Resilience Capital Partners Completes Sale Of ASC Signal Corporation
CLEVELAND, Sept. 17, 2015 /PRNewswire/ -- Resilience Capital Partners (collectively with its affiliates, "Resilience") announced today that it has sold ASC Signal Corporation (ASC) to Palo Alto, CA-based Communications & Power Industries LLC (CPI), a portfolio company of Veritas Capital, for an enterprise value of $50 million subject to customary post-closing adjustments.
Headquartered in Plano, TX, ASC designs and builds advanced satellite communications, radar and high-frequency antennas and controllers. The company has manufacturing facilities in Texas and Canada, and employs approximately 125 people worldwide. Resilience acquired ASC in January 2008 from Andrew Corporation and created a new company.
After bringing in new company leadership, the Resilience operating team and ASC management focused the next several years on implementing a highly ambitious, global turnaround at ASC despite ongoing challenges from an economic and end market demand perspective. As a result, ASC was transformed from an orphaned business unit into a highly-profitable and valuable operating company.
"We have enjoyed working with the ASC team over the past seven years. Together we successfully created a stand-alone business and transformed the strategy around its radar, high frequency and earth station antenna products," said Bassem Mansour, Co-CEO of Resilience. "It will be an excellent addition to CPI's existing portfolio of capabilities."
Keith Buckley, President and CEO of ASC Signal Corporation, said, "We thank Resilience for its partnership and support in helping us improve operations and strengthen our financial position over the past seven years. And now, we are delighted to join CPI. In addition to aligning complementary product portfolios and customer bases, this acquisition will provide ASC Signal with access to CPI's well-established worldwide resources, enabling us to further grow the business and better serve our existing customer base."
Jones Day served as legal counsel, and Philpott, Ball &Werner acted as exclusive financial advisor to Resilience and ASC.
About Resilience Capital Partners
Headquartered in Cleveland, Ohio, Resilience seeks to invest in nicheoriented manufacturing, distribution, and business service companies located in the Midwestern and MidAtlantic United States with sustainable market positions and a clear path to cash flow improvement. Resilience targets platform businesses with $25 million to $250 million in revenues across a broad range of industries where it believes it can improve a company's operations, competitive positioning and profitability. Since its founding in 2001, Resilience has invested in 48 companies under 26 platforms. Its portfolio companies today employ more than 7,000 people in 15 states and collectively represent over $2 billion in revenues. For more information, please visit www.resiliencecapital.com.
Contact: |
|
Bassem A. Mansour |
Ki Mixon |
Resilience Capital Partners |
Resilience Capital Partners |
(216) 292-4748 |
(216) 292-0503 |
SOURCE Resilience Capital Partners
Related Links
http://www.resiliencecapital.com
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