Electrical & Electronic Components

Customized Solutions. Superior Execution.
Unparalleled Results.

Western Reserve’s professionals have extensive experience in the electrical & electronic components industry, having completed over 35 transactions at a collective value of nearly $2 billion in the following sectors:

  • Electrical Components & Equipment
  • Electronic Manufacturing Services
  • Power Generation Equipment

Representative Experience

AESCO

lucites-aesco 2AESCO ELECTRONICS, INC.

Western Reserve served as exclusive investment banker to AESCO Electronics, Inc. in its sale to AirBorn Inc., a leading manufacturer of electronic components and provider of value-added services based in Addison, Texas.

Headquartered in Akron, Ohio, AESCO is a full service, ISO Certified electronic contract manufacturer and electronic distributor.  The company’s products range from individually populated circuit boards to completely assembled and tested systems.  AESCO serves a diverse group of customers, including electronic manufacturers of medical instrumentation, military electronics, semiconductor instruments, industrial controls and commercial products

“AESCO is an outstanding company with a long history of providing high quality design and manufacturing services to its customer base,” said Cindy Lewis, CEO of AirBorn. “At a time when U.S. defense budgets are projected to continue declining over the next decade, this acquisition will complement our current business, build new opportunities and significantly advance our vision of providing value added solutions to our customers.”

By adding 300 employees from AESCO, AirBorn will increase its employee base by 30% to approximately 1,400 employees. The acquisition of AESCO also increases AirBorn’s bottom line. Combined sales for AirBorn are approximately $160 million.

“With AirBorn’s strong position and history in defense markets, we see an acceleration of our long-term market growth plans. We are very much looking forward to becoming an important part of the AirBorn team,” said Roger Engle, president of AESCO.

Leading the transaction for Western Reserve were Managing Director Mark Filippell and Director Kevin Mayer, supported by Associate Ante Turcinov and Analyst Jessica Fleck.

“This sale to Airborn is a great outcome for all AESCO stakeholders,” said AESCO Chief Executive Officer William Feth.  “The team at Western Reserve did an outstanding job in advising our senior management and Board of Directors on the best business and legal structure  to frame an advantageous deal with Airborn.  They were extremely helpful in breaking several negotiation logjams during the extended discussion process.  The combination with Airborn represents the best strategic outcome for all of our stakeholders.  Western Reserve’s keen understanding of our business model and competitive landscape were essential in delivering superior value.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Quatech

QUATECH, INC.

Western Reserve acted as exclusive financial advisor to Quatech Inc., a subsidiary of DPAC Technologies (NASDAQ: DPAC) in its sale to B&B Electronics, a portfolio company of Graham Partners. Western Reserve also rendered a fairness opinion to DPAC’s Board of Directors in connection with the transaction. This represented the firm’s second engagement by Quatech, as Western Reserve advised the company in its 2006 reverse merger with DPAC.

DPAC, headquartered in Hudson, Ohio, designs and markets enterprise and industrial grade wireless device networking solutions that allow OEMs to embed “Wi-Fi” modules into their product designs.  The company’s products are used in an array of machine-to-machine (M2M) applications and end-markets, including retail point of sale, healthcare, transportation, industrial automation and homeland security markets, among others.

“This sale to B&B Electronics is a great outcome for all DPAC stakeholders,” said DPAC Chief Executive Officer Steven Runkel.  “Western Reserve was instrumental in identifying B&B as a potential acquirer, assisting us in efficiently clearing the market for other potential buyers and then negotiating an advantageous deal with B&B on our behalf.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

AIA

lucite-avtron (2)AVTRON INDUSTRIAL AUTOMATION INC. (PORTFOLIO COMPANY OF MORGENTHALER PRIVATE EQUITY)

Western Reserve served as the exclusive investment banker to Avtron Industrial Automation Inc. (“AIA”), a portfolio company of Morgenthaler Private Equity (“Morgenthaler”), in its sale to Nidec Corporation (“Nidec”).  The transaction closed on September 28, 2012 and was led by Managing Director Joseph Carson and Vice President Matthew Mueller of the Industrial Group, supported by Associate Matthew Reus and Analyst Gregory Hill.

Headquartered in Independence, Ohio, AIA is a leading provider of highly engineered control and automation solutions for heavy industries where operational uptime and throughput are critical to customers’ profitability.  The company’s encoder products, drive systems solutions and service offerings are key components for the precise control of the motion of heavy industrial equipment.  Applications include: oil and gas drilling rigs, port cranes and hoists, mining shovels and draglines, maritime vessel propulsion systems and continuous mill machinery such as steel rolling mills and paper machines.

“We were delighted to represent AIA’s shareholders and to work with the management team on this transaction,” said Mr. Carson.  “With Morgenthaler’s backing, AIA has achieved a strong record of growth and developed a market leading position in industrial encoder products and drive system solutions.  The combination with Nidec represents a powerful partnership and is a great outcome for both companies.”

Dennis Anderson, AIA’s President, stated “Western Reserve’s strategic direction was critical for our management team in navigating the sale process, which resulted in the right strategic partner for us. We are excited to combine our deep engineering expertise and North American market presence with Nidec’s operations and global reach.”

Of working with Western Reserve, Peter Taft, Partner at Morgenthaler Private Equity said, “We are very pleased with the guidance Western Reserve provided us in executing this transaction.  Their expertise and dedication to consummating the transaction resulted in a very favorable outcome.”

Morgenthaler is a leading private equity and venture capital firm with nearly $3 billion under management.  For over 40 years, the firm has dedicated to helping build value in more than 300 companies. With private equity locations in Cleveland, OH, and Boston, MA, Morgenthaler focuses on the lower-middle market with transaction values between $25 – $150 million and EBITDA in excess of $5 million. The private equity firm makes investments in profitable, family and entrepreneur businesses and corporate divestitures in two sectors: highly-engineered manufacturing and business services.

Founded in 1973, Nidec is a manufacturer and distributor of electric motors and related components and equipment with headquarters in Kyoto, Japan.  The company provides discrete and variable speed motors and pumps, electronic motor controls and other electronic components. Nidec comprises over 160 consolidated and affiliated subsidiaries, with over 100 manufacturing and sales locations in 24 countries with more than 105,000 employees.

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

MISCOR

miscorv3MISCOR GROUP LTD.

Western Reserve served as the exclusive financial advisor to the Board of Directors of MISCOR Group Ltd. (OTCPK: MIGL) in its sale to Integrated Electrical Services, Inc. (NASDAQ: IESC).  Western Reserve also rendered a fairness opinion to MISCOR’s Board in connection with the transaction.

MISCOR, based in Massillon, Ohio, provides electrical and mechanical solutions to customers throughout the United States and abroad through its two operating segments, Industrial Services and Rail Services.  The Industrial Services segment provides maintenance and repair services for AC and DC electric motors and generators, as well as power generating and distribution equipment; manufactures, remanufactures and repairs industrial lifting magnets; and provides maintenance and repair services for railroad main and auxiliary generators, main alternators and traction motors. The Rail Services segment manufactures and remanufactures EMD style power assemblies for the 567, 645 and 710 engine families.

William Schmuhl, Chairman of the Special Committee of MISCOR’s Board of Directors, commented, “The special committee valued the advice and counsel provided by Western Reserve Partners throughout this process.  Their knowledge of the industry and dedication to a successful outcome were critical to this transaction.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Dekko

lucite-groupdekkoGROUP DEKKO INTERNATIONAL (COMPRISES PENT TECHNOLOGIES, INC. AND DEKKO TECHNOLOGIES, INC.)

Western Reserve acted as exclusive financial advisor to Pent Technologies, Inc. and Dekko Technologies, Inc., together comprising Group Dekko International, in their sale to Centre Partners Management LLC. Western Reserve also provided a fairness opinion to the Board of Directors in this transaction.

Group Dekko, headquartered in Kendallville, Indiana, is a leading provider of highly engineered electrical, wire, plastic and metal subcomponents; finished products; and fixtures and related assemblies for the office furniture, transportation, lighting, appliance, medical device and consumer product end markets. Utilizing more than 190 active, pending and provisional patents, Group Dekko has a broad range of manufacturing and assembly capabilities, including metal forming, stamping, powder coating, plastic molding and extrusion, product assembly and built-to-order, highly customized products. The company employs more than 1,500 people in 30 modern facilities located in Indiana, Iowa, Alabama, Texas and Mexico.

The Group Dekko constituent boards decided to explore a sale of the company to allow the shareholders to achieve liquidity while ensuring new ownership supportive of obligations to employees and constituents.  Through a competitive process, Western Reserve introduced Group Dekko to numerous financial and strategic buyers.  Western Reserve also assisted in negotiating the transaction price and the purchase agreements.

Group Dekko was acquired by Centre in August 2006.  Centre is a leading middle-market private equity firm with offices in New York, Los Angeles and Dallas. Key members of Group Dekko’s senior management team partnered with Centre in its investment through a newly formed entity, Group Dekko Holdings, Inc.

Group Dekko Chief Executive Officer Steven Hankins said, “Our senior management and employees are excited to have Centre Partners as our business and financial partner. We never would have connected with them or worked out a deal without Western Reserve’s help. They were with us every step of the way and did a terrific job.”

Group Dekko Chief Financial Officer Charles Schrimper said, “The Western Reserve team worked hard to achieve the best possible result for Group Dekko’s shareholders and employees. They gave us extraordinary client service.”

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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

Radix

lucite-radixRADIX ENTERPRISES

Western Reserve Partners served as the exclusive investment banker to Radix Enterprises in its sale to the Hunter Valley Company and the Vitruvian Group.  The transaction was led by Managing Director Mark Filippell and supported by Vice President David Helsel and Analyst Matthew Francati.

Radix is a leading manufacturer and global supplier of UL, CSA and factory rated high temperature and high performance insulated electrical wires and cables.  Headquartered in Euclid, Ohio with an additional plant in Aurora, Ohio, Radix sells its products to OEMs and industrial customers for use in consumer, industrial, commercial and numerous other applications.  Radix holds significant market share in the industry and is well known amongst customers, suppliers and domestic and foreign competitors.

“Western Reserve is proud to have worked with Radix, who over the last 70 years has done a remarkable job of developing the company into the domestic leader in the high temperature wire industry,” said Mr. Filippell. “We are delighted we were able to identify local investors who shared the same values and long term goals for the company as Radix’s owner, MaryLou VerMerris.”

MaryLou VerMerris said, “We were looking to find a partner that could assist us in taking the business to the next level.  I am confident that the Hunter Valley and Vitruvian team will continue to develop a strategic plan focused on growth opportunities.”

Other Electrical & Electronic Components Clients

  • Data Circuit Systems

    Quick-turn provider of multilayer printed circuit boards and related engineering solutions

    Sold to: Merix Corp. (Beaverton, OR)

  • Power Circuits

    Manufacturer of time-critical printed circuit boards primarily for the communications and networking industries

    Sold to: TTM Technologies, Inc (Santa Ana, CA)

  • Thermagon Inc.

    Developer and manufacturer of thermally conductive materials for electronics applications

    Sold to: The Laird Group PLC (London, England)

  • PECO II, Inc.

    Western Reserve acted as exclusive financial advisor to PECO II, Inc. (NASDAQ: PIII) in its sale to Lineage Power Holdings, Inc., a portfolio company of The Gores Group. Western Reserve also rendered a fairness opinion to PECO II’s Board of Directors in connection with the transaction.

    PECO II, headquartered in Galion, Ohio, provides engineering and on-site installation services and designs, manufactures and markets communications power systems and power distribution equipment. As the largest independent full-service provider of telecommunications power systems, PECO II provides total power quality and reliability solutions and supports the power infrastructure needs of communications service providers in the local exchange, long-distance, wireless, broadband and Internet markets.

    PECO II’s senior management and Board of Directors engaged Western Reserve to advise the company on strategic alternatives aimed at maximizing shareholder value. Western Reserve introduced PECO II to numerous financial and strategic buyers (including Lineage), facilitated a competitive bidding process, negotiated the transaction and rendered a fairness opinion to PECO II’s Board of Directors. The transaction represented a 51% premium over the company’s closing share price the day before announcement.

    PECO II was acquired by Lineage in April 2010. Headquartered in Plano, Texas, Lineage, traces its heritage of patented innovation to AT&T, Bell Labs, Lucent Technologies and Western Electric. Lineage delivers reliable and intelligent power conversion solutions with energy-efficient AC-DC power supplies, DC-DC board-mounted power modules, telecom energy systems and custom power products backed by local field expertise in more than 25 locations worldwide. The Gores Group, headquartered in Los Angeles, California, is a leading private equity firm focused on acquiring controlling interests in mature and growing businesses that can benefit from the firm’s operating experience and flexible capital base.

    John Heindel, Chief Executive Officer of PECO II, said, “The team at Western Reserve did an outstanding job in advising PECO’s senior management and Board of Directors as to our strategic alternatives. The combination with Lineage represents the best strategic outcome for all of our stakeholders. Western Reserve’s keen understanding of our business model and competitive landscape, together with their expertise and perseverance in maintaining a competitive process in a very difficult M&A environment, were essential in delivering superior value to our shareholders.”

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Tenere Inc. (portfolio company of Stonehenge Partners Inc.)

    Western Reserve Partners served as the exclusive investment banker to Tenere Inc., a portfolio company of Stonehenge Partners, Inc., in the sale of the business to The Watermill Group, a strategy-driven private investment firm based in Lexington, Massachusetts.  The transaction was led by Managing Director Joseph Carson and Vice President Rebecca White of the Industrial Group, supported by Analyst Christopher Santagate.

    Headquartered in Dresser, Wisconsin, Tenere is a full-service designer and fabricator of complex metal and plastic components and assemblies.  Tenere fabricates sheet metal, injection molded products and machined products, as well as providing integration and system-level assembly services for original equipment manufacturers (OEMs) in the network communications, enterprise software, agriculture, medical and aerospace industries.

    “We enjoyed representing Tenere’s shareholders and working with the management team through this process,” said Ms. White.  “As a result of Stonehenge’s longstanding partnership, Tenere was well-positioned with strong leadership, state-of-the-art facilities and excellent customer relationships.  Watermill’s strategic insight and management expertise will make for a very valuable partnership going forward.”

    “I believe Tenere’s potential is limitless,” said Jon Fisk, Tenere’s chief operations officer. “We’re approaching a critical phase in the growth of our company, and Watermill is the right partner to help us expand and scale to the needs of our customers.”

    Of working with Western Reserve, Stephen Kimpel, Principal at Stonehenge, said, “We appreciate the expertise and dedication that the Western Reserve team put into this process to ensure a successful outcome for our shareholder group and provide an ideal partner for Tenere’s management team and employees.”

    Stonehenge Partners, based in Columbus, Ohio, manages $700 million in committed mezzanine debt and equity capital and is currently investing from a $250 million fund.  Stonehenge targets investments of $5 million to $25 million with a focus on companies with strong market positions in Niche Manufacturing, Value-Add Distribution, Business Services, and Healthcare.

    The Watermill Group is a strategy-driven private investment firm that revitalizes companies to reach their full potential. For more than three decades, Watermill has been acquiring, operating and improving companies. Watermill looks for businesses at a crossroads and applies a unique combination of strategic insight and management expertise to re- imagine their future and drive growth.

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    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

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