Pfingsten Partners has sold Technical Service for Electronics, an Arlington, Minn.-based maker of engineered interconnect solutions for the medical device industry, to Amtek Inc. (NYSE: AME). No financial terms were disclosed.
AMETEK, Inc. (NYSE: AME) today announced that it has acquired Technical Services for Electronics (TSE), a privately held manufacturer of engineered interconnect solutions for the medical device industry. TSE is headquartered in Arlington, MN and has manufacturing operations in Jackson, MN; Beaverton, OR; and Taipei, Taiwan. It has expected annual sales of $50 million. AMETEK purchased TSE from Pfingsten Partners, LLC, an operationally focused private equity firm based in Chicago, IL.
“TSE greatly expands our position in the highly attractive medical device market and is an excellent fit with our HCC Division, which manufactures highly engineered electronic interconnects and microelectronic packages for sophisticated electronic applications,” comments Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
“TSE enjoys an excellent reputation with leading medical device OEMs. Its products, which include customized multi-lead and fine wire interconnects, cable assemblies, leads, and antennas, serve a number of high-growth therapeutic sectors, including neuro-stimulation, patient monitoring, ultrasound, cardiac rhythm management and cardiac mapping,” adds Mr. Hermance.
TSE joins AMETEK as part of its Electromechanical Group (EMG)–a differentiated supplier of electrical interconnects, specialty metals, technical motors, floor care motors and specialty motors with 2009 sales of $952 million.
AMETEK is a leading global manufacturer of electronic instruments and electro-mechanical devices with 2009 sales of $2.1 billion. AMETEK’s Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, Global & Market Expansion and New Products. AMETEK’s objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P MidCap 400 and the Russell 1000 Indices.