Press release from Business Wire
Harris Williams & Co. Advises Avtron Loadbank, Inc. in its Sale to Emerson
Friday, March 16, 2012
BOSTON (Business Wire) -- Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces that Avtron Loadbank, Inc. (Avtron Loadbank), a market-leading designer and manufacturer of power integrity test and measurement devices, has been acquired by Emerson (NYSE: EMR). Avtron Loadbank was a portfolio company of Morgenthaler Private Equity (MPE). Harris Williams & Co. acted as the exclusive advisor to Avtron Loadbank. The transaction closed on March 15, 2012 and was led from the firm's Boston office.
“Avtron Loadbank's highly engineered products play a critical role in the overall performance of standby emergency power systems. We believe the company has found an excellent strategic partner in Emerson as it continues to pursue its many attractive global growth initiatives," said Bill Roman, managing director of Harris Williams & Co.
Avtron Loadbank is the leading global provider of power integrity test and measurement devices in the rapidly growing energy and power industry. The company's load bank devices test and validate the quality and integrity of critical power sources, such as primary and standby generators and uninterruptible power supplies. The company's broad product line of permanent and portable load banks validates the reliability, effectiveness and safety of generator and uninterruptible power supply performance, thereby preventing catastrophic failure of standby power sources in critical applications such as data centers, hospitals, airports, telecommunications, commercial and industrial buildings, and water and wastewater utilities.
Morgenthaler is a leading, national private equity and venture capital firm, with approximately $3 billion under management. The firm has invested in more than 300 companies over its 44-year history. MPE is the firm's private equity team based in Cleveland, OH, and Boston, MA. MPE focuses on the lower-middle market with transaction values between $25 - $150 million and EBITDA in excess of $5 million. MPE has two primary target investment areas, which include high-value manufacturing and proprietary business services.
Emerson, based in St. Louis, MO, is a global leader in bringing technology and engineering together to provide innovative solutions for customers in industrial, commercial and consumer markets through its network power, process management, industrial automation, climate technologies and commercial and residential businesses.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.
For general release inquiries, please contact Kimberly Baker, marketing director, at +1 (804) 648-0072.
Harris Williams & Co.
Kimberly Baker, marketing director