The Resolute Fund II, a private equity fund managed by The Jordan Company II, is selling Casco Automotive Group, a division of Cap-Con Automotive Technologies to Amphenol Corporation. The Resolute Fund II acquired Cap-Con Automotive Technologies Group in November 2012.
The Resolute Fund II, L.P., a private equity fund managed by The Jordan Company II L.P., today announced that it has entered into a definitive agreement to sell Casco Automotive Group (“Casco”), a division of Cap-Con Automotive Technologies Ltd. (“Cap-Con”), to Amphenol Corporation (NYSE: APH). The Resolute Fund II SIE, L.P., in partnership with the existing management team, acquired Cap-Con Automotive Technologies Group Ltd. (formerly known as Sequa Automotive Group) in November 2012. The company operates under two business segments: Casco and ARC Automotive (“ARC”). The purchase price is $450 million, subject to customary closing adjustments.
Founded in 1921 and headquartered in Bridgeport, Connecticut, Casco is a market leading supplier of highly engineered interior connectivity, power connectivity and sensor products to the worldwide automotive market, with annual sales of approximately $220 million. Casco has seven plants worldwide, including four development centers, with facilities in the Americas, Europe and Asia. The company employs approximately 1,300 people worldwide.
Subsequent to the sale of Casco, Cap-Con will retain full ownership of ARC, a leading manufacturer of inflators for driver- and passenger-side airbags as well as inflators for side-impact and curtain applications. ARC serves its customer from manufacturing facilities in the U.S., Mexico and China.
“Being part of Casco’s growth over the last 25 years from a single plant to a global brand has been an amazing journey. The Jordan Company has been a great partner in strengthening the foundation for continued future growth,” said Ali El-Haj, who will remain CEO of Cap-Con. “Cap-Con will continue to focus on serving the global automotive industry with inflator technology and will remain committed to providing our customers with innovative, high quality, competitive products and services.”
The Jordan Company, founded in 1982, is a middle-market private equity firm with approximately $8 billion of original capital commitments and a 30-year track record of investing in and contributing to the growth of over 100 companies across a wide range of industries, including aerospace and defense, industrial, consumer, packaging, automotive, chemicals, energy and telecom.
“The Casco business will be in good hands under Amphenol’s stewardship as the products are highly complementary,” said Jonathan F. “Jeb” Boucher, a Managing Partner at The Jordan Company. “We look forward to continuing to own and grow the Cap-Con business. Significant opportunities remain for ARC as vehicle airbag content continues to rise due to increasing demand for safety features in both developed and emerging markets.”
The transaction is expected to close in 2014.
Harris Williams & Co. is acting as financial advisor to Cap-Con. Mayer Brown LLP is acting as legal advisor to Cap-Con.
About The Jordan Company LP
The Jordan Company (www.thejordancompany.com), founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $8 billion with a 30-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. The senior investment team has been investing together for over 20 years and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.
About Cap-Con Automotive Technologies Ltd.
Cap-Con Automotive Technologies is a leading global supplier of niche and highly-engineered automotive components. Cap-Con operates under two business segments: ARC and Casco. ARC is a leading independent provider of airbag inflators for use in driver, passenger, side-impact and curtain modules. Casco is a market leading supplier of interior connectivity, power connectivity and sensor products to the worldwide automotive market. Cap-Con’s blue chip customer base is comprised of the world’s leading automotive original equipment manufacturers and Tier I automotive suppliers.
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