Windjammer Capital Investors portfolio company Hermetic Solutions was sold to Arcline Investment Management-backed Qnnect for a deal value above USD 1bn, said two sources familiar with the matter.
This news service reported in October that Arcline Investment Management was among the buyers that submitted a final bid for the industrial products company. The deal was announced on 3 November.
Trevose, Pennsylvania-based Hermetic Solutions sold for an EBITDA multiple north of 15x off around USD 70m in EBITDA, the two sources said.
Hermetic Solutions worked with financial advisors William Blair and BlackArch on the process, as reported. Evercore served as financial advisor to Qnnect, according to the deal announcement.
Hermetic Solutions is a provider of advanced microelectronic packages, engineered components and interconnect products.
Windjammer acquired Hermetic Solutions in 2019 for an undisclosed amount. This news service reported in April 2019 that Hermetic Solutions sold to Windjammer for around a 12x EBITDA multiple. At the time, the company had around USD 20m-USD 25m in EBITDA, as reported. BlackArch advised on the sale.
Since the purchase by Windjammer, Hermetic Solutions made three acquisitions. It acquired interconnect products maker Cristek Interconnects and specialty connectors maker FilConn for undisclosed amounts in 2021. In May, Hermetic Solutions acquired precision machining company Zet-Tek. Terms of that deal were also undisclosed.
Arcline, William Blair and Evercore declined to comment. Qnnect, Windjammer Capital, Hermetic Solutions and BlackArch did not return requests for comment.
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