Every now and then I come across a deal that strikes me as the perfect illustration of the modern middle-market private equity model in play. In August, one such transaction caught my eye, when Winchester Electronics Corp., a portfolio company of Audax Group that makes connectors and cable assemblies for products in the medical, military, energy, broadcast and ruggedized industrial sectors, bought Bomar Interconnect Products, which makes connectors for the radio frequency, video, broadcast, wireless and related markets.

What impressed me wasn't just that the two companies appeared to be a good fit, with Ledgewood, N.J.-based Bomar's diversifying Middlebury, Conn.-based Winchester's customer base and product offerings. Of more significance, in terms of watching private equity in action, was that the transaction marked Winchester's sixth acquisition since Audax bought the company in 2006.

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