MELVILLE, NY, April 19, 2022 /PRNewswire/ — Micross Components, Inc. (“Micross”), a leading global provider of mission-critical microelectronics components and services for high-reliability aerospace, defense, space, medical and industrial applications, has entered into a continuation fund transaction in February 2022 in connection with its sale by Behrman Capital Fund VI LP, a private equity investment firm based in New York, and other shareholders. Micross is now the sole asset of a new continuation fund, Behrman Capital Micross CF LP, which will continue to be managed by Behrman Capital.
The Continuation Fund will be supported by new and recurring sponsors, anchored by funds managed by Apollo Global Management, Inc. and its affiliates (collectively “Apollo”) and funds managed by BlackRock’s private equity secondary team . Behrman Capital and the current Fund VI limited partners paid significant proceeds into the continuation fund as part of the transaction, and Micross management also paid the majority of its capital proceeds.
Micross has grown its revenue more than tenfold organically and through mergers and acquisitions since its acquisition by Fund VI in 2018. Behrman first acquired the company as Corfin Industries before merging it with Micross in 2020 to form a differentiated service provider in the high-reliability electronics market with industry-leading service and product capabilities. More recently, in May 2021, Micross acquired Semi Dice, marking further geographic and medical end-market expansion. Micross is led by Vincent Boufa as Chairman and Chief Executive Officer. Mr. Buffa is the former CEO of Data Device Corporation, another Behrman Capital investment that was sold to Transdigm in 2016 to $1 billion.
The continuation fund transaction will provide additional capital to drive organic growth initiatives, support the continued execution of the company’s M&A pipeline, and allow Micross to fully capitalize on strategic initiatives undertaken over the past four years. .
Simon P. LonerganManaging Partner of Behrman Capital, said, “Micross is one of our largest and best performing portfolio companies within Fund VI. We are delighted to continue our long-standing partnership with Vince and his team, enabling Micross to fully capitalize on attractive growth opportunities We are also delighted that the Continuation Fund has secured a high-quality sponsor partner base, led by Apollo, and including strong support from Fund VI investors, many of whom elected to reinvest the proceeds of the Fund VI transaction into the new continuation fund.”
“Over the past few years, Micross has achieved impressive financial performance and made significant strategic progress, supported by our valued customers with a comprehensive and unique portfolio of high-reliability electronics solutions,” said Buffa. “We have built our market-leading position through acquisitions and bolstered our management team with best-in-class talent, all under Behrman ownership. We very much look forward to continuing our relationship with Behrman and are delighted that our expanded capital base will put us on an even stronger footing.”
Jason Scheir, partner of Apollo added, “We are delighted to support the leadership of Behrman and Micross in their next phase of growth as the world’s leading supplier of high-reliability microelectronics. This transaction is indicative of the solutions Apollo provides to GPs as a value-added capital partner.
This continuation fund marks the second GP-led transaction that Behrman Capital has completed. In 2012, Behrman Capital closed Behrman Capital PEP LP (“PEP”) which was one of the first multi-asset continuation funds formed in the market. Capitalized at ~$1 billionPEP acquired part of the investments held by Behrman Capital III LP
For Behrman Capital, Jefferies LLC served as financial advisor, and Goodwin Procter LLP and Ropes & Gray LLP served as legal advisor. Credit Blackstone led the debt financing in connection with the transaction.
Related link: https://www.micross.com/MicrossCF
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chris stabledirector of corporate marketing communications
Micross is the most comprehensive provider of advanced microelectronics services and component, chip and wafer solutions. With the widest authorized access to chip and wafer vendors, and the most comprehensive advanced packaging, assembly, modification and testing capabilities, Micross is uniquely positioned to deliver unmatched high reliability solutions, from bare chips to fully packaged devices, to complete program lifecycle maintenance. For over 40 years, Micross has been a trusted source for the aerospace, defense, space, medical, energy, industrial and other markets.
For more information about Micross, please visit www.micross.com.
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About Behrman Capital
Situated at New York CityBehrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged accumulations and recapitalizations of established growth companies. The company’s investments focus on three sectors: defense and aerospace, healthcare services, and specialty manufacturing and distribution. Since its inception, the company has raised $4.0 billion and is currently investing from its sixth fund.
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SOURCE Micross Components