Audax Group Announces Two Add-on Acquisitions for Winchester Electronics with Purchase of Advanced Interconnect and Kings Electronics.BOSTON -- Audax Group announced it has completed two add-on acquisitions for Winchester Electronics Corporation ("Winchester") with the purchase of the assets of Advanced Interconnect, Inc. ("AI"), a subsidiary of Molex Incorporated (Nasdaq: MOLX), and Kings Electronics, Inc. ("Kings"), a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. . The addition of these two assets strengthens Winchester's position as a leading manufacturer of electronic connectivity solutions. Headquartered in Franklin, Massachusetts, the AI business manufactures fiber optic and copper-based cable assemblies used in the computer, data storage, high data rate networking, telecommunications, and medical sectors of the electronics industry. Kings, based in Rock Hill, South Carolina Rock Hill is the largest city in York County, South Carolina, and a satellite city of Charlotte, North Carolina. The population was 49,765 at the 2000 census. According to 2006 estimates, the city has a population of 61,620 , making it the fourth largest city in South Carolina. , manufactures RF coaxial connectors used in the commercial and military aviation, broadcasting, telecommunications, and industrial markets. The acquisitions broaden Winchester's product selection and expand the company into new end markets. Geoffrey S. Rehnert, Co-CEO of Audax Group, said "With the acquisitions of Advanced Interconnect and Kings Electronics we have more than doubled Winchester's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become since purchasing the company last June. We continue to look for add-on acquisitions in the U.S. and Europe that will allow us to leverage our global manufacturing base." Michael Driscoll, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Winchester, said "This is a significant step for our company. These acquisitions will take Winchester into new markets while expanding our technological capabilities." Kirkland & Ellis LLP LLP - Lower Layer Protocol advised Audax Group. Newstar Financial, Inc. and HighPoint Capital Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control provided senior debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for both transactions. Gladstone Capital Corporation provided junior debt financing. ABOUT AUDAX GROUP Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York, Audax manages in excess of $2.5 billion in equity and mezzanine debt capital. For more information visit the Audax Group website http://www.audaxgroup.com |
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