Winchester Electronics Corporation (“Winchester”), a portfolio company of Audax Private Equity (“Audax”), announced it has completed the acquisition of SRC Cables, Inc. (“SRC”). Headquartered in Santa Rosa, California, SRC is a producer of high performance flexible and semi-rigid cable assemblies. Its products are used in the test and measurement, datacom, military and aerospace, and medical end markets. The acquisition of SRC expands Winchester’s presence into the Northern California region and enhances its manufacturing capabilities.
Winchester, based in Middlebury, Connecticut, is a designer and manufacturer of connectivity solutions, including both connectors and cable assemblies, for diversified end markets including medical, military, energy & power, broadcast, and ruggedized industrial, among others. Since Audax’ acquisition in June 2006, Winchester has completed seven add-on acquisitions, including: Advanced Interconnect, Inc. of Franklin, Massachusetts in April of 2007; Kings Electronics Corporation, Inc. of Rock Hill, South Carolina in May of 2007; Electrical Specialty Products, Inc. of Spartanburg, South Carolina in July of 2012; Clements National Company of Broadview, Illinois in August of 2012; Continental Connector Company of Hatfield, Pennsylvania in May of 2013; and Bomar Interconnect Products of Ledgewood, New Jersey in August of 2013.
Oliver Ewald, Managing Director of Audax Private Equity, said “Winchester is a leading provider of connectivity solutions to customers across the globe. The acquisition of SRC diversifies its capabilities and end market mix. We will continue to work with the Winchester team to build the business both domestically and abroad through new product introductions, global expansion, and strategic add-on acquisitions.”
Kevin Perhamus, CEO of Winchester, said “This is an exciting development for Winchester and our customers as we continue to build the company. We look forward to working with the SRC management team to share best practices across the businesses.”
Dan Hirschnitz, President of SRC, said “This transaction is a positive outcome for SRC. In joining Winchester, we will now be able to provide additional services and capabilities to our customers, while maintaining the standards of quality and service that they have come to expect. I look forward to working with Kevin Perhamus and the Winchester team.”
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston and New York, Audax has over $5 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com.