Add-on Acquisition • Electronics

Littelfuse Acquires Hartland Controls

On January 28, 2021, Littelfuse acquired electronics company Hartland Controls from Incline Equity Partners

Acquisition Context
  • This is Littelfuse’s 7th transaction in the Electronics sector.
  • This is Littelfuse’s 13th transaction in the United States.
  • This is Littelfuse’s 1st transaction in Illinois.

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M&A Deal Summary

Date January 28, 2021
Target Hartland Controls
Sector Electronics
Buyer(s) Littelfuse
Sellers(s) Incline Equity Partners
Deal Type Add-on Acquisition

Target Company

Hartland Controls

Rock Falls, Illinois, United States
Hartland Controls LLC is a provider of electrical system components to the heating, ventilation and air conditioning market, as well as other industrial end markets. Hartland Controls was founded in 2002 and is based in Rock Falls, Illinois.
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Buyer Overview 1

Buyer

Littelfuse

Chicago, Illinois, United States

Category Company
Founded 1927
Sector Electronics
Employees16,000
Revenue 2.2B USD (2024)
DESCRIPTION

Littelfuse is a provider of circuit protection with growing global platforms in power control and sensing. The company serves customers in electronics, automotive and industrial markets with technologies including fuses, semiconductors, polymers, ceramics, relays and sensors. Littelfuse was founded in 1927 and is based in Chicago, Illinois.


Deal Context for Buyer #
Overall 23 of 28
Sector: Electronics 7 of 7
Type: Add-on Acquisition 17 of 22
State: Illinois 1 of 2
Country: United States 13 of 16
Year: 2021 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-28 IXYS

Milpitas, California, United States

IXYS Corp. is an integrated semiconductor company, designs, develops, manufactures, and markets power semiconductors, digital and analog integrated circuits (ICs), and systems and radio frequency (RF) power semiconductors worldwide. IXYS was founded in 1983 and is based in Milpitas, California.

Buy $655M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-20 Carling Technologies

Plainville, Connecticut, United States

Carling Technologies engages in switching, circuit protection, and power distribution technologies predominately serving the on-/off-highway vehicle, marine, and datacom/telecom infrastructure markets. Carling Technologies was founded in 1920 and is based in Plainville, Connecticut.

Buy $315M

Seller Profile 1

SELLER

Incline Equity Partners

Pittsburgh, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1982
PE ASSETS 5.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Incline Equity Partners is a private equity firm focused on lower middle-market growth companies. The Firm targets companies located in the US and Canada with enterprise values ranging from $25 to $750 million. Prospective transaction types include buyouts, minority recapitalizations, and corporate divestitures. Incline Equity Partners was formerly known as PNC Equity Partners. The Firm is based in Pittsburgh.


Deal Context for Seller #
Overall 32 of 43
Sector: Electronics 1 of 1
Type: Add-on Acquisition 11 of 13
State: Illinois 2 of 4
Country: United States 31 of 42
Year: 2021 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-21 Continental Battery Systems

Dallas, Texas, United States

Continental Battery Systems is a distributor of aftermarket batteries to the electric utility vehicle (EUV), automotive, commercial, marine, and industrial markets. Continental Batteries operates more than 100 branches throughout North America. Continental Battery Systems was founded in 1932 and based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-13 Revival Animal

Orange City, Iowa, United States

Revival Animal offers a broad product assortment that includes pet vaccines, reproductive health aids, supplements, and prescription medications. The Company primarily sells its products via its eCommerce website and serves an expansive customer base of breeders, animal shelters, veterinarians, and other pet health professionals. Revival Animal headquartered in Orange City, Iowa.

Buy -