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March, 1998
- For Immediate Release
The Carlyle Group,
GFI Energy Ventures LLC, and company senior management today announced
the sale of a majority interest in the holding company that owns 100%
of Elgar Electronics Corp. to a New York-based investment company, J.F.
Lehman & Co., for $113.5 million. The Carlyle Group, GFI Energy Ventures
LLC, and company senior management will retain a 15% interest in the Company.
Elgar Electronics is based in San Diego and employs approximately 400
people serving markets throughout North America and the world. The Company
is a market leader in the design and manufacture of AC and DC programmable
power supplies. The Company's equipment, sold under the Elgar and Sorensen
names, is used in designing and testing electronic products and equipment.
Applications range from benchtop R&D to production test, and from testing
avionics for commercial or military aircraft to providing variable power
for semiconductor fabrication equipment. Elgar is also a leader in the
rapidly growing and technically sophisticated Space Power Simulation Systems
market in which Elgar's products provide the ground testing of solar-powered
satellites. Elgar also designs and manufactures universal input uninterruptible
power systems designed to operate in harsh environments.
"I am especially pleased with the progress we have made since our acquisition
of Elgar along with the Carlyle Group and GFI Energy Ventures in 1996"
said Ken Kilpatrick, long-time CEO of Elgar. "Over the past two years,
our Company's profits have grown severalfold as we have entered new profitable
markets and better served our customers in our traditional markets. I
am very proud of our loyal customers, the quality of our products, and
the responsiveness of our employees and sales representatives organization.
J.F. Lehman & Company has a successful track record helping companies
such as ours to grow, and their investment in Elgar further strengthens
our commitment to building innovative solutions to our customers' needs."
The Carlyle Group is a Washington, DC-based private merchant bank that
manages over $3.0 billion of equity investment capital in both the US
and Europe.
GFI Energy Ventures LLC, a Los Angeles-based company, focuses exclusively
on investments in the power industry. The Company actively seeks investments
in power and energy companies which are well positioned to capitalize
on the dramatic changes taking place in the power industry.
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