M&A Deal Summary

Battery Ventures Acquires Audio Precision

On November 5, 2018, private equity firm Battery Ventures acquired test/measurement equipment company Audio Precision from Hanover Partners

Acquisition Highlights
  • This is Battery Ventures’ 11th transaction in the Test/Measurement Equipment sector.
  • This is Battery Ventures’ 60th transaction in the United States.
  • This is Battery Ventures’ 1st transaction in Oregon.

M&A Deal Summary
Date 2018-11-05
Target Audio Precision
Sector Test/Measurement Equipment
Buyer(s) Battery Ventures
Sellers(s) Hanover Partners
Deal Type Secondary Buyout

Target

Audio Precision

Beaverton, Oregon, United States
website
Audio Precision, Inc. is a manufacturer of electronic instruments used to test and measure audio signals in high-end audio and broadcast equipment. The company has a highly international customer base comprised of almost every major manufacturer of high-quality consumer and professional audio equipment, including Dolby Labs, Sony, Panasonic, Motorola, Texas Instruments, and Harman. The Company is rich with patents, proprietary software, and engineering talent, blending a high-tech profile with long-lifecycle products, and thus providing very stable revenue and profitability. Hanover Partners teamed with an institutional investor to purchase Audio Precision from its founders and has established a broad-based stock option plan to partner with the Company's management and key employees. Company founded in 1984 and Based in Portland, Oregon.

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Buyer(S) 1

Buyer

Battery Ventures

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1983
PE ASSETS 13.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Battery Ventures is a private investment firm focused on opportunities in the technology and related-sectors. Battery will invest at all company stages, from seed and early-stage capital situations to leveraged buyouts, PIPEs, spin outs, rollups and take-privates of established companies. Battery's private equity group focuses on investments in companies with revenue of $20 to $200 million and EBITDA up to $25 million. Battery can commit up to $100 million in equity per transaction. Specific areas of interest include software; IT services and outsourcing; communications components, systems, and services; and financial services and tech-enabled businesses. Battery will consider investments throughout North America, Europe, and Asia. Battery Ventures was formed in 1983 and is headquartered in Menlo Park, California.

DEAL STATS #
Overall 76 of 96
Sector (Test/Measurement Equipment) 11 of 14
Type (Secondary Buyout) 6 of 7
State (Oregon) 1 of 2
Country (United States) 60 of 69
Year (2018) 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-23 SigmaTEK Systems

Cincinnati, Ohio, United States

SigmaTEK Systems LLC develops and sells SigmaNEST®, a comprehensive software solution for nesting, NC programming and cutting of sheet metal, steel and aluminum plate, tube/pipe, composite and engineered materials and wood. SigmaNEST is the leading CAD/CAM nesting system for plasma, laser, punch, oxyfuel, waterjet, router, knife, tube/pipe and combination cutting machines. SigmaNEST ensures superior material utilization, machine motion optimization and maximum part quality balanced with cutting speed, work flow integration, material handling, accurate estimates and information management. The company was founded in 1993 and is based in Cincinnati, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-22 Rogue Wave Software

Boulder, Colorado, United States

Rogue Wave Software, Inc. is a provider of reusable software components and services to professional developers for enterprise-class, high-performance application development. Today, thousands of developers at some of the world's leading companies have used Rogue Wave® products to develop mission-critical applications. Rogue Wave Software was founded in 1989 and is based in Boulder, Colorado.

Sell -

Seller(S) 1

SELLER

Hanover Partners

San Francisco, California, United States

Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1994
Size Small
Type Sector Agnostic
DESCRIPTION

Hanover Partners is a private investment firm that targets middle-market companies with enterprise value between $10 and $60 million and EBIT of at least $2 million. Hanover prefers manufacturing or service based businesses located in the United States that serve business customers. Avoided industries include retail, construction, consulting, job-shops, and distributors not adding specific value. Hanover Partners was formed in 1994 and is based in San Francisco, California with an additional office in Oswego, Oregon.

DEAL STATS #
Overall 9 of 13
Sector (Test/Measurement Equipment) 1 of 2
Type (Secondary Buyout) 2 of 4
State (Oregon) 1 of 1
Country (United States) 9 of 13
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-01 Ligchine

Darien, Wisconsin, United States

Ligchine is a designer, manufacturer, and marketer of laser-guided boom-operated concrete screeds. The Company produces a diverse range of models under the ScreedSaver banner, and Ligchine’s products provide best-in-class concrete floor flatness and levelness results for its customers. Ligchine was founded in 2007 and is based in Darien, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 Freedom Communication Technologies

Kilgore, Texas, United States

Freedom Communication Technologies, Inc. is a engineering, developing and manufacturing communication test equipment company involved in Land Mobile Radio test equipment market.

Sell $22M
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