M&A Deal Summary

Qnnect Acquires Hermetic Solutions Group

On November 3, 2022, Qnnect acquired packaging company Hermetic Solutions Group from Windjammer Capital and HarbourVest Partners

Acquisition Highlights
  • This is Qnnect’s 1st transaction in the Packaging sector.
  • This is Qnnect’s 4th transaction in the United States.
  • This is Qnnect’s 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2022-11-03
Target Hermetic Solutions Group
Sector Packaging
Buyer(s) Qnnect
Sellers(s) Windjammer Capital
HarbourVest Partners
Deal Type Add-on Acquisition

Target

Hermetic Solutions Group

Trevose, Pennsylvania, United States
Hermetic Solutions Group is a provider of advanced hermetic packaging and components designed to ensure critical electronic systems function reliably in demanding environments where it is essential to control for factors such as weight, space, vibration, temperature, moisture and off-gassing. Hermetic Solutions Group was founded in 2016 and is based in Pennsylvania, United States.

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Buyer(S) 1

Buyer

Qnnect

Painesville, Ohio, United States

Category Company
Sector Electrical Equipment
DESCRIPTION

Qnnect is a producer of highly engineered electronic interconnect solutions for high-density and high-speed applications of leading original equipment manufacturers. Qnnect is based in Painesville, Ohio.


DEAL STATS #
Overall 4 of 4
Sector (Packaging) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Pennsylvania) 1 of 1
Country (United States) 4 of 4
Year (2022) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-03 Connectronics

Edinburgh, Indiana, United States

Connectronics is a designer and manufacturer of high-performance RF and Microwave connectors and adapters for Aerospace, Telecom, Military, Test and Measurement, and Medical applications. The company has a wide variety of coaxial connectors and adapters, including standard, custom, and 'hard-to-find' components ideally suited to meet its customers' demanding technical specifications. Connectronics was founded in 1985 and is based in Edinburgh, Indiana.

Buy -

Seller(S) 2

SELLER

Windjammer Capital

Newport Beach, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Windjammer Capital Investors is a private investment firm that invests control equity, minority equity, and/or subordinated debt in growing middle-market businesses. The Firm seeks to invest between $50 and $200 million of equity or subordinated debt in companies that generate at least $8 million of EBITDA. Windjammer focuses on North American-based opportunities and prefers companies with scalable business models, differentiated products/services, and that operate in defensible markets. Broad sectors of interest include manufacturing, business services and value-added distribution. Windjammer does not invest in high technology, real estate, and financial services companies. Windjammer Capital Investors was formed in 1990 and has offices in Waltham, Massachusetts and Newport Beach, California.


DEAL STATS #
Overall 26 of 26
Sector (Packaging) 1 of 1
Type (Add-on Acquisition) 10 of 10
State (Pennsylvania) 1 of 1
Country (United States) 26 of 26
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Radix Wire & Cable

Glenwillow, Ohio, United States

Radix Wire & Cable is a manufacturer of electrical wire and cable for high-performance applications - serving the industrial, commercial, fire protection, consumer, and oil & gas markets. Radix Wire & Cable was founded in 1944 and is based in Cleveland, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-13 Bio X Cell

Lebanon, New Hampshire, United States

Bio X Cell is a producer of monoclonal antibodies (mAbs) for use in both in vivo and in vitro pre-clinical research applications. Bio X Cell was founded in 1997 and is based in Lebanon, New Hampshire.

Buy -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 121 of 134
Sector (Packaging) 2 of 2
Type (Add-on Acquisition) 50 of 58
State (Pennsylvania) 2 of 2
Country (United States) 78 of 85
Year (2022) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-29 Mercury Healthcare

Denver, Colorado, United States

Mercury Healthcare is a technology and data analytics company that empowers healthcare organizations to engage consumers and optimize provider relationships to accelerate growth. Mercury Healthcare was founded in 1998 and is based in Denver, Colorado.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-29 Lucid

New Orleans, Louisiana, United States

Lucid is a research technology (ResTech) platform that delivers programmatic access to first-party survey data. This data can be used to build business strategies, measure the impact of digital advertising, publish research, and more. Lucid was founded in 2010 and is based in New Orleans, Louisiana.

Sell -