Graycliff completes sale of electronic systems maker 901D for $132 mln

901D makes integrated electronics systems supporting U.S. Navy shipbuilding programs

Graycliff Partners completed the sale of 901D Holdings to Curtiss-Wright Corp for $132 million. 901D makes integrated electronics systems supporting U.S. Navy shipbuilding programs. Graycliff first invested in the company in 2016.

Press Release

Graycliff Partners LP today announced the completion of the sale of 901D Holdings, LLC (901D) to Curtiss-Wright Corporation (NYSE: CW) for $132 million. 901D is a leading designer and manufacturer of mission-critical integrated electronic systems, subsystems and ruggedized shipboard enclosure solutions supporting every major U.S. Navy shipbuilding program.

Since being acquired in 2016, Graycliff has worked to carve out 901D as a fully independent company from its prior ownership within a conglomerate of related businesses. Through a combination of internal promotions and external recruitment, Graycliff worked with the company to build a world class management team. During Graycliff’s ownership, 901D substantially expanded its production capacity and added increasingly complex systems integration capabilities to fulfill customer requirements for new and existing naval platforms.

Steve Hindmarch, a Managing Partner at Graycliff, said, “We enjoyed a highly effective partnership with our management team led by CEO Frank Duvergne and with the original founders of 901D, Serge and Aldric Seguin, who remained as minority shareholders and board members during Graycliff’s tenure. We are particularly appreciative of the management team’s successful achievement of rapid growth under exceptionally challenging circumstances. We are confident that the business will continue to grow and thrive as part of the Curtiss-Wright organization.”

In December 2019, Graycliff announced the final closing of its latest buyout fund, Graycliff Private Equity Partners IV LP (GPEP IV), at its hard cap of $350 million in limited partner commitments. GPEP IV will continue Graycliff’s strategy of making control buyout investments in lower middle market companies, with a focus on partnering with founder and family-owned businesses in the manufacturing, business services, and value-added distribution sectors.

Lincoln International served as the exclusive financial advisor for 901D.

About Graycliff Partners LP

Graycliff Partners is an investment firm focused on making lower middle market investments, typically in manufacturing, business services and value-added distribution businesses. Through dedicated equity and credit funds, Graycliff provides capital for acquisitions, management buyouts, recapitalizations, growth and expansion. For more information about Graycliff Partners visit www.graycliffpartners.com.