Harris Williams & Co. Advises Maxcess International Corporation in its Sale to Bertram Capital
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Maxcess International Corporation (Maxcess), a leading global provider of automation instrumentation solutions and systems utilized in complex continuous web-fed converting lines, to Bertram Capital (Bertram). Maxcess is merging with Webex, Inc., a current portfolio company of Bertram, to create a premier global web handling solutions provider. Harris Williams & Co. acted as the exclusive financial advisor to Maxcess, a portfolio company of Merifin Capital (Merifin) and Windjammer Capital Investors (Windjammer). The transaction closed on January 10, 2014 and was led by Bill Roman, Jay Hernandez and Scott Reinig from Harris Williams & Co.’s Boston office.
Maxcess marks the fourth transaction that Harris Williams & Co. has closed in the test, measurement and control sector in the past three months, following the sale of Safety Technology Holdings to Golden Gate Capital, Finder S.p.A to the Pump Solutions Group of Dover Corporations and Enardo to Emerson Electric Co.
“Maxcess is a terrific automation control platform with an outstanding management team and exceptional track record of global leadership,” said Bill Roman, a managing director at Harris Williams & Co. and co-head of the firm’s Industrials Group. “Management, Merifin and Windjammer have done a tremendous job creating a truly unique global platform, and the merger with Webex will enable the company to accelerate its growth strategy while providing Webex with a strategic platform to continue its expansion into new geographies and end markets.”
“The sale of Maxcess represents another transaction for our test, measurement and control practice, and is further evidence of the continued interest across the sector,” added Jay Hernandez, a director at Harris Williams & Co. “We expect that this trend will continue to be very strong throughout 2014, particularly for companies that offer mission critical control solutions into the expanding industrial automation sector.”
“The team at Harris Williams & Co. was deeply committed to the sale process,” commented Greg Bondick, a managing director in Windjammer’s Boston office. “Their dedication to understanding the business enabled them to properly position the company for the best possible outcome.”
Cengiz Selman of Merifin, added “Harris Williams & Co.’s industry knowledge, expert guidance and deep relationships resulted in multiple attractive alternatives for the shareholders and management.”
With more than 170 combined years of experience, Maxcess manufactures a comprehensive breadth of products designed to optimize web processing applications which including, web guiding, tension control, web slitting and roll supporting shafts. The Maxcess umbrella covers the strongest brand names in the industry: Fife pioneered automated web guiding; Tidland invented the first expanding air shaft; and MAGPOWR has the largest installed base of tension products in the industry. With staff of web handling experts in each region, Maxcess is able to provide customers with products and systems ideally suited to solve their web processing applications. With locations in North America, Europe, China, Japan and India, Maxcess is able to provide unmatched sales, service and support worldwide.
With roots extending back nearly 100 years, Webex, along with its subsidiaries Fox Machining, Magnat-Fairview and PFE Rolls, are established industry leaders in designing and manufacturing precision rolls and specialized web handling machinery for a diversified set of customers within the web handling and converting industries. Additionally, Webex has developed a strong reputation as an engineering solutions partner, providing value-added support for customer applications across a comprehensive portfolio of high quality web handling products.
Merifin is an experienced European private investment group that has invested in traditional and alternative asset classes for more than twenty years. With offices and executives operating in Brussels, Geneva, New York and London, Merifin and its affiliates maintain an active investment program that partners with companies through early and late stage venture capital, buy-out and turn-around transactions.
Windjammer is a private investment firm focused on control and non-control investments in leading middle market businesses. With offices in Newport Beach, CA and Boston, MA, Windjammer has invested more than $1.1 billion in 50 companies across a broad range of industries since its formation in 1990. Windjammer is currently investing out of its $726 million Windjammer Senior Equity Fund IV.
Bertram Capital is a Northern California-based private equity firm focused on investing in middle market business services, consumer, industrial, healthcare and technology companies. Bertram is currently investing out of its $500 million second fund and typically allocates $25-$100 million to each investment. Since the firm's inception, Bertram has managed in excess of $850 million in committed capital and has completed 11 platform investments and 15 follow-on acquisitions.
Harris Williams & Co.’s Industrials Group has experience across a variety of sectors, including test and measurement; advanced manufacturing; automotive and heavy duty truck; capital goods; chemicals; industrial and environmental services; flow control; metals; natural resources and mining; paper, plastics and packaging; and power connectivity and control. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group website.