SAN FRANCISCO—Discrete semiconductor and passive components supplier Vishay Intertechnology Inc. has acquired HiRel Systems LLC, a supplier of transformers, inductors, coils and power conversion products, for $85 million, according to a statement issued Monday (March 5) by CHB Capital Partners, a Denver-based private equity firm that owned HiRel previously.
Vishay (Malvern, Pa.) disclosed the acquisition in January. Vishay said the acquisition would substantially expand and strength its specialty magnetic product business.
"The HiRel Systems product and technology portfolio will further enhance our inductors portfolio, particularly in the field of custom magnetics for medical, military, aerospace and aviation, and applications in the industrial and commercial field such as renewable energy and test and measurement equipment," said Marc Zandman, Vishay’s executive chairman and chief business development officer, in a statement issued in January.
HiRel (Minnetonka, Minn.) provides products for custom applications within the medical, military, aerospace and specialty industrial and commercial markets, CHB said.
In a statement, John Flanigan, co-founder of CHB, said in nine years CHB was able to grow HiRel's revenue and EBITDA—income before interest and taxes and depreciation and amortization—by over 350 percent.
"HiRel is a perfect example of this, a niche player in a global market that through investments in capability and select acquisitions was able to become a market leader," Flanigan said. "We couldn't be happier with the outcome nor with the experience of working alongside such a talented management team."