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April 8, 1996
- For Immediate Release
The Carlyle Group,
GFI Energy Ventures LLC, and company senior management announced today
their purchase of Elgar Electronics Corporation from Harnischfeger Industries,
Inc. The terms of the transaction were not disclosed.
Elgar Electronics 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's innovative power testing technology was recently incorporated
in its Space Power Simulation Systems which permit ground testing of solar-powered
satellites. Elgar also designs and manufactures universal input UPS (uninterruptible
power systems) designed to operate in harsh environments. Based in San
Diego, California, Elgar employs approximately 370 people, serving markets
in the United States and abroad.
"I am especially pleased with the progress we have made toward building
a quality company over the past several years," said Ken Kilpatrick, President
of Elgar Electronics. "We are very proud of our loyal customers, the quality
of our products, and the responsiveness of our employees and sales representative
organizations. The strength provided by the involvement of Carlyle and
GFI will assure continued investment in technology and new products for
our valued customers."
The Carlyle Group, a Washington, D.C.-based private merchant bank, has
been an active investor in the defense and power supply areas. In 1995,
Carlyle purchased, among other companies, Power Paragon and Howmet, and
sold Magnavox Electronics to Hughes Aircraft Company.
Daniel A. D'Aniello, a Managing Director of Carlyle, said, "We view Elgar
as the premier company in its field and are pleased to be partnering with
Elgar's management, which we view as one of the strongest in the industry.
Elgar's strong position on various defense contracts and leading position
in the power equipment industry fit well with Carlyle's special interests
and strengths."
GFI Energy Ventures LLC invests in the power and energy industry, having
been established to capitalize on the dramatic changes flowing from utility
deregulation and technological innovation. GFI is owned by affiliates
of Rothschild Investment Trust Capital Partners plc, Allen & Company,
Durham Enterprises, and three energy industry experts who also manage
the firm.
"We are delighted to have originated and participated as equity investors
in this acquisition of a company recognized for technical innovation and
customer-oriented solutions to power supply needs," said Lawrence Gilson,
President of GFI Energy Ventures. "This investment contributes directly
to GFI's commitment to assemble a portfolio of leading companies providing
increasingly demanding industrial customers with solutions to their power
requirements."
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