Winchester Electronics Corporation (“Winchester”), a portfolio company of Audax Group, announced it has completed the acquisition of Electrical Specialty Products, Inc. (“ESP”). The acquisition of ESP complements the product offering of Winchester, which Audax acquired in June 2006. Headquartered in Spartanburg, South Carolina, ESP is a manufacturer of cable assemblies for power management and ruggedized industrial end markets. Winchester, based in Wallingford, Connecticut, is a designer and manufacturer of connectivity solutions, including both connectors and cable assemblies, for diversified end markets including medical, military, energy & power, and ruggedized industrial, among others. Since Audax’ investment, Winchester has acquired Kings Electronics Corporation, Inc. of Rock Hill, South Carolina in May of 2007, and Advanced Interconnect, Inc. of Franklin, Massachusetts in April of 2007.
Oliver C. Ewald, Managing Director, Audax Group, said “Winchester is a leader in its market segments within the electronic connectors industry. The acquisition of ESP diversifies its customer base and product offering. We will continue working with Kevin Perhamus and the Winchester management team to build the business through new product offerings, global expansion, and synergistic add-on acquisitions.”
Kevin Perhamus, Chief Executive Officer, Winchester Electronics, said “This is an exciting development for our company and customers. ESP’s superior reputation for customer service coupled with an exceptional management team makes them a natural addition to the Winchester family of companies. We look forward to working with ESP to share best practices across the businesses.”
*Jay Robinson, *Chief Executive Officer of ESP, said “This transaction is a positive outcome for ESP. In joining Winchester, we will now be able to provide additional services and capabilities to our customers, while maintaining the standards of quality and service that they have come to expect.”
Business Acquisition & Merger Associates advised ESP. K&L Gates LLP served as counsel to Winchester, and McGuire Woods LLP served as counsel to ESP.