M&A Deal Summary

Sensata Technologies Acquires Xirgo

On February 12, 2021, Sensata Technologies acquired technology hardware company Xirgo from HKW and Capitala Group for 400M USD

Acquisition Highlights
  • This is Sensata Technologies’ 2nd transaction in the Technology Hardware sector.
  • This is Sensata Technologies’ 4th largest (disclosed) transaction.
  • This is Sensata Technologies’ 9th transaction in the United States.
  • This is Sensata Technologies’ 3rd transaction in California.

M&A Deal Summary
Date 2021-02-12
Target Xirgo
Sector Technology Hardware
Buyer(s) Sensata Technologies
Sellers(s) HKW
Capitala Group
Deal Type Add-on Acquisition
Deal Value 400M USD

Target

Xirgo

Camarillo, California, United States
Xirgo is a provider of wireless telematics modules for tracking, monitoring, protecting, and controlling remote assets and workers supporting the Internet of Things (“IoT”) growth sector. Xirgo Technologies was founded in 2005 and is based in Camarillo, California.

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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 11 of 16
Sector (Technology Hardware) 2 of 2
Type (Add-on Acquisition) 9 of 14
State (California) 3 of 3
Country (United States) 9 of 14
Year (2021) 2 of 5
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-02 Lithium Balance A/S

Smorum, Denmark

Lithium Balance A/S is a provider for Battery Management Systems (BMS), a critical performance system in applications utilizing lithium-ion battery-based solutions. Lithium Balance also produces battery energy storage systems using lithium-ion technology. Lithium Balance was founded in 2006 and is based in Smorum, Denmark.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-23 Spear Power Systems

Grandview, Missouri, United States

Spear Power Systems designs and manufactures safe, high-performance energy storage systems (ESS) for clients with some of the world's most demanding marine, industrial, and defense applications. Spear Power Systems was founded in 2013 and is based in Grandview, Missouri.

Buy -

Seller(S) 2

SELLER

HKW

Indianapolis, Indiana, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1903
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Hammond Kennedy Whitney & Company (HKW) is a private equity firm focused on making control investments in mid-sized, 'market leading' companies generating sales of $5 to $75 million. HKW looks for companies with low risk for technological obsolescence, defined growth strategies, and talented management who want to own equity. Target transaction situations include industry consolidations, corporate divestitures, generational changes in ownership, growth equity, management buy-outs and recapitalizations. HKW prefers North American based opportunities. HKW dates back to 1903, however the Firm transitioned from sole to institutional investors in 2001. The Firm has offices in Indianapolis and New York City.

DEAL STATS #
Overall 33 of 38
Sector (Technology Hardware) 2 of 2
Type (Add-on Acquisition) 17 of 19
State (California) 5 of 5
Country (United States) 29 of 30
Year (2021) 1 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-08 Infab

Camarillo, California, United States

Infab is a provider of personal protective equipment (PPE) for the healthcare industry, including x-ray shielding materials, aprons, glasses, barriers, gloves, and cleaners. Infab was founded in 1981 and is based in Camarillo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-20 CIS Secure

Ashburn, Virginia, United States

CIS Secure is a provider of secure communications equipment and computing solutions for a wide range of U.S. government customers. CIS is focused on modifying Commercial-off-the-Shelf (“COTS”) communications and network equipment to support stringent government requirements to protect sensitive and classified information from illicit capture or manipulation. CIS Secure was founded in 1992 and is based in Ashburn, Virginia.

Buy -
SELLER

Capitala Group

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1998
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Capitala Group is an asset manager that provides equity and mezzanine capital to mid-sized companies valued up to $250 million. Funds are generally used to support growth needs, add-on acquisitions, management/leveraged buyouts, and recapitalizations. Capitatala will invest across the US, but generally targets opportunities located in the Southeast. Industry preferences include building products, business services, consumer/reteail, general industrial, healthcare, and technology. Prospective companies typically have revenues greater than $10 million and EBITDA of at least $3 million. Capitala was formed in 1998 and is headquartered in Charlotte, North Carolina.

DEAL STATS #
Overall 42 of 53
Sector (Technology Hardware) 1 of 2
Type (Add-on Acquisition) 14 of 17
State (California) 6 of 6
Country (United States) 41 of 52
Year (2021) 2 of 8
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-09 Proactive Dealer Solutions

Huntersville, North Carolina, United States

Proactive Dealer Solutions is a multi-faceted service provider for the auto dealership and more broadly the motorized vehicle sector focused on lead management and conversion. Proactive’s services assist auto dealerships with all aspects of their sales organization by providing a full suite of integrated solutions, including hiring/training talent, call monitoring services, performance tracking, and conversion. Proactive Dealer Solutions is based in Huntersville, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-25 Fremont-Wright

Memphis, Tennessee, United States

Fremont-Wright is a holding company comprised of nine entities that provide engineering, surveying, and architectural services. The company leverages local expertise combined with national reach to deliver service across eleven states. Fremont-Wright is based in Memphis, Tennessee.

Buy -
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