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(July 2, 2014) – Rockwood Equity Partners LLC, a private equity investment firm based in Cleveland and New York, announced today that it has completed the sale of Astrex Electronics to TTI, Inc., an indirect, wholly owned subsidiary of Berkshire Hathaway.

Based in Plainview, New York, Astrex is a value-added distributor of electronic connectors and accessories used in military and aerospace applications, as well as other applications, such as medical and industrial, that require highly-reliable, ruggedized electronic interconnects. Headquartered in Fort Worth, Texas, TTI is a leading authorized distributor specialist offering passive, connector, electromechanical and discrete components to its customers around the globe.

Since acquiring Astrex in 2008, Rockwood worked closely with the management team to increase the company’s strategic positioning through expansion of its franchise lines and customer base. Rockwood also worked with Astrex management to complete the add-on acquisition of California-based TIM-CO in early 2013, expanding both the company’s product offerings and geographic presence. During nearly six years of ownership, Astrex grew the value of Rockwood’s investment substantially, resulting in a meaningful cash-on-cash return.

“The Astrex transaction is yet another example of our ‘value-to-growth’ strategy at work, in which we help build lower-middle market companies,” said Joe Merrill, Partner of Rockwood. “During our nearly six year ownership period, Rockwood took an active role in leading Astrex from being a non-core division to becoming a growth-oriented entity with an enhanced strategic focus and management team. Both our mezzanine partners at Marquette Capital and our senior lender, The Private Bank, were partners in the truest sense of the word. Most importantly, we applaud Mike McGuire, President of Astrex, and the entire Astrex team for their efforts in creating a great outcome for all stakeholders. Astrex has been a successful investment for Rockwood, and we are excited that this great company now will have a strategic owner in TTI with the resources, as well as the long-term focus, to help Astrex continue on its growth trajectory.”