Private equity firm Behrman Capital agreed to sell its portfolio company Data Device Corporation to Transdigm Group Incorporated for $1 billion. The company, based in Bohemia, NY, supplies connectivity, power, and control technologies for aerospace, defense, and industrial applications.
Behrman Capital, a private equity investment firm based in New York and San Francisco, today announced that it has entered into a definitive agreement to sell its portfolio company Data Device Corporation (“DDC” or “the company”), a leader in high-reliability connectivity, power, and control solutions for aerospace, defense, and industrial applications, to Transdigm Group Incorporated (NYSE: TDG) in a transaction valued at $1 billion.
Grant G. Behrman, Managing Partner of Behrman Capital, said, “We are very proud of our investment in Data Device Corporation and the role we played in building the company’s leadership position. The DDC value creation story is an exciting one and we believe the business is exceptionally well-positioned for further growth under its new ownership. We commend Vince Buffa and his management team for their leadership and hard work, and wish them and all their colleagues every success in the future as part of Transdigm.”
After partnering with CEO Clifford Lane in 2003 to acquire ILC Industries, the parent of DDC, Behrman has pursued a wide range of strategic initiatives. These include four strategic add-on acquisitions, six dividend recapitalizations and the tax-free spin-off of its ILC Dover business, which enabled both DDC and Dover to focus on their specific long-term growth strategies. In 2011, Behrman recruited Vincent Buffa who as President and CEO has led the team that has driven DDC’s recent success.
Mr. Buffa stated, “The DDC team is grateful to Behrman Capital for its support of our company. Over the years, the Behrman team not only invested the financial resources we needed to execute our growth strategy, but also provided invaluable operational expertise and strategic insight into our business and markets. We benefited extensively from this partnership, which has positioned DDC for a great future.”
Completion of the transaction is expected before the end of the third quarter of 2016.
Latham & Watkins LLP is serving as legal counsel to DDC.
About Behrman Capital
Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are focused in three industries: defense and aerospace, health care services, and specialty manufacturing and distribution. The firm has raised five funds with a combined capital base in excess of $3.0 billion. For more information, please visit www.behrmancap.com.
About Data Device Corporation
Data Device Corporation (DDC) is the world leader in the design and manufacture of high-reliability data networking, power control, and motion control solutions for aerospace, defense, and industrial applications. For more than 50 years, DDC has continuously advanced the state of high-reliability Connectivity, Power, and Control technology with innovations that optimize efficiency, reliability, and performance. DDC headquarters, design and manufacturing operations are located in Bohemia, NY. Visit www.ddc-web.com.