Boyne Capital has, through one of its affiliates, acquired a majority stake in Sonic Systems International LLC, a provider of support services to the commercial nuclear power industry.
Boyne managing partner and CEO, Derek McDowell, said, “The Boyne team is pleased to join forces with Sonic’s management team and Breakwater North. Sonic differentiates itself with deep, long-tenured customer relationships, built upon its consistent reliability and responsiveness as a partner. We are excited about Sonic’s position to capitalize on the revived growth of the nuclear power industry.”
Former Sonic president, Dale Holbrook, said, “I am tremendously proud of the growth of the Company over the last decade, and I believe the additional resources the new investors bring will enable the Company to become an even stronger industry supplier going forward. I look forward to remaining on the Board and supporting Bruce and the rest of the team on Sonic’s next phase of growth.”
Boyne partnered on the transaction with Breakwater North LLC. Main Street Capital Corp. provided debt financing and an equity co-investment to support the transaction.
Breakwater North’s managing partners, David Faherty and Ryan Mills, added, “We look forward to working with Boyne and Company management to pursue several exciting strategic initiatives, as we seek to expand Sonic’s breadth of services and enhance the Company’s reputation as a vendor of choice to the nuclear industry and other highly specialized industries.”
Sonic represents the latest platform investment in BCM Fund II.