Management and Golden Gate Capital Acquire Business of Nuvisions Manufacturing, Inc.
SPRINGFIELD, MA (August 23, 2001) – Nu Visions Manufacturing, LLC (“Nu Visions”) announced today that it has completed a management-led acquisition of the business of NuVisions Manufacturing, Inc. (the “Seller”), a leading electronic manufacturing services (EMS) provider, in partnership with Golden Gate Capital, a San Francisco-based private equity firm. The Seller is a subsidiary of Nu Horizons Electronics Corp. (Nasdaq: NUHC), a distributor of active and passive components.
Nu Visions specializes in providing high-complexity, low-volume electronic manufacturing services to original equipment manufacturers (OEMs) in the defense, industrial, and medical industries. Nu Visions provides these services from its state-of-the-art, 50,000 square foot facility in Springfield, Massachusetts. Nu Visions’ unique front-end design and engineering capabilities, its technology-intensive assemblies, and its strong customer service orientation make it a critical part of its customers’ supply chains. As a result, Nu Visions has continued to steadily add customers and increase its revenue and profitability despite the general economic slowdown affecting both the manufacturing sector and broader economy.
Steve Pudles, Chief Executive Officer of Nu Visions comments: “This transaction is an important step in the evolution of our company and we are very excited about the opportunities it creates for our customers and employees. As a standalone company, we can focus all of our resources in building a best-of-breed provider of complex and design-intensive manufacturing services that satisfy our customers’ outsourcing needs. Furthermore, our partnership with Golden Gate Capital gives us access to the capabilities of a world-class sponsor and the financial foundation to achieve growth both through continued investment in our manufacturing assets and via selective, strategic acquisitions.”
Prescott Ashe, a Managing Director of Golden Gate Capital states: “Nu Visions is an excellent platform for building a high-mix, low-volume EMS vendor that is truly differentiated by its technology and service levels. The company’s value proposition–based on strong front-end design support, highly flexible manufacturing setups, and cost-effective materials management–makes it a natural partner for OEMs seeking to introduce products more rapidly and effectively.”
Adds Ken Diekroeger, another Managing Director of Golden Gate Capital: “We are most excited about the depth and capability of the Nu Visions’ management team, which has a proven track record of consistent and controlled growth. These are excellent operators who have a single minded focus on customer service.”
About the investors: Golden Gate Capital, headquartered in San Francisco, California, is a private equity investment firm with more than $700 million of capital under management. The firm’s strategy is to partner with exceptional management teams to pursue change-intensive, growth investments in both the technology sector and the broader economy.
About Golden Gate Capital
Golden Gate Capital (www.goldengatecap.com) is a San Francisco-based private equity investment firm with approximately $2.5 billion of capital under management. Golden Gate is dedicated to partnering with world class management teams to invest in change-intensive, growth businesses. They target investments of up to $100 million in situations where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate have a long and successful history of investing with management partners across a wide rage of industries and transaction types, including leveraged buyouts, recapitalizations, corporate divestitures and spin-offs, build-ups and venture stage investing. For more information, visit www.goldengatecap.com.
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With $2.5 billion of committed capital, Francisco Partners is one of the world’s largest technology-focused private equity funds. The firm was founded to pursue structured investments in technology companies undergoing strategic, technological, and operational inflection points. Francisco Partners targets majority and minority investments in private companies, public companies, and divisions of public companies, with transaction values ranging from $30 million to $2.0 billion. The principals of Francisco Partners have a proven track record, having invested in excess of $3.0 billion of equity capital in over 50 technology companies. For more information, visit www.franciscopartners.com.
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Thoma Cressey Equity Partners is a leading private equity investment firm that has been providing equity and strategic support to experienced management teams building growing companies for almost 25 years. The firm originated the concept of “industry consolidation” or “buy & build” investing, which seeks to create value through the strategic use of acquisitions to accelerate business growth. Thoma Cressey’s investment focus is on profitable, middle-market companies in the software, healthcare, business services and consumer products and services industries. The firm provides equity capital for buyouts, MBOs, growth equity investments, and going private transactions.