Lincoln International Represents Airpax Holdings, Inc. in the Announced Sale to Sensata Technologies, Inc. for $276 million
Headquartered in Cambridge, Maryland, with facilities around the world, Airpax is the leading worldwide manufacturer of customized hydraulic magnetic circuit breakers and certain thermostats and temperature sensors, and is a leading manufacturer of DC to AC inverters, electronic monitoring and control systems, and other sensors. Airpax serves original equipment manufacturers (OEMs) in the telecommunications, industrial, recreational vehicle, heating, ventilation and air-conditioning, refrigeration, marine, military, medical, information processing, electronic power supply, power generation, over-the-road trucking, construction, agricultural and alternative energy markets.
The acquisition includes about 2,800 employees and sales, engineering and production facilities in Cambridge and Frederick, Maryland; White Bear Lake, Minnesota; Oviedo, Florida; and Brownsville, Texas, in the United States; Matamoros, Mexico; Sakado, Japan; and Shanghai, China.
Sensata Technologies Chief Executive Officer Tom Wroe said, "This transaction gives us leading customer positions in electrical protection for high-growth network power and critical, high-reliability mobile power applications and further secures Sensata's position as a leading designer and manufacturer of sensing and electrical protection solutions for the residential, industrial, heating, ventilation, air-conditioning, military and mobile markets. The purchase also further expands Sensata's global footprint and offers opportunities for operational synergies across both organizations."
Airpax Chief Executive Officer Dennis Karr said, "We are very excited about this opportunity to bring our expertise, experience and resources to another worldwide leader in the controls and sensors arena. Both Airpax and Sensata will benefit from access to an expanded customer base, wider portfolio and the know-how and technical expertise of the combined organization."
Airpax was founded in 1947 in Baltimore, Maryland, and was purchased by North American Phillips Corporation in the 1970s. It was purchased by management and Industrial Growth Partners, a private equity firm, in 1999 and by management, Chicago Growth Partners and Norwest Equity Partners in 2004.
Formerly the Sensors & Controls business of Texas Instruments, Sensata Technologies was acquired by Bain Capital, a leading global private investment firm, in April 2006. Sensata currently has 10 technology and manufacturing centers in nine countries. Its revenues for the year ending 2006 were approximately $1.2 billion.
About Lincoln International
Lincoln International specializes in merger and acquisition services and private capital raising for leading organizations involved in mid-market transactions. With offices in Chicago, Frankfurt, Los Angeles, New York, Paris, and Vienna and strategic partnerships with China Everbright and other partner firms in Asia, Lincoln International has strong local knowledge and contacts in the key global economies. The organization provides clients with senior-level attention, in-depth industry expertise, and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest.
www.lincolninternational.com.
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