Officials at high-precision components and finished devices maker Cadence are selling the Staunton, Va.–based company to private equity outfit Kohlberg & Co.
Financial terms of the definitive agreement, announced yesterday, were not disclosed. Cadence makes components and devices for advanced surgical and specialty industrial applications.
Cadence CEO Alan Connor will continue to lead the company, and its management team will stay in place. “This transaction is a significant milestone in the history of Cadence and a testament to the outstanding team we have assembled. We are proud of what we have achieved as a team and excited about partnering with Kohlberg and writing the next chapter of the company’s history together,” Connor said.
Cadence and Kohlberg & Co. officials think the deal will accelerate the expansion of Cadence’s capabilities and its ability to serve customers in all of their core locations.
“We look forward to working closely with Cadence to accelerate, enhance, and expand its service offering, while supporting the company’s longstanding commitment to providing exceptional service for each of its customers across all market segments,” said Roger Prevot, operating partner of Mount Kisco, N.Y.–based Kohlberg.
Kohlberg made waves in the medical device manufacturing and advanced manufacturing space last year when it merged Pexco and PPC Industries to create Spectrum Plastics Group.
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