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Airpax is the leading worldwide manufacturer of customized hydraulic magnetic circuit breakers and select thermostats and temperature sensors. The company’s products provide protection for equipment, machinery and instruments against hazards caused by fluctuation in electrical current and temperature. Airpax serves equipment manufacturers in several end markets including telecommunications, wireless communication, power, information processing, HVAC, industrial and defense. The Company has secured leading global market share through an operating strategy focused on the highest quality, leading-edge products, best in-class customer service and extensive engineering support.
Our Role
CGP leveraged its relationships and reputation to source the transaction and preempt a broad auction. CGP also secured an equity co-investment from Norwest Equity Partners, creating capacity for additional investment to support growth. In conjunction with management, CGP Partners and Board members Robert Healy and Timothy Murray developed a focused acquisition search strategy to evaluate complimentary products and businesses. This search is expected to lead to a highly strategic acquisition that CGP believes will dramatically enhance the value of Airpax. CGP’s technology and operating consultants recommended several systems and process enhancements and are an on-going resource to the Management Team.
Results
Airpax is privately owned by CGP, Norwest Equity Partners and Management. The company generated approximately $80 million in revenue in 2004, an increase of over 20% from 2003. CGP expects Airpax to continue to grow rapidly through geographic expansion, new products and acquisitions.
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