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Brockway Moran & Partners Announces Agreement to Sell Tri-Star Electronics International

Dépèche transmise le 14 novembre 2011 par Business Wire

Brockway Moran & Partners Announces Agreement to Sell Tri-Star Electronics International

BOCA RATON, Fla.--(BUSINESS WIRE)--Brockway Moran & Partners is pleased to announce that it has signed a definitive agreement to sell Tri-Star Electronics International, Inc. (“Tri-Star” or the “Company”) to an affiliate of Carlisle Companies Incorporated (“Carlisle”, NYSE: CSL) for an enterprise value of $285 million. The transaction is subject to customary closing conditions, including regulatory clearance. Mark Silk and Odyssey Investment Partners are co-investors in the transaction alongside Brockway Moran & Partners. Harris Williams & Co. and Moelis & Company acted as exclusive financial advisors to Tri-Star.

“This transaction is an excellent result for the shareholders of Tri-Star, generating over a 5x return on investment, approaching a 50% annualized rate of return and reflecting the outstanding job done by the Tri-Star management team and employees during our ownership period.”

Tri-Star (www.tri-starelectronics.com) is based in El Segundo, California, with machining facilities in Riverside, California, and Lugano, Switzerland. The Company is a supplier to the world’s leading aerospace, avionics and electronics companies. Tri-Star designs, manufactures and sells customized, high-reliability contacts and connectors critical for accurate and efficient transmission of data and power on aircraft and defense platforms, as well as in high-end industrial equipment.

“Tri-Star has significantly grown its contacts business over the past five years and is well positioned to accelerate this growth as part of Carlisle Interconnect Technologies,” said Mark J. Silk, CEO of Tri-Star. “I have been partnered with Brockway Moran & Partners for much of the past decade in two very successful investments. Our collective accomplishments in transforming Tri-Star represent a great example of what a strong private equity partnership can achieve.”

Richard J. Wandoff, Partner at Brockway Moran & Partners, commented, “Under the leadership of Mark Silk, Tri-Star has expanded its addressable market and improved profitability. Carlisle is a great fit for Tri-Star and we wish the company continued success.” Michael E. Moran, Managing Partner at Brockway Moran & Partners, added, “This transaction is an excellent result for the shareholders of Tri-Star, generating over a 5x return on investment, approaching a 50% annualized rate of return and reflecting the outstanding job done by the Tri-Star management team and employees during our ownership period.”

Tri-Star is Brockway Moran & Partners’ third portfolio company realization since October 2010 for aggregate consideration exceeding $1.5 billion. In addition to Tri-Star, Air Medical Group Holdings was recapitalized in a transaction led by an affiliate of Bain Capital in October 2010 and MW Industries, Inc. was sold to an affiliate of Genstar Capital in June 2011.

About Brockway Moran & Partners

Brockway Moran & Partners is a private equity firm with more than $1.3 billion of capital under management. The firm acquires growth-oriented middle market companies valued between $50 million and $300 million in partnership with exceptional management teams. Brockway Moran & Partners focuses on businesses with significant growth opportunities through internal expansion, industry consolidation or innovative business strategies. The principals of the firm have a record of productively working with management teams to build companies into larger and more diverse enterprises. Brockway Moran & Partners invests in a broad spectrum of industries with significant experience in consumer, industrial and service businesses. Since 1998, the firm has completed over 70 acquisitions. For more information, visit www.brockwaymoran.com.