Audax Group’s Winchester Electronics Wraps Electrical Specialty Deal

Winchester Electronics Corp., a Connecticut-based portfolio company belonging to the Audax Group, the LBO shop with offices in Boston and New York, is acquiring Electrical Specialty Products. Based in South Carolina, Electrical Specialty Products is a maker of cable assemblies for industrial end market companies. Business Acquisition & Merger Associates advised the target. Specifics of the deal were not publicized.

PRESS RELEASE:

Winchester Electronics Corporation Announces the Acquisition of Electrical Specialty Products

8/8/2012

Wallingford, CT – August 8, 2012 – Winchester Electronics Corporation (“Winchester”), a portfolio company of Audax Group, announced it has completed the acquisition of Electrical Specialty Products, Inc. (“ESP”). The acquisition of ESP complements the product offering of Winchester, which Audax acquired in June 2006. Headquartered in Spartanburg, South Carolina, ESP is a manufacturer of cable assemblies for power management and ruggedized industrial end markets. Winchester, based in Wallingford, Connecticut, is a designer and manufacturer of connectivity solutions, including both connectors and cable assemblies, for diversified end markets including medical, military, energy & power, and ruggedized industrial, among others. Since Audax’ investment, Winchester has acquired Kings Electronics Corporation, Inc. of Rock Hill, South Carolina in May of 2007, and Advanced Interconnect, Inc. of Franklin, Massachusetts in April of 2007.

Oliver C. Ewald, Managing Director of Audax Group, said “Winchester is a leader in its market segments within the electronic connectors industry. The acquisition of ESP diversifies its customer base and product offering. We will continue working with Kevin Perhamus and the Winchester management team to build the business through new product offerings, global expansion, and synergistic add-on acquisitions.”

Kevin Perhamus, Chief Executive Officer of Winchester, said “This is an exciting development for our company and customers. ESP’s superior reputation for customer service coupled with an exceptional management team makes them a natural addition to the Winchester family of companies. We look forward to working with ESP to share best practices across the businesses.”

Jay Robinson, Chief Executive Officer of ESP, said “This transaction is a positive outcome for ESP. In joining Winchester, we will now be able to provide additional services and capabilities to our customers, while maintaining the standards of quality and service that they have come to expect.”

Business Acquisition & Merger Associates advised ESP. K&L Gates LLP served as counsel to Winchester, and McGuire Woods LLP served as counsel to ESP.

ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has over $4 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt funds. For more information visit the Audax Group website www.audaxgroup.com.