Private Equity Firm Invests in Avtron Manufacturing

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January 22, 2008

Private Equity Firm Invests in Avtron Manufacturing

Morgenthaler Partners announced the recapitalization of Avtron Manufacturing, Inc., Independence, OH, a multi-business company that designs and manufactures technical products via three operating divisions: Aerospace, Load Banks, and Industrial Automation.

As part of the transaction, senior members of the management team, led by CEO Bob Fritz, will be significant equity holders in the company.

Avtron's Aerospace Division provides test equipment for electrical, electronic, hydraulic and fuel systems to commercial airlines, maintenance shops, component manufacturers, and military forces on a global basis. The Load Bank Division offers test equipment and complementary products for diesel generator sets in North America and increasingly in Asia. Industrial Automation Division provides digital controls and sensors used to automate processes in a number of end markets, including steel, paper, mining, and marine.

Avtron’s projected revenues are expected to be more than $80 million in 2008.

“Over the past five years, the company has doubled in size. With such significant growth, we needed to ensure that we had the managerial capabilities and growth capital required to enhance our level of customer service,” Fritz said.

Avtron Manufacturing, Inc. is an Independence, OH-based technology leader in providing automatic test equipment, automation systems, and products to industries ranging from aviation to paper mills. Avtron specializes in product development and long term support. Avtron has been in business since 1953 and currently occupies a leadership role in the customer areas it services.

Morgenthaler Partners is a national buyout and venture-capital firm with offices in Boston, MA; Boulder, CO; Cleveland, OH; Menlo Park, CA; and Princeton, NJ. The firm focuses on the middle market with transaction values between $50-$250 million and EBITDA in excess of $8 million.

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