NEW YORK, May 24, 2016 /PRNewswire/ -- Behrman Capital, a
private equity investment firm based in New York and San
Francisco, today announced that it has entered into a
definitive agreement to sell its portfolio company Data Device
Corporation ("DDC" or "the company"), a leader in high-reliability
connectivity, power, and control solutions for aerospace, defense,
and industrial applications, to Transdigm Group Incorporated (NYSE:
TDG) in a transaction valued at $1
billion.
Grant G. Behrman, Managing
Partner of Behrman Capital, said, "We are very proud of our
investment in Data Device Corporation and the role we played in
building the company's leadership position. The DDC value creation
story is an exciting one and we believe the business is
exceptionally well-positioned for further growth under its new
ownership. We commend Vince Buffa
and his management team for their leadership and hard work, and
wish them and all their colleagues every success in the future as
part of Transdigm."
After partnering with CEO Clifford
Lane in 2003 to acquire ILC Industries, the parent of DDC,
Behrman has pursued a wide range of strategic initiatives. These
include four strategic add-on acquisitions, six dividend
recapitalizations and the tax-free spin-off of its ILC Dover
business, which enabled both DDC and Dover to focus on their
specific long-term growth strategies. In 2011, Behrman recruited
Vincent Buffa who as President and
CEO has led the team that has driven DDC's recent
success.
Mr. Buffa stated, "The DDC team is grateful to Behrman Capital
for its support of our company. Over the years, the Behrman team
not only invested the financial resources we needed to execute our
growth strategy, but also provided invaluable operational expertise
and strategic insight into our business and markets. We benefited
extensively from this partnership, which has positioned DDC for a
great future."
Completion of the transaction is expected before the end of the
third quarter of 2016.
Latham & Watkins LLP is serving as legal counsel to DDC.
About Behrman Capital
Based in New York City and San Francisco, Behrman Capital was founded in
1991 by Grant G. and Darryl G.
Behrman. The firm invests in management buyouts, leveraged
buildups and recapitalizations of established growth businesses.
The company's investments are focused in three industries: defense
and aerospace, health care services, and specialty manufacturing
and distribution. The firm has raised five funds with a combined
capital base in excess of $3.0
billion. For more information, please visit
www.behrmancap.com.
About Data Device Corporation
Data Device Corporation (DDC) is the world leader in the design and
manufacture of high-reliability data networking, power control, and
motion control solutions for aerospace, defense, and industrial
applications. For more than 50 years, DDC has continuously advanced
the state of high-reliability Connectivity, Power, and Control
technology with innovations that optimize efficiency, reliability,
and performance. DDC headquarters, design and manufacturing
operations are located in Bohemia,
NY. Visit www.ddc-web.com.
Contact
Mark Semer or
Peter Hill
Kekst
(212) 521-4800
mark-semer@kekst.com / peter.hill@kekst.com
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SOURCE Behrman Capital