Genesis Capital, LLC is pleased to announce the sale of substantially all the assets of Conelec of Florida, Inc. (“Conelec”) to Main Street Capital Holdings, LLC (“Main Street”). Genesis Capital advised Conelec in the transaction, the terms of which were not disclosed.
Based in Florida, Conelec is a leading provider of electronic manufacturing services (“EMS”) to original equipment manufacturers (“OEM”) in the medical, military communications and industrial markets. Conelec has been serving its clients throughout North America since 1983 and has earned the confidence of its customers and suppliers with its focus on quality, competitive pricing, and unrelenting dedication to exceeding customer expectations.
“Genesis Capital did a terrific job in helping us explore the options available to us and ultimately getting this deal done,” said Roger Thomson, Founder and CEO of Conelec. “In working with my wife, Susan, and me, Genesis Capital clearly understands the unique issues surrounding selling a private, family-owned business.” Roger Thomson will continue to serve as a Director of Conelec and the existing management team, led by David Vickery and David Thomson, will continue to manage and operate the business.
Dennis Prado, a Principal at Main Street commented, “We are excited about partnering with Conelec’s management team and we intend to provide them with the resources needed to continue to grow and maximize operating efficiencies. Genesis Capital did a very nice job of facilitating the transaction. They helped guide us to a structure that provided Conelec’s owners with significant liquidity while maintaining an ongoing equity stake in the business. We like when management teams and sellers reinvest some of their proceeds into the new deal and the Genesis Capital team helped us accomplish that objective.”
Genesis Capital, LLC acted as financial advisor to Conelec of Florida, Inc., while Greenberg Traurig, LLP provided legal counsel.
Thorp Reed & Armstrong, LLP acted as legal counsel to Main Street Capital Holdings, LLC, while First Niagara Financial Group Inc. provided financing for the transaction.
About Conelec of Florida, Inc.
Conelec of Florida, Inc. offers EMS, which include electro-mechanical and system level assembly as well as prototyping, new product introduction, material procurement, supply chain management, global sourcing, printed circuit board assembly, in-circuit testing, functional testing, final system box build, and order fulfillment services. Conelec services many OEM industries including, medical, military RF and broadcast communications, industrial controls and instrumentation. Conelec has been serving its clients throughout North America since 1983 and has earned the confidence of its customers and suppliers with its focus on quality, competitive pricing, and unrelenting dedication on exceeding customer expectations.
About Main Street Capital Holdings, LLC
Founded in 1994, Main Street Capital Holdings, L.L.C. is a Pittsburgh based private equity firm that acquires companies in a broad range of industries at the lower end of the middle market. Main Street acquires control positions in companies with enterprise values ranging from $10 million to $125 million. Main Street has significant experience in the EMS industry including investments in Pinnacle Electronics and AccuSpec Electronics. A key to Main Street’s success is its strong partnerships with existing management teams and proven operators. For more information, please visit www.mainstcap.com.
About Genesis Capital, LLC
Genesis Capital, LLC is an independent investment and merchant banking firm focused on key growth sectors of the economy. Genesis Capital works with public and private corporations as well as family-owned businesses to achieve their strategic growth initiatives and maximize shareowner value. The firm provides tailored solutions to meet the specific objectives of our clients and has expertise in mergers, acquisitions, divestitures, leveraged buyouts, restructurings, going private transactions, private placements of equity and debt, and certain derivative hedging transactions.