Private investment firm Inverness Graham Investments has completed its sale of lCCNexergy, a provider of rechargeable power solutions.
The sale of ICCNexergy generated a 5.5x gross cash-on-cash return and a 34 per cent gross IRR for Inverness Graham I.
Under Inverness Graham's ownership, ICCNexergy increased revenue by more than seven times and EBITDA by more than 15 times through both organic and acquisitive growth.
Inverness Graham initially invested in regional battery pack supplier EletriTek-AVT in 2007 and shortly thereafter acquired Nexergy, forming Nexergy Inc. Since then, the company has completed three add-on transactions. The 2010 merger of Nexergy Inc. and International Components Corporation (ICC) created ICCNexergy, a global supplier of fully integrated custom rechargeable power solutions including lithium-ion battery packs, battery chargers, docking stations, and highly efficient power supplies, with manufacturing facilities around the world.
Inverness Graham's Operating Group (IGOG) worked closely with ICCNexergy's management team to support growth and improve operations.
"Over our hold, ICCNexergy expanded its capabilities in key high growth end-markets including medical and data server/storage, extended its international footprint to serve the needs of a growing global customer base, and focused on multiple strategic initiatives to optimise ICCNexergy's operations, workforce, and facilities that positioned the company for growth and achieved significant synergies," says Steve Wood, ICCNexergy board member and CEO of IGOG.
"ICCNexergy has been an exceptional investment for us and a great example of both our buy and build strategy and Inverness Graham's operational value-add," says Ken Graham, chairman of ICCNexergy and senior managing principal of Inverness Graham. "Our investment thesis was to build a true end-to-end system solutions company positioned to benefit from the continued proliferation of sophisticated mobile devices and the ongoing conversion to lithium-ion. Through the hard work of our deal team, operating partners and the ICCNexergy management team, we have created an industry leader in rechargeable power systems. This transaction is a win-win for all parties involved and we are happy to be able to deliver these results to our investors."
