Astrex is a value-added distributor of electronic interconnects used in military, aerospace, medical, industrial and other high-reliability and ruggedized applications based in White Plains, NY.
Rockwood acquired the assets of Astrex in September 2008 from a parent company that was in financial distress. Rockwood completed its due diligence, raised outside debt financing and closed the transaction in 35 days after signing a letter of intent, which was imperative given the deteriorating financial position of the parent company and its impact on Astrex’s operations.
In early 2013, Astrex acquired TIM-CO, a leading distributor of electronic components focused on the commercial aviation, space, oil & gas, industrial and military markets.
In June 2014, Astrex was sold to TTI, Inc.
- Removed ties with the former parent within four months of close, including the relocation of a sales and light assembly operation from a shared facility and creating a stand-alone finance/accounting function from scratch
- Recruited a new senior management team and board of directors with strong supplier, customer and market relationships
- Completed a small tuck-in acquisition to expand the company’s supplier line card, value added service offering, end market exposure and geographic footprint
- Expanded the company’s product offering organically by adding five new suppliers and more than 20 new product families
- Successfully navigated a downturn and grew EBITDA over the course of ownership