PierCap Partners, a premier mergers and acquisition (M&A) investment banking firm, has announced the sale of Vitrek Corp. of Poway to New York-based private equity firm.
Founded by Kevin and Cindy Clark in 1990, Vitrek is a leading manufacturer of highly sophisticated electrical safety test and measurement equipment, with a primary focus on high-voltage applications. The firm has been at the forefront of product development within its field and serves a diverse group of domestic and international customers from its headquarters in Poway, including many Fortune 1000 companies and premier brands in the electrical, electronic, medical, cable, power, lighting, appliance and industrial sectors.
The terms of the transaction were not disclosed.
“While we have been approached in the past with potential acquisition inquiries, they never resulted in a successful deal for one reason or another,” said Kevin Clark. “Working with PierCap Partners allowed us to attract not only strong interest in the company, but also highly detailed, quality offers from multiple parties, including private equity firms and large, multinational firms from Asia and Europe. As a result of their strategic, proactive approach, we were strongly positioned to achieve higher pricing than we thought possible and found the ideal buyer for Vitrek, with the skills and resources that will enable the company to grow and thrive in the years ahead.”
The New York private equity firm focuses on partnering with already strong companies with less than $100 million in sales, working with them to strengthen operations and facilitate growth to maximize their potential. The firm’s purchase of Vitrek will allow the manufacturer to expand its research and development capabilities, invest in new product innovation, increase its sales and marketing capacity, expand production and add personnel.
“Selling a business that you have spent a quarter of a century building is a major, once-in-a-lifetime event for most people,” said Ashish Jariwala, managing director of PierCap Partners. “Being able to bank on this hard-earned sweat equity requires aligning three critical forces –the seller’s personal situation, the maturity of the business and market timing. That’s why having a partner who has successfully navigated these waters many times before is critical to a successful transaction. Our goal is to empower owners with the data, insights and options needed to make the best decisions to meet their goals, and with Vitrek, we did just that.”
“This is a win for all parties involved, not just the owners, but also the business, employees, customers and San Diego community at large,” added Zaheer Dhruv, managing director of PierCap Partners. “We felt privileged to work closely with Kevin and Cindy to execute a strategy that maximized the value of their asset and helped them find the right buyer for the next chapter of Vitrek’s success story.”
PierCap Partners’ proven, disciplined M&A process is founded by three fundamental principles: (1) maintaining the delicate balance and spirit of collaboration, (2) establishing and negotiating from a position of strength, and (3) securing optimal outcome and trust between all impacted parties. The team explores all viable financial options, provides marketing and positioning expertise, pursues the highest quality prospects (locally, nationally and globally), employs proven negotiation strategies, and successfully reaches deals that achieve client goals.
Unlike most M&A firms, which approach transactions solely from the vantage point of deal-makers, PierCap’s co-founders and managing directors have personal experiences on all sides of the transactional table–as business operators, acquirers, sellers, marketers, strategists and corporate leaders. For Jariwala and Dhruv, these diverse perspectives converge on a common theme–helping businesses create value.
About PierCap Partners:
We are a mergers and acquisitions (M&A) investment bank based in San Diego. M&A is our singular focus. Whether you are thinking of acquiring / selling a business, or taking some chips off the table, we run a well-disciplined process that secures best possible value, minimizes disruption and manages the delicate balance and spirit of collaboration. With over $2 billion in aggregate transaction value and 35+ years of combined experience, our leaders bring operational expertise, an owner’s perspective, and Wall Street solutions to you. Find out more about our focus, services and experience.