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09/02/2008
Contact:
For RockWood Equity Partners LLC
Owen M. Colligan
(216) 378-9327
H. Josef Merrill
(216) 378-9326
FOR IMMEDIATE RELEASE
ROCKWOOD EQUITY PARTNERS ACQUIRES ASTREX ELECTRONICS INC.
CLEVELAND AND NEW YORK, September 2nd, 2008 - RockWood Equity Partners, LLC, a private equity investment firm based in Cleveland and New York, announced today that it has acquired the assets of Astrex Electronics Inc. ("Astrex" or the "Company"), a value-added distributor of electronic connectors primarily used by the military and aerospace industries, from RAD Technologies. RockWood partnered with the Company's senior management team, led by CEO Frank Stalzer and Executive Vice President Mike McGuire, in acquiring the Company.
Based in Plainview, New York, Astrex is a value-added distributor of electronic connectors and accessories for over 20 world-class connector OEMs that services more than 1,700 customers throughout the world. The Company's products provide mission critical functionality in on-board aircraft controls, military weapons, vehicles and communications systems, medical instruments, homeland security devices and industrial electronics.
"We are excited to partner with management in the buyout of Astrex" said Owen M. Colligan, Managing Director of RockWood. "Astrex is an ideal fit with our firm's investment philosophy, and we look forward to working with Frank and his team to help the Company continue its growth." Frank Stalzer, CEO of Astrex, added: "The company has developed an excellent reputation for providing high quality interconnect products to many of the worlds largest military and aerospace OEMs, electronics subcontractors, medical device manufacturers and producers of ruggedized industrial electronics. We believe the business is well positioned to grow in response to the increasing use of electronic components in defense and aerospace platforms and with RockWood's support we plan to accelerate our growth through new product offerings, expanded market coverage and strategic acquisitions."
Founded in 1999, RockWood Equity Partners, LLC is a private equity firm that specializes in the acquisition of lower middle market companies based in North America with revenues between $10 million and $100 million. Since 1999, RockWood has completed over twenty investments in partnership with family ownership, management and/or other deal sponsors.
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