Audax Private Equity has completed the sale of Winchester Electronics to Snow Phipps, a private equity firm based in New York, in conjunction with management and other investors.
Terms of the transaction have not been disclosed.
Headquartered in South Norwalk, Connecticut, Winchester is a provider of custom engineered interconnect solutions for high reliability applications in the military/aerospace, medical, semiconductor, oil and gas, and other diversified end markets.
Since Audax’ initial investment in 2006, Winchester has completed 13 acquisitions, diversifying the company’s customer and end-market exposure, shifting business mix toward higher growth and higher margin ruggedized applications, and broadening its product and manufacturing capabilities.
Geoffrey S Rehnert, co-CEO of Audax Group, says: “Kevin Perhamus and his management team did a terrific job working with us to build the company organically and through add-on acquisitions. By increasing product depth and breadth, Winchester is able to deliver exceptional value to its customers. We wish Kevin and his team continued success.”
Kevin Perhamus, CEO of Winchester, says: “Audax has been instrumental in transforming Winchester through organic growth and acquisitions. Together we have developed the executive team, restructured and expanded the sales force, developed a vertical marketing function, implemented a new CRM system, and executed on thirteen acquisitions.”
Lincoln International served as the exclusive financial adviser to Winchester and Audax. Kirkland & Ellis advised Winchester and Audax in the transaction. Simpson Thacher & Bartlett were legal advisers to Snow Phipps.
