Principals of True North Advise Hobart Electronics in Sale to discoverIE
Coil-Tran Corp (d/b/a Hobart Electronics) was acquired by UK-based discoverIE as part of a combined acquisition including UK-based Positek Limited. Positek and Hobart Electronics were unaffiliated entities at the time of acquisition.
Founded in 1969, Hobart Electronics is a designer and manufacturer of electronic components including transformers, chokes, and power supplies. Its manufacturing locations include Hobart, Indiana; Tempe, Arizona; Agualeguas, Mexico; and Nogales, Mexico.
discoverIE Group plc is an international group of businesses that designs, manufactures and supplies innovative components for electronic applications. By focusing on key markets which are driven by structural growth and increasing electronic content, namely renewable energy, transportation, medical and industrial connectivity, the Group aims to achieve organic growth that is well ahead of GDP and to supplement that with targeted complementary acquisitions.
Nick Jefferies, Group Chief Executive of discoverIE, made a few comments about the transaction. “The acquisitions of Hobart and Positek continue our strategy of building a higher margin, international Group that designs and manufactures customised electronics. Both companies have long-established track records of supplying high quality products into their respective markets. As part of the Group, both companies will gain access to our wider base of customers and with it, new sales opportunities, whilst discoverIE will gain access to efficiencies from manufacturing in Mexico and new cross-selling opportunities.”
The Principals of True North, acting in the capacity of registered agents of Burch & Company, Inc. (“Burch”), were the lead strategic and financial advisors to Hobart Electronics on its sale to discoverIE. In order to assist True North with securities related transactions, its principals are registered investment banking agents of Burch & Company, Inc., member FINRA/SiPC. Burch and True North are not affiliated entities.