Chicago Growth Partners has sold Airpax to Sensata Technologies

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.

The sale of Airpax builds on Lincoln International’s strong industrial technology experience, as it marks the firm’s 14th Engineered and General Industrial Industry transaction this year.

“Lincoln International’s significant industry knowledge and experience was extremely valuable throughout the sale process,” said Dennis Karr, Chief Executive Officer of Airpax. “The firm understood the various dynamics of Airpax’s diversified end-markets and business model and developed an effective marketing strategy to highlight the critical value drivers such as competitive advantages and growth strategies to potential acquirers.”

The Lincoln International transaction team worked closely with Airpax and its shareholders throughout the sale process to manage preparatory, marketing, negotiation and due diligence phases.

“Lincoln International executed a highly competitive process with a targeted list of potential acquirers in a very tight timeframe,” said Robert P. Healy, Partner at Chicago Growth Partners. “Airpax was an important investment for Chicago Growth Partners, and Lincoln International’s advisory expertise both before the sale process and especially during marketing, negotiation and due diligence led to a premium valuation with a strategic acquirer,” said Jeffrey M. Farrero, Vice President at Chicago Growth Partners.

About Chicago Growth Partners

CGP is a Chicago-based private equity investment firm focused on investing in lower middle market companies in the business and consumer services, industrial growth and healthcare markets. CGP distinguishes itself through its experienced team including in-house marketing, information technology and operations expertise; its approach to the development and execution of strategies designed to build success; its focus on growth as the primary driver of returns and its commitment to partnering with portfolio companies that demonstrate strong management capability and opportunity. CGP moves beyond the delivery of growth capital by lending significant industry experience, knowledge and leadership to each business situation. CGP currently manages $1.2 billion of committed capital while investing Chicago Growth Partners, L.P. For more information on Chicago Growth Partners, please visit

About Norwest Equity Partners

Norwest Equity Partners (NEP) focuses on providing profitable and growing middle market companies with $20 million – $80 million equity investments primarily through management buyouts, recapitalizations and growth financings. Since NEP’s founding in 1961, it has earned a reputation as one of the premier private equity investment firms in the United States. Currently, NEP, headquartered in Minneapolis, has in excess of $3 billion in capital under management. For more information, please visit

About Sensata Technologies

Sensata Technologies is a designer and manufacturer of sensors and controls for leaders in the global automotive, appliance, aircraft, industrial and HVAC markets with business and technology development centers in the United States, The Netherlands and Japan and manufacturing operations in Brazil, China, Korea, Malaysia and Mexico, as well as sales offices around the world. Sensata Technologies employs approximately 6,500 people worldwide.

About Airpax Corporation

Airpax Corporation is a privately held company with headquarters in Cambridge, MD and facilities in Frederick, MD; Oviedo, FL; Brownsville, TX; White Bear Lake, MN; Matamoros, Mexico; Shanghai, China; and Sakado, Japan. Airpax Corporation consists of four operating units: Airpax Power Protection Products, Airpax Sensors and Control Systems, Airpax Dimensions; and Nihon Airpax. The Airpax product line includes hydraulic-magnetic and thermal circuit breakers, power inverters, semiconductor fuses, thermostats, temperature and speed sensors and E-Plex, a multiplexed monitoring and control system. A world leader in the markets it serves, Airpax is committed to making continuous improvement in every product and service it offers, and to providing world-class customer service. For more information about Airpax, visit the company’s website at

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