Date: Oct 13, 2014 Author: Blue Wolf Capital Partners LLC Source: Yahoo Finance (
click here to go to the source)
SANTA BARBARA, Calif.--(BUSINESS WIRE)--
Channel Technologies Group, LLC ("CTG"), a manufacturer of piezoelectric ceramics, transducers and complex sonar and navigation systems used in the defense, medical and energy industries, today announced it has acquired Materials Systems Inc. ("MSI") located in Littleton, MA. MSI will become a wholly-owned subsidiary of CTG. Terms of the transaction were not disclosed. CTG is a portfolio company of Blue Wolf Capital Fund II, L.P.
Dr. Carol W. Bowen has served as President of MSI since the November 2012 passing of her husband, Dr. Leslie J. Bowen, who founded MSI in 1991. Dr. Bowen has retired from the company effective the date of the acquisition's closing. Other senior MSI executives will join Channel Technologies.
Ralph L. Phillips, CEO of CTG, said, "This is an enormously synergistic combination that will allow CTG to ramp up our growth and better address the complex needs of our customers. The addition of MSI's piezocomposite sonar transducer technology will complement our single-crystal technology and give CTG the broadest product offering in acoustic transducers. MSI will also complement our emerging advanced sonar products. We welcome MSI to the CTG team."
Dr. Bowen said, "MSI is excited to become a part of CTG. Combining the resources and strengths of our organizations offers tremendous synergy and strategic growth opportunities. Together CTG and MSI will continue to develop and deliver unparalleled innovative solutions for customers, and further enhance the service and value provided to them."
Haranjeet Narulla, Partner at Blue Wolf added, "We are excited that CTG is continuing its strategy of growth through smart strategic acquisitions. The addition of quality companies like MSI will cement CTG's reputation as the global leader in piezoceramic applications for the medical, industrial and defense industries."
Dunn Rush & Co. LLC served as financial advisor to Materials Systems Inc. in this transaction.
About Channel Technologies Group
Channel Technologies Group (www.channeltechgroup.com) designs and manufactures piezoelectric based advanced materials, sensors, and completed integrated systems that support mission critical applications for military and commercial markets. Since its founding in 1959 as Channel Industries, Channel Technologies has been providing a broad range of highly-engineered value-added products, components, and systems for use in the most demanding environments. Channel Technologies' products and services are used in a variety of applications and by diverse end users, including medical device manufacturers, oil service and exploration companies, and customers in the defense industry, including numerous departments of the U.S. Navy and many leading defense contractors. CTG was acquired by a group led by an affiliate of Blue Wolf Capital Fund II, L.P. in December 2011.
About Materials Systems Inc.
MSI, an ISO 9001:2008 certified company, designs, prototypes and manufactures innovative and cost-effective piezecomposite sonar transducers and arrays for defense and commercial customers. Founded in 1991, MSI developed a proprietary injection-molded piezocomposite technology used not only in defense applications such as mine hunting, mine neutralization, torpedo honing, AUVs, acoustic communications and harbor defense, but also in oil and gas surveying and exploration, as well as variety of medical applications. Based in Littleton, Massachusetts, the company designs custom products ranging from acoustic transducers for underwater sonar to industrial ultrasound systems.
About Blue Wolf Capital Partners
Blue Wolf Capital Partners LLC, a private equity firm founded in 2005, specializes in control investments in middle-market companies. Leading by experience, and with a reputation for excellence, Blue Wolf transforms companies. Combining a collaborative approach with strategic and operations resources, Blue Wolf manages challenging situations and complex relationships between business, customers, employees and regulators to generate superior returns and build value for stakeholders. For additional information, please visit www.blue-wolf.com.
