TrueNorth Announces Sale of Hansen Corporation
Stamford, CT, July 2014 – TrueNorth Capital Partners LLC is pleased to announce that its wholly-owned subsidiary, TNCP, LLC acted as exclusive financial advisor to Hansen Corporation, a leading manufacturer of a variety of DC Motors, Synchronous Motors, and Clock Movements on the sale of all of its issued and outstanding capital stock to ElectroCraft, Inc., the fractional horsepower motor and motion solutions provider.
The acquisition of Hansen Corporation combined with the substantial ElectroCraft product lines and motion solutions portfolio presents comprehensive fractional and sub-fractional solutions to the motion control markets. The advantages of the acquisition and merger between the Hansen and ElectroCraft groups are many. The combined sales and application engineering teams have a complete product offering that encourages a perfect paring of product solutions with customer needs. “We are pleased to welcome Hansen Corporation to the ElectroCraft family.” said Mike Karsonovich, President and Chief Executive Officer of ElectroCraft, Inc. Karsonvich added that, “Hansen has had a very successful 100-year history and is known throughout the industry for its incredibly high quality. We are very excited about the drive, experience, portfolio and manufacturing capabilities that Hansen and the Hansen team brings to ElectroCraft. But, the most compelling aspect of the combination of Hansen and ElectroCraft is the value that it brings to our customers. Hansen and ElectroCraft have very complimentary motion control portfolios and the integration of the companies will allow us to better service the project needs of our existing and future customers.”
The benefit of the acquisition goes beyond the complimentary products and services. ElectroCraft welcomes the Hansen Engineering teams to its substantial worldwide design group. Both groups are known for custom and configured solutions in their respective markets and the combined team will bring further innovation. The design teams are also supported by the venerable global manufacturing groups of both companies. By providing design engineers immediate access to these manufacturing groups, ElectroCraft and Hansen enable a process of continuous improvement for research, design and manufacturing. “The combination of North American motor design and manufacturing groups ensures that we are able to best control variables of development and production and will result in the best possible motion control solution for our customers”, notes Bill Poyner, President of Hansen Corporation.
Fred Rossetti and Jeff Gaynor acted as lead bankers for execution on this transaction and complemented the management teams from both Hansen and ElectroCraft for their hard work and dedication to getting this transaction completed. Rossetti also thanked Bank of America who provided the senior financing and Seacoast Capital who provided subordinated debt and additional equity for the transaction.
About TrueNorth Capital Partners LLC:
TrueNorth Capital Partners, LLC www.truenorthcp.com provides corporate advisory services on mergers and acquisitions and restructurings as well as provides valuations and fairness opinions primarily to middle market companies. Capitalizing on the vast international M&A and restructuring backgrounds of the founders, the firm provides sophisticated financial advice to middle market clients. TrueNorth’s professionals have built their careers and reputations serving this market and understanding its intricacies. Their skills have been evidenced in hundreds of assignments and they have completed those assignments while always remaining true to their core principles: unwavering commitment to our clients’ best interests and the highest standard of service. TrueNorth conducts its securities-related business through its wholly owned subsidiary TNCP, LLC, member FINRA/SIPC.
About Hansen Corporation:
Founded in 1903, Hansen Corporation www.hansen-motor.com a subsidiary of NMB (USA) Inc., has built upon its timing control roots to become a market leader in small motor manufacturing. The motor product line includes hysteresis and permanent magnet synchronous motors, stepper motors, DC brush motors and clock movements. Hansen and our sales partners specialize in providing the custom motor design and manufacturing solutions our customers need in large quantities or small.
About ElectroCraft Inc:
ElectroCraft, Inc. www.electrocraft.com is a global provider of fractional-horsepower motor and motion control solutions for both industrial and commercial applications. The company specializes in dependable, application-engineered specialty products by utilizing its Lean business philosophy to consistently meet the needs of its customers worldwide. The company’s products are found in pumps, office equipment, medical devices, aircraft and thousands of other applications. ElectroCraft is headquartered in Dover, New Hampshire with operations in the United States, Europe, and Asia.
Any further inquiries can be directed to TrueNorth at the contact information provided below:
TrueNorth Capital Partners LLC
60 Long Ridge Road
Third Floor, Suite 307
Stamford, CT 06902