s innovative approach to radar technology has allowed them to make a significant impact across multiple sectors. We are impressed by the experienced management team and open, collaborative team culture, both fundamental to the company’s success. We are thrilled to support the team’s ambitious plans for growth, particularly as the company expands internationally and into new markets.”

Financial details of the transaction will not be disclosed. The transaction is subject to regulatory approvals.

About Robin Radar

Robin Radar is a radar solutions provider, based in The Hague, The Netherlands. The company is a technology leader in radar tracking and classification of small objects. Its mission is to provide actionable information to increase safety.

More information: www.robinradar.com

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After acquiring EMS Factory, Alliance Electronics invests in TXCube to enhance its technical and industrial expertise in Europe, with the support of Waterland Private Equity

Waterland

Paris, 10 October 2024 – Alliance Electronics, a leading electronics design and manufacturing group, announces the acquisition of TXCube, a specialist in the design and industrialization of complete electronic products. This acquisition follows the purchase of EMS Factory, a specialist in rapid electronic prototyping. These two strategic integrations, supported by Waterland Private Equity, will allow Alliance Electronics to strengthen its offering of value-added services and its position as an industrial leader in Europe.

Founded in 2009 by Elisabeth Partouche and Daniel Mawas, TXCube is a French expert in the design and industrialisation of electronic products, expected to reach over €12 million in revenue in 2024. With strong expertise in electronics, mechanics, embedded software, and “Design-to-Cost,” TXCube serves major companies from the CAC40, medium-sized businesses, and startups in France, Europe, and beyond.

Elisabeth Partouche views this partnership as a significant step in TXCube’s development: “With the ‘Made in Europe’ and ‘Made in France’ production capabilities of the Alliance Group, we can provide a broader manufacturing offering to our clients, driving further growth. Several new ‘Made in France’ projects are already in motion.”

Acquired in late July, EMS Factory is a Bordeaux-based company specializing in online rapid prototyping. Founded in 2015 by Pierre-Yves Sempere and Damien Michaud, EMS Factory employs 20 people and is known for its technical expertise and ability to produce complex electronic board and cable prototypes on very short deadlines. EMS Factory supports major industrial groups, medium-sized companies, research centers, and startups with their most complex projects across France and Europe.

Damien Michaud, who will remain at the helm of the company, commented: “I am excited by Alliance’s industrial vision, the growth opportunities it presents, and the potential to offer EMS Factory’s clients greater production capacity.”

These 6th and 7th acquisitions mark another significant step in Alliance Electronics’ development strategy, bringing its revenue close to €150 million. The group aims to reach €300 million by 2026.

Damien Rossignon, President of Alliance Electronics, commented: “These acquisitions mark a key milestone in expanding our subcontracting offering with high-value-added services for our clients. The seamless integration of design, prototyping, industrialization, and mass production allows us to offer a ‘one-stop-shop’ solution. This reduces time-to-market, optimizes production costs, and improves quality. We look forward to leveraging these synergies with the teams at TXCube and EMS Factory.”

Based in Rosheim, Alsace, Alliance Electronics is a major industrial player specializing in design, prototyping, and manufacturing of small and medium series electronic assemblies for international clients. The Group now operates 9 industrial sites across 4 countries: France (where its headquarters are located), Portugal, Belgium, and Tunisia.

The founders of EMS Factory and TXCube are reinvesting alongside Waterland within the Alliance Electronics group, as is Andera Croissance, which has been a shareholder of TXCube since its OBO three years ago.

“With these two new areas of expertise, Alliance Electronics strengthens its value chain and its technological and industrial service offering. EMS Factory enhances the prototyping activity while providing new commercial synergies, and TXCube supports the group’s position as a designer-manufacturer of electronic systems, offering new complete and turnkey solutions.” – Louis Huetz, Partner at Waterland.

About EMS Factory
Founded in 2015 in Martillac, in the Bordeaux region, EMS Factory is a key player in Europe in online electronic prototyping. Specializing in the design and production of small- and medium-series electronic boards, the company offers a complete range of services (prototyping, electronic board assembly, cabling, rework, engineering, product assembly, etc.). Thanks to full digitalization of its processes and a 4.0 factory, EMS Factory meets the most demanding needs with speed, flexibility, and precision.

About TXCube
TXCube is a French company that supports its clients from the prototype phase to industrial series production by leveraging its teams’ technical expertise, supplier networks, and overseeing all phases of industrialization. TXCube has expertise in the design, industrialization, and manufacturing of complete electronic product series, guiding clients from project inception to industrial production. With teams based in France and China, TXCube advises on the most suitable industrial model. The goal is to guarantee a “Time to Market” with a product that meets the requirements at an objective manufacturing cost while ensuring quality control and product compliance.

About Andera Partners
Founded over 20 years ago, Andera Partners is a major player in private equity in France and internationally. Its teams manage €4.3 billion across life sciences (Andera Life Sciences), growth capital and buyouts (Andera MidCap, Andera Expansion/Growth, Andera Co-Invest), sponsorless transactions (Andera Acto), and ecological transition (Andera Infra). Andera Partners’ mission is to support companies and their leaders in achieving strong and sustainable growth. The quality of performance offered to investors is based on a strong partnership between portfolio entrepreneurs and our teams, built on shared values. “The Power of And” represents the DNA of Andera Partners.
Based in Paris, with offices in Antwerp, Milan, and Munich, Andera Partners is 100% owned by its teams, composed of nearly 115 people, including 72 investment professionals. It is organized as a partnership and led by a committee of 13 partners.

Press contacts:
Ellie Hallam – waterland@wearehollr.com | +44 750 20 91 18
Laurence Van Doosselaere – vandoosselaere@waterland.be | +32 473 88 05 21

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Equistone portfolio company SF-Filter maintains growth trajectory and expands footprint through acquisitions of Filter Center and Filter Agri

Equistone

SF-Filter Group (“SF-Filter”), in which funds advised by Equistone Partners Europe have held a majority stake since September 2022, is continuing its growth trajectory with two further add-ons. The Swiss group is significantly expanding its position as a pan-European sales platform with the takeover of Filter Center, one of Italy’s largest independent wholesalers in the mobile and industrial filtration market. SF-Filter has also acquired Filter Agri, a start-up specialising in agricultural filter solutions.

With a broad product portfolio as well as end customers and resellers from more than 60 countries, SF-Filter has positioned itself as a major one-stop-shop for filtration. Founded in 1962 and based in Bachenbuelach, Zurich, the group provides filter solutions for a range of applications in areas including air, fuel, hydraulics, pneumatics, liquids, dust extraction, and air conditioning technology.

Since September 2022, funds advised by Equistone have owned a majority stake in SF-Filter, supporting its internationalisation and growth trajectory. Following the takeover of Busse & Kuntze in October 2023, SF-Filter made two further strategically important acquisitions at the beginning of this year. With the acquisition of the filter specialist Ostholte and its former sales partner Hermans Brems, SF-Filter has strengthened its market position in Germany and Belgium, as well as driven forward digitalisation towards a cloud-only company. The group is currently also building a 17,000 square-metre logistics centre in Immendingen, south-west Germany, with the new facility ranking among the largest, most efficient and most modern in the industry and representing an important milestone in the move towards offering 24-hour accessibility to all customers in Europe.

Through the acquisition of Filter Center, SF-Filter has secured direct access to the attractive and fast-growing Italian market. Filter Center, headquartered near Parma, has been one of the largest independent providers of mobile and industrial filtration solutions in the Italian filter market since its foundation in 1992. The acquisition will provide SF-Filter with Filter Center’s comprehensive expertise in the compressed air segment and the platform to develop its brand in the Italian market, as well as strengthening the group’s reseller business through intensified cooperations and facilitating the roll-out of the SF-Filter service portfolio across Italy.

“With the acquisition of Filter Center as a market leader in Italy, we are opening up a new, extremely promising sales region for our group,” explains Daniel Infanger, CEO of SF-Filter. “Both companies have impressive synergies in their business models and Filter Center also brings extensive know-how in a sub-area of industrial filtration. Important factors with which we will once again significantly expand our group’s already leading position within the industry. We are very much looking forward to working with the motivated and determined local management team at Filter Center and to achieving new successes with a shared vision,” Infanger adds.

“SF-Filter has developed excellently since the Equistone funds acquired a majority stake two years ago and has continuously expanded its international position as a pre-eminent distribution platform specialising in filtration through targeted acquisitions. With the two most recent acquisitions, SF-Filter has not only successfully entered the Italian market but is also significantly driving forward consolidation as an important player in the highly fragmented European filtration market,” explains David Zahnd, partner in Equistone’s Zurich office.

Enrico Losa, Managing Director of Filter Center, adds: “By integrating into the group, Filter Center gains access to the broadest product range in the industry, which creates new growth opportunities for our company. With the strong brand and the excellent reputation of SF-Filter behind us, we are ideally positioned to further expand our market position. What is particularly valuable for us is the access to the first-class, group-wide service portfolio and the SF-Filter private label brand, which enables us to offer our customers the best service and high quality.”

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