Cortec Group, the New York private equity firm, said an affiliate invested in Chauvet and Sons LLC, the Sunrise, Florida, developer of entertainment and lighting equipment with applications for clubs and theaters, concerts, corporate events, houses of worship and more. Terms of the investment, made in partnership with Chauvet managers, weren’t disclosed. The deal “is the second platform investment in Cortec Fund VI, a $1.1 billion fund that closed in May 2015,” the firm said in a statement.
New York, NY – Cortec Group (“Cortec”), a private equity firm which invests in consumer, healthcare, and specialty products, service and distribution businesses, announced that on March 29, 2016, a group led by its affiliate, Cortec Group Fund VI, L.P. (“Cortec Fund VI”), in partnership with management, made a substantial investment in Chauvet and Sons, LLC (“Chauvet” or the “Company”). Terms of the transaction were not disclosed.
Founded in 1990 by Albert Chauvet and headquartered in Sunrise, Florida, Chauvet is a leading developer and marketer of branded entertainment and architectural lighting products, trussing, controllers and related equipment used in applications ranging from DJ, club, corporate events, hospitality venues, and houses of worship, to more demanding settings including concert tours, theaters, television and “architainment.” The Chauvet family remains a significant investor in the company.
Chauvet serves customers throughout the world from its facilities in the U.S. (Florida and California), United Kingdom, Belgium and Mexico as well as via a global network of approximately 2,000 authorized dealers and distributors. Albert Chauvet, who will continue to lead the business, stated: “Finding the right partner to help our team continue its rapid pace of new product introductions, global expansion and growth was critical. Cortec understood our business and brought relevant experience to the table. They did everything they said they would, and closed the transaction on schedule and as promised.”
“We have been very impressed by Chauvet’s strong position in the DJ market and how, through their focus on product innovation and superior value proposition, they have established themselves as a leading player in the Professional market” said Scott Schafler, a Managing Partner at Cortec. “We look forward to supporting Albert and the Chauvet management team as they continue to grow their business and market presence globally” added David Schnadig, a Managing Partner at Cortec. Jonathan Stein, a Partner at Cortec, concluded “Chauvet is a great fit for Cortec; we are confident that our experience successfully partnering with and providing expansion capital for entrepreneur-owned businesses can bring value to Chauvet.”
The Chauvet transaction is the second platform investment in Cortec Fund VI, a $1.1 billion fund that closed in May 2015.
Chauvet is a leading developer of luminaires, trussing, controllers, atmospherics and related equipment marketed globally under four main brands: CHAUVET® DJ, CHAUVET® Professional, ILUMINARC® and TRUSST®. Each Chauvet brand serves a different customer need, but shares the Company’s focus on positively impacting every market segment with a competitive advantage in terms of value, innovation and performance. Founded in 1990 by Albert and Berenice Chauvet, the Company is widely recognized for its leadership in bringing successful concepts to market, including pioneering the development of affordable LED color mixing fixtures. To find out more about Chauvet, its mission, vision, career opportunities and corporate charitable and community activities, please visit www.chauvetlighting.com.
Founded in 1984, Cortec acquires high value-added, middle-market consumer, healthcare, and specialty products, service and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.