SANTA ROSA -- Winchester Electronics Corporation, a portfolio company of Audax Private Equity, completed the acquisition of SRC Cables, Inc., of Santa Rosa.
SRC makes 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, the company said.
Winchester, based in Middlebury, Conn., 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 of Franklin, Mass., in April 2007; Kings Electronics of Rock Hill, S.C., in May 2007; Electrical Specialty Products of Spartanburg, S.C., in July 2012; Clements National Company of Broadview, Ill., in August 2012; Continental Connector Company of Hatfield, Penn., in May 2013; and Bomar Interconnect Products of Ledgewood, N.J., in August.
“Winchester is a leading provider of connectivity solutions to customers across the globe," said Oliver Ewald, managing director of Audax Private Equity. "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 he looks forward to working with the SRC management to "share best practices across the businesses."
[caption id="attachment_82674" align="alignright" width="150"] Dan Hirschnitz[/caption]
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," he said in a statement. "I look forward to working with Kevin Perhamus and the Winchester team."
Audax Group (audaxgroup.com), founded in 1999 and operating from offices in Boston and New York, invests in lower-middle market companies. It has more than $5 billion in private-equity, mezzanine and senior debt investments in businesses under management.