ASC Signal Divests of Biz Units
The acquirer, Raven Industries, is a portfolio company of Granahan McCourt Capital and Edgewater Funds.
June 10, 2009
ASC Signal Corporation, a manufacturer of equipment for air traffic control and other communications products, has sold several of its manufacturing facilities to a Granahan McCourt Capital and Edgewater Funds portfolio company.
Terms of the transaction were not disclosed. The business segments that the bidder, Raven Industries, has acquired are the DTH, Very Small Aperture Terminal, and Skyware Radio Systems, which have locations in North Carolina and engineering offices in England, Scotland and Germany.
In January 2008, ASC was acquired by Resilience Capital Partners, a Cleveland, Ohio-based “special situations” investor. Previously, the portfolio company was a unit of Andrew Corporation, which was acquired by CommScope, Inc. for $2.65 billion a month earlier. ASC made up about 6% of Andrew’s revenues.
When Resilience Capital acquired ASC last year, observers believed the company would be scaled down to a smaller operation. The press release heralded ASC as a “more agile, entrepreneurial” operation.
In July 2008, Resilience Capital Partners hired Michael Lundin and Michael Merriman as operating partners of the turnaround private equity firm. Lundin is a former president and chief executive officer of Oglebay Norton Co. and Merriman is a former CEO of Lamson & Sessions. Merriman was CEO of Lamson & Sessions until its sale to Thomas and Betts last year.
Resilience and ASC Signal Corporation were unable to be reached by press time.
For more information on related topics, visit the following:
