Happ Controls LLC, a portfolio company of Pfingsten Partners, has acquired the Chempower Ohio Precision Sheetmetal and Owens Precision Fabricators divisions of Holiday Properties Acquisition Corp. It had previously acquired Holiday Properties’ Technibus unit. No financial terms were disclosed for any of the transactions, which were initiated by McGladrey Capital Markets.
Pfingsten Partners LLC and its portfolio company Happ Controls LLC, in two separate transactions, have acquired the Technibus, Chempower Ohio Precision Sheetmetal, and Owens Precision Fabricators divisions of Holiday Properties Acquisition Corporation. Terms of the transactions were not disclosed.
McGladrey Capital Markets LLC initiated the transactions, led the negotiations and acted as the exclusive financial advisor to Holiday Properties.
Based in Canton, Ohio, Technibus provides the highest quality engineered-to-order, metal-enclosed electrical bus duct solutions available in the market. Electrical bus ducts are critical to the electric transmission grid and are an integral part of the distribution of electric power. Technibus bus ducts are sold to customers in the electrical distribution and control industry, as well as to major contractors of power plants and large industrial facilities.
Chempower Ohio Precision Sheetmetal, also based in Canton, Ohio, is a custom precision sheet-metal fabricator specializing in cabinets and enclosures. Chempower provides sheet-metal work for Technibus products and provides fabrication of a variety of other sheet-metal products such as communication reflectors and enclosures for high-end air handling systems. The Technibus and Chempower businesses will operate as a new platform company for Pfingsten and will be led by current Holiday Properties Chief Executive Bob Rohr.
Based in Henderson, Nev., Owens Precision Fabricators designs, engineers and fabricates custom sheet-metal products for the rapidly growing and changing casino gaming industry. The division specializes in cabinets, stands, brackets and parts for a wide range of slot and video gaming machines that are used and distributed throughout the world by leading game manufacturers. Owens Precision offers game manufacturers a full line of options for cabinets and components. In addition to fabricating cabinets and stands, the division offers value-added assembly services for any part or component it fabricates, making it a full turnkey supplier to the gaming industry. Owens Precision will become a division of Happ Controls LLC.
Pfingsten Partners LLC was formed in 1989 as an operationally oriented private equity firm that invests in middle-market manufacturing, distribution and business service companies. Since completing its first investment in 1991, Pfingsten has been building value in partnership with management through operational improvements, professional management practices, global capabilities and profitable business growth. In its 19-year history, Pfingsten Partners has acquired more than 60 companies through three funds. The firm has over $1.2 billion of capital under management.
Happ Controls LLC, d/b/a Suzo-Happ Group, is a global manufacturer and distributor of parts and accessories for the gaming, amusement, vending and industrial markets. The company sells its products both to OEMs and as replacement parts to equipment owners and operators in over 80 countries throughout North America, Europe, South America and Asia. Headquartered in Elk Grove Village, Ill., Suzo-Happ Group has approximately 610 employees in facilities located in Illinois, Nevada, New Jersey, Minnesota, Wisconsin, The Netherlands, The United Kingdom, Spain, Poland and China.