Lincoln International represents Bertram Capital in the announced sale of Power Holdings to Smiths Group
Lincoln International LLC (“Lincoln”), a leading independent mid-market investment bank, has announced that Power Holdings, Inc. (“PDI”) is being acquired by Smiths Interconnect, a division of Smiths Group plc (LSE: SMIN) for $235 million. PDI is a portfolio company of Bertram Capital, a private equity firm based in San Mateo, California. The transaction remains subject to regulatory approvals and customary closing conditions.
Based in Richmond, Virginia, PDI is the parent company for Power Distribution, Inc., Marelco Power Systems, Inc. and Onyx Power, Inc. Together with its subsidiaries, PDI is a leading designer and manufacturer of power distribution, conditioning and monitoring systems. The company’s product line is used mainly in datacenter and alternative energy applications and includes power distribution units, static transfer switches, remote power panels, power conditioning units, medium and low voltage transformers and patented power monitors. PDI, which also has facilities in Santa Ana, California and Howell, Michigan is expected to generate sales of approximately $156 million this calendar year.
Smiths Group is a global technology company offering products and services for the threat and contraband detection, energy, medical devices, and communications markets worldwide. The Interconnect division’s strategy is to build its core technology groups: microwave, connectors and power management. The acquisition of PDI transforms Interconnect’s existing power protection group with a new range of products and growth opportunities.
Lincoln acted as the exclusive financial advisor to PDI and Bertram Capital, working closely with the company’s management team and shareholders throughout the sale process. This included providing advisory expertise and managing the preparatory, marketing, negotiation and due diligence phases of the transaction.
About Lincoln International
Lincoln International specializes in merger and acquisition advisory services, debt advisory services, private capital raising and restructuring advice on mid-market transactions. Lincoln International also provides fairness opinions, valuations and pension advisory services on a wide range of transaction sizes. With twelve offices; three in the Americas, two in Asia, and seven in Europe, and strategic partnerships with leading institutions in China and Korea, Lincoln International has strong local knowledge and contacts in the key global economies. The firm 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. More information about Lincoln International can be obtained at www.lincolninternational.com
About Bertram Capital
Bertram Capital is a private equity investment firm with more than $850 million in capital under management. Founded in 2006, Bertram Capital’s mission is to build value for equity holders, employees, customers, and partners by helping already profitable companies realize their full potential. View www.bertramcapital.com for more information.
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