CHICAGO (March 8, 2018) – Onward Capital, a private equity firm based in Chicago, announced today that it has acquired Connecticut Electric, headquartered in Anderson, Indiana (www.connecticut-electric.com). Terms of the transaction were not disclosed.
Connecticut Electric is an innovative company committed to product leadership, customer service and operational excellence. The Company designs, manufactures, and markets electrical products such as replacement circuit breakers, manual transfer switches, power outlets and accessories. Connecticut Electric partners with leading electrical distributors, wholesalers, home improvement retailers, hardware stores, and e-commerce e-tailers to serve electricians and end-users throughout North America.
Marcus George, Partner of Onward Capital, said, “Connecticut Electric has a unique position in the electrical products category with an outstanding reputation for innovative solutions, manufacturing excellence and customer service.” Laura Lester, Onward Capital Partner, added, “We look forward to working with the management team to enter new market segments, develop new products and build upon the Company’s success.”
Jeff Jensen, CEO of Connecticut Electric, commented, “We are thankful for all the value Thompson Street Capital Partners has added over the years and thrilled to be partnering with Onward Capital. Together, Connecticut Electric and Onward Capital will form a synergistic partnership to help our customers power their homes with innovative products. Onward Capital will provide us with strategic and financial resources to achieve our shared passion for growth.”
Midwest Mezzanine Funds and Tecum Capital provided mezzanine debt financing and co-invested equity. Byline Sponsor Finance Group, the cash flow lending division of Byline Bank, provided senior debt financing in support of the recapitalization. Katten Muchin Rosenman LLP served as legal counsel to Onward Capital and its investor group.
About Connecticut Electric
Connecticut Electric, headquartered in Anderson, Indiana (www.connecticut-electric.com), is a innovative provider of residential electrical products. The Company designs, manufactures, and markets electrical products such as replacement circuit breakers, manual transfer switches, power outlets, and accessories. Connecticut Electric partners with leading electrical distributors, wholesalers, home improvement retailers, hardware stores, and e-commerce e-tailers to serve electricians and end-users throughout North America. Connecticut Electric has earned a reputation for outstanding customer service with exceptional shipping times.
About Onward Capital LLC
Onward Capital is a Chicago-based private equity firm focused on investing in and growing lower middle-market industrial businesses. The Onward Partners have completed over 120 private equity transactions and invested $1 billion dollars of capital in the sector. Onward targets manufacturing and value-added distribution companies, typically with revenues between $15 million and $100 million. For more information on Onward Capital, please visit www.onwardcapllc.com.
About Midwest Mezzanine Funds
Since its founding in 1992, Midwest Mezzanine Funds has partnered with private equity firms, independent sponsors, family offices and management teams to provide over $750 million of junior capital to more than 100 privately-owned, lower middle-market companies throughout the United States. MMF continues to provide customized and flexible financing solutions as it currently invests from its $270 million fifth family of funds which includes MMF V and MMF V SBIC. For more information, visit www.mmfcapital.com.
About Tecum Capital
Tecum Capital is an independent investment firm based in Pittsburgh, PA with over $450 million in assets under management. Tecum is a multi-strategy investor with three funds, Tecum Capital Partners I, Tecum Capital Partners II and Tecum Equity, all of which focus on investing private capital in lower middle market companies that are based in the U.S. For more information, visit www.tecum.com.
About Byline Bank
Headquartered in Chicago, Byline Bank, a subsidiary of Byline Bancorp, Inc. (NYSE:BY), is a full service commercial bank serving small- and medium-sized businesses, financial sponsors, and consumers. Byline Bank had $3.4 billion in assets at December 31, 2017, and operates more than 50 full service branch locations throughout the Chicago and Milwaukee metropolitan areas. Byline Bank offers a broad range of commercial and retail banking products and services including small ticket equipment leasing solutions and is one of the top 10 Small Business Administration lenders in the United States.