Behrman Capital has recapitalized portfolio company Data Device Corp for $515 million. Based in Bohemia, New York, DDC is a provider of connectivity, power and control solutions for the aerospace, defense and industrial sectors.
NEW YORK, July 20, 2015 /PRNewswire/ — Behrman Capital, a private equity investment firm based in New York and San Francisco, today announced that it has completed a $515 million recapitalization for Data Device Corporation (DDC), a leader in high-reliability connectivity, power, and control solutions for aerospace, defense, and industrial applications. Since acquiring DDC, Behrman Capital and management have created value through a number of successful strategic initiatives, including the acquisitions of Emrise Electronics and National Hybrid Inc as well as the spin-off of ILC Dover.
The recapitalization was completed with a $515 million one-stop facility (that included a $25 million revolving credit facility, which was unfunded at closing). Golub Capital is acting as the administrative agent on the transaction. Proceeds from the credit facilities were used to repay existing debt and accrued interest, pay fees and expenses, and pay a dividend to shareholders.
Grant Behrman, Managing Partner of Behrman Capital, said, “The steps we have taken in partnership with management to build on DDC’s world-class reputation as a leading supplier to the aerospace and defense industries have enabled us to realize significant value for DDC’s investors. We look forward to our continued partnership with DDC as the company executes on its strategic plan and pursues new opportunities for growth.”
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.