Private equity firm ClearLight Partners is exiting its investment in Switchcraft Holdco Inc., selling the company to publicly traded HEICO Corp. Terms were not released. Chicago-based Switchcraft is a designer and manufacturer of electronic connectors and cable assemblies for the electronics industry.
Private equity investment firm ClearLight Partners, LLC announced the signing of a definitive agreement to sell 100% of Switchcraft Holdco, Inc. (“Switchcraft”) to HEICO Corporation (NYSE: HEI and HEI.A). Financial terms of the transaction were not disclosed.
Founded in 1946, Switchcraft is a premier designer and manufacturer of high-performance electronic connectors, cable assemblies, and other value-added products and systems used in diverse applications in the global electronics industry. Headquartered in Chicago, Illinois, the Company operates state-of-the-art manufacturing facilities in Chicago, Illinois, Villa Park, Illinois, and Inchon, Republic of South Korea.
Jay Shepherd, Partner at ClearLight, stated, “Keith Bandolik, Dave Dunmead and the other senior managers at Switchcraft have done an excellent job building the Company since we invested in 2005. All of us at ClearLight wish them the best with their new partner, HEICO.”
Keith Bandolik, President and CEO, added, “We have enjoyed our partnership with ClearLight and appreciate the support and strategic guidance they have provided over the last six years.”
Michael S. Kaye, Managing Partner at ClearLight, stated, “Switchcraft has a great number of exciting growth prospects, and we are confident the management team will be successful in building the Company under HEICO’s ownership.”
Lincoln International LLC is acting as financial advisor to ClearLight and Switchcraft.
About ClearLight Partners
ClearLight Partners is a private equity firm located in Newport Beach, CA with $600 million of assets under management. The team at ClearLight has extensive operating and financial experience, and invests in and contributes to the expansion of established and profitable businesses. ClearLight focuses on leveraged buyout investments in middle-market companies with strong management teams and significant growth potential.
Chicago, Illinois-based Switchcraft is a premier designer and manufacturer of high-performance electronic connectors, cable assemblies, and other value-added products and systems used in diverse applications in the global electronics industry.