Feb, 2008 - Windjammer and Management Acquire Pasternack Enterprises, Inc.
Windjammer Capital Investors ("WCI") announced that, in partnership with management and certain outside investors, WCI has acquired Pasternack Enterprises, Inc. ("Company"). Terms of the transaction were not disclosed.
Headquartered in Irvine, CA, Pasternack is a leading multi-channel, business-to-business direct marketer of radio frequency, microwave and fiber optic connectors, adapters, cables, cable assemblies and other components to over 27,000 companies in over 75 countries globally. The Company's products are used in a wide variety of electronics-based applications, including electronic instrumentation, military electronics, telecommunications equipment (including wireless and land mobile radio), medical, industrial and transportation equipment, as well as computers, peripherals, and office equipment. The Company has the broadest product selection of RF connectors in the industry and is one of the few suppliers who can consistently provide connectors and custom cable assemblies for same day shipment.
"Pasternack's reputation, the strong value proposition it provides to its customers and its resulting long-term record of success are the foundation for Windjammer's investment," said Jeff Miehe, Managing Director of WCI. "We're eager to team up with the Company's management and provide the additional capital and strategic resources that will enable the Company to pursue its many growth opportunities."
Chuck Becker, President and CEO of Pasternack, said "We see tremendous growth opportunities for our Company and are excited to have WCI as our partner. Their expertise in working with niche-oriented, middle market companies such as ours as well as their strategic guidance and resources will be valuable to us as we continue to expand our business."
WCI provided a significant majority of the equity and all the subordinated debt in the transaction to create a strong and stable capital structure and support the Company's growth initiatives. According to Ed Bagdasarian, Managing Director of Barrington Associates, which was Pasternack's advisor in the transaction, "We were confident in management's decision to partner with Windjammer. Despite the recent disruptions in the leveraged lending markets, Windjammer's experience in investing in middle market companies and its ability to invest the equity and subordinated debt required in this transaction helped eliminate a major variable from the equation and move the deal to a successful close."
Windjammer Capital Investors, with offices in Newport Beach, California and Waltham, Massachusetts, is a national private investment firm that makes control and non-control investments in leading middle market businesses in partnership with management. Founded in 1990, WCI manages institutional funds totaling over $1.2 billion of capital and is currently investing its latest fund of $575 million which it raised in 2006. In its history, WCI has closed on portfolio company investments with an aggregate value exceeding $7 billion.
For additional information regarding Pasternack Enterprises, Inc. please visit their website at www.pasternack.com.
Contact Jeff Miehe or Matt Anderson of Windjammer for more information about the transaction.