Wincove Capital has acquired Connect-Air International Inc., a Seattle-based distributor of low-voltage wire and cable products in the United States. No financial terms were disclosed.
On March 6, 2008, Wincove Capital (“Wincove”) acquired Connect-Air International, Inc. (“Connect-Air” or the “Company”). Based outside of Seattle, Connect-Air is one of the largest distributors of specialty low-voltage wire and cable products in the United States.
The Company's primary business is the distribution of control and signal wires and related devices that are used in commercial HVAC, security and fire alarm systems (both retrofits and new systems). The Company also provides outsourced manufacturing of custom, low-volume cable assemblies through its offshore partners. The Company's customer mix is highly diversified, ranging from small local contractors to major global OEM's of building automation systems.
Connect-Air currently has seven distribution facilities located in Washington, Oregon, Northern California, Southern California, Arizona, Georgia and Massachusetts. Wincove intends to build upon the Company's historical track record of organic growth through further penetration of existing markets as well as continued geographic expansion. Wincove will also seek to opportunistically grow Connect-Air via acquisition.
HighPoint Capital, based in Boston, provided the senior credit facilities to support Wincove's acquisition and also co-invested in the equity. Fidus Capital, with offices in Charlotte, Chicago and New York, invested subordinated debt and preferred equity in the transaction.
Wincove Capital is a New York-based lower middle-market private equity firm that was founded in late 2007. Wincove partners with profitable companies to help accelerate their growth and ultimately unlock value. The acquisition of Connect-Air is Wincove's first transaction.