BOSTON--(BUSINESS WIRE)--Add after last paragraph of release: Stifel, Nicolaus & Company, Incorporated served as exclusive financial advisor and Barley Snyder LLP served as counsel to Thermacore. Kirkland & Ellis LLP served as counsel to Aavid.
The corrected release reads:
Aavid Thermalloy, LLC Announces the Acquisition of Thermacore, Inc.
Aavid Thermalloy, LLC ("Aavid") announced it has acquired Thermacore, Inc. ("Thermacore"). Based in Lancaster, PA, Thermacore is a leading provider of high performance thermal management, electronics cooling and materials solutions. Founded in 1970, Thermacore’s extensive product portfolio of heat pipe assemblies, spreaders, vacuum brazes, and cold plates serves major customers in the aerospace, defense, power, industrial, government research and development, server / data centers, and telecom markets.
Aavid, founded in 1964 and headquartered in Laconia, New Hampshire, through its global network of manufacturing and design centers, provides a broad range of technologically advanced thermal management solutions for aerospace and defense, telecommunication, LED lighting, server, data center, consumer electronics, transportation, and industrial applications to customers all over the world. Aavid is a portfolio company of Audax Private Equity, a leading investor in middle market companies. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm with over $10 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses.
Alan Wong, CEO of Aavid, said, "Thermacore is a leader in the custom design, development, and manufacturing of highly engineered, high-performance thermal management solutions. With over 100 patents awarded relating to heat pipes and electronics cooling and an exceptional engineering staff, Thermacore adds significant design and engineering capabilities to the base Aavid business. We look forward to joining forces with Thermacore, and working with their experienced management team to expand Aavid’s services in the aerospace, defense, and medical end markets. We expect that Aavid customers will benefit immediately from Thermacore’s recognized expertise in products such as vapor chambers and k-Core and Thermacore’s customers will benefit from Aavid’s broad range of design and manufacturing capabilities with a global footprint.”
Jerome Toth, President & CEO of Thermacore, said, "We look forward to joining our business with Aavid. Thermacore’s technical expertise combined with Aavid’s manufacturing capabilities and existing global sales channels create new opportunities for the combined entity, which would not be available to either on a standalone basis, enhancing the value we can bring to customers across both businesses. We are proud of our ability to serve customers in the aerospace, defense, and medical markets and the value our employees bring to serving these markets; together this will complement and broaden Aavid’s existing offering.”
Stifel, Nicolaus & Company, Incorporated served as exclusive financial advisor and Barley Snyder LLP served as counsel to Thermacore. Kirkland & Ellis LLP served as counsel to Aavid.