Winchester Interconnect Corp., a portfolio company of private equity firm Snow Phipps Group, has bought wire and cable distributor C&M Corporation from the Watermill Group. As the manufacturing industry has evolved in respect to its related processes, strategic buyers and private equity firms have found the sector to be ripe for middle-market deals.

Dayville, Connecticut-based C&M designs wires and cables, coil cords, and cable assembly components for clients in the medical device, industrial automation, aerospace and military markets. Since acquiring the target nine years ago in 2008, the Watermill Group has helped to upgrade C&M’s production facility, equipment, and introduced a new management team. The acquisition of C&M complements Winchester’s product line by adding cable manufacturing capabilities.

“The C&M of today is quite different from the firm we originally acquired, and we have been proud partners through their strategic journey,” states Watermill Group partner Timothy Eburne. “As a result of Watermill’s strategy development and implementation process, C&M evolved from a family owned job shop in an aging facility serving increasingly commoditized end markets into a professional, tightly run operation in a modern facility with a unique position in custom wire and cable.”

Watermill Group, based in Lexington, Massachusetts, targets companies with annual revenues of $50 million to $500 million in the areas of manufacturing, value-added distribution and business services. The firm’s portfolio includes fastening manufacturer Cooper & Turner, and metal parts provider Experi-Metal Inc.. Watermill and C&M were represented by financial advisor Sperry, Mitchell & Co., while K&L Gates LLP served as legal advisor.

Founded in 1941, Winchester Interconnect also designs and develops interconnect technology, including: circuit boards, radio frequency and power connectors, multi-pin connectors, and cable and electromechanical assemblies. The buyer is headquartered in Middlebury, Connecticut with additional distribution facilities in Connecticut, Massachusetts, South Carolina, Illinois, Mexico, China and Malaysia.