M&A Deal Summary

Sensata Technologies Acquires Airpax

On August 15, 2007, Sensata Technologies acquired test/measurement equipment company Airpax from Chicago Growth Partners and Norwest Equity Partners for 276M USD

Acquisition Highlights
  • This is Sensata Technologies’ 1st transaction in the Test/Measurement Equipment sector.
  • This is Sensata Technologies’ 5th largest (disclosed) transaction.
  • This is Sensata Technologies’ 2nd transaction in the United States.
  • This is Sensata Technologies’ 1st transaction in Maryland.

M&A Deal Summary
Date 2007-08-15
Target Airpax
Sector Test/Measurement Equipment
Buyer(s) Sensata Technologies
Sellers(s) Chicago Growth Partners
Norwest Equity Partners
Deal Type Add-on Acquisition
Deal Value 276M USD
Advisor(s) Lincoln International (Financial)

Target

Airpax

Cambridge, Maryland, United States
Airpax Corporation is the manufacturer of hydraulic magnetic circuit breakers and select thermostats and temperature sensors. These products provide protection for equipment, machinery and instruments in end markets including telecommunications, wireless communication, power, information processing, HVAC, industrial and defense.

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Buyer(S) 1

Buyer

Sensata Technologies

Attleboro, Massachusetts, United States
Category Company
Founded 1916
Sector Electrical Equipment
Employees19,400
Revenue 4.1B USD (2023)
DESCRIPTION

Sensata Technologies is a provider of sensing, electrical protection, control, and power management solutions with operations and business centers in 11 countries. Sensata's products improve safety, efficiency, and comfort for millions of people every day in automotive, appliance, aircraft, industrial, military, heavy vehicle, heating, air-conditioning and ventilation, data, telecommunications, recreational vehicle, and marine applications. Sensata Technologies was founded in 1916 and is based in Attleboro, Massachusetts.

DEAL STATS #
Overall 2 of 16
Sector (Test/Measurement Equipment) 1 of 2
Type (Add-on Acquisition) 1 of 14
State (Maryland) 1 of 1
Country (United States) 2 of 14
Year (2007) 2 of 2
Size (of disclosed) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-14 SMaL Camera Technologies

Cambridge, Massachusetts, United States

SMaL Camera Technologies, Inc. designer and manufacturer of sensors and controls for global leaders in the automotive, appliance, aircraft, industrial and HVAC markets.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-01 WELLS-CTI

Vancouver, Washington, United States

Wells-CTI manufactures high performance thermal management solutions, burn-in sockets and other ATE consumables for the semiconductor test industry.

Buy -

Seller(S) 2

SELLER

Chicago Growth Partners

Chicago, Illinois, United States
Category Growth Capital Firm
Founded 2004
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Chicago Growth Partners LLC (CGP) was a Chicago-based based private equity firm that provided expansion and buyout capital to middle-market companies generating sales of $15 to $150 million. CGP sought to invest in business services, consumer services, healthcare products/services, and industrial companies. CGP was formed in 2004 as a spin-off of William Blair Capital Partners, the investment group of investment bank William Blair. In 2014, the Firm ceased operations.

DEAL STATS #
Overall 12 of 34
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 4 of 15
State (Maryland) 1 of 2
Country (United States) 10 of 31
Year (2007) 2 of 3
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-29 Jonathan Engineered Solutions

Irvine, California, United States

Jonathan Engineered Solutions is a designer and manufacturer of customized steel and aluminum slides utilized in commercial and industrial applications, including the mounting of computer servers and storage systems, defense industry applications, and a variety of consumer product applications. Jonathan Engineered Solutions was founded in 1977 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-10-24 Morton Grove Pharmaceuticals

Morton Grove, Illinois, United States

Morton Grove Pharmaceuticals, Inc. is a fully integrated generic and specialty pharmaceutical company focused on oral liquid and topical liquid prescription drugs.

Sell $38M
SELLER

Norwest Equity Partners

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1961
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Norwest Equity Partners (NEP) is a private equity firm focused on investing in growing and profitable middle-market companies. NEP targets investments in businesses valued between $50 and $500 million, typically investing $50 to $250 million of capital per investment. Funds are typically used to fund management buyouts, recapitalizations, and growth financing. Sectors of interest include manufacturing, distribution, healthcare, technology/business services, and consumer products/services. NEP is affiliated with Norwest Mezzanine Partners, an investment partnership focused on providing junior capital to middle-market companies. Norwest Equity Partners is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 9 of 54
Sector (Test/Measurement Equipment) 1 of 1
Type (Add-on Acquisition) 4 of 20
State (Maryland) 1 of 1
Country (United States) 9 of 52
Year (2007) 2 of 3
Size (of disclosed) 7 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-04 Jacobson

Des Moines, Iowa, United States

Jacobson Companies is a national third party logistics (3PL) company offering end-to-end supply chain management solutions around the globe. Jacobson provides creative and technology-forward logistics solutions that lead to on-time deliveries, solving complex logistics and customs scenarios and reducing logistics costs for customers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-29 The Waddington Group

Covington, Kentucky, United States

The Waddington Group is a manufacturer and marketer of premium disposable tableware for commercial, foodservice and retail markets. Headquartered in Covington, KY, the company operates seventeen manufacturing facilities across the U.S., Canada, the United Kingdom and Ireland.

Buy -
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