Fidelity Capital Investors, Boston, MA, a private equity leveraged buyout group, has acquired a majority interest in Providence, Rhode Island-based Avtek, Inc., a manufacturer and distributor of industrial and commercial connectivity products and solutions. The purchase was made in conjunction with members of Avtek's senior management team who will remain with the company and continue to operate Avtek as an independent business unit.
Capstone Partners LLC served as advisor to Avtek in the sale. Terms of the deal were not disclosed. Avtek conducts business through two operating subsidiaries: B&B Electronics Manufacturing Company, Inc. and System Connection, Inc. B&B Electronics designs, manufactures and sells industrial connectivity products such as communications protocol converters and Ethernet infrastructure products. B&B has locations in Ottawa, Illinois and Galway, Ireland. System Connection is a manufacturer of custom and OEM solutions cabling with offices in Provo, Utah and Taipei, Taiwan. With locations in the U.S., Europe, and the Pacific Rim, Avtek is able to deliver its products globally.
The market for connectivity products is growing rapidly as communications protocols proliferate," said FCI Managing Director David Wilson. "There is tremendous growth potential for companies that can provide a full range of products to meet the needs of industrial and commercial customers. As a leading manufacturer of both industrial and commercial connectivity products, Avtek, along with its subsidiary companies, is extremely well positioned to capitalize on the growth opportunities that exist in this market."
"The acquisition presents many exciting opportunities for Avtek's companies and our customers," commented Richard McGrail, president and chief operating officer of Avtek. "Fidelity Capital Investors' financial backing will ensure that we have the resources necessary to support our growth initiatives. We are very excited about the potential of this relationship and, moving forward, will remain focused on delivering exceptional service and high quality products to our customers."