GRAND RAPIDS — Auxo Investment Partners has acquired two manufacturers that produce custom wire harnesses, cable assemblies.
The deals for Cascade Township-based Tack Electronics Inc. and Morgan Royce Industries in Fremont, Calif., follow Auxo’s acquisition last spring of Golden State Assembly Inc. (GSA), a wire and cable assembly and harness manufacturer, also based in Fremont, Calif. Each acquisition expands Auxo’s wire platform.
“These new partnerships with MRI and Tack shore up GSA’s position as one of the country’s leading wire harness platforms, and further diversifies its array of service offerings,” Jeff Helminski, Auxo’s co-founder and managing partner, said in a statement.
Tack Electronics makes wire harnesses, cable assemblies and box builds for industries that include aerospace and defense, gaming, medical, transportation, and battery and energy equipment. Auxo acquired Tack through the $100 million Michigan Opportunity Fund that invests in Michigan-based and largely family-owned businesses.
Morgan Royce Industries produces wire harnesses and box builds for the semiconductor manufacturing equipment industry.
The acquisitions were part of Auxo’s “ongoing acquisition strategy aimed at growing market share in the highly fragmented wire harness manufacturing industry,” Auxo Managing Partner Jack Kolodny said in a statement.
“As part of a common platform, the companies will be able to meet growing demand from new and existing customers, realize new operational efficiencies, and foster deeper relationships across industries,” Kolodny added.
Advisers and lenders on the transaction were Miller Johnson PLC, Barnes & Thornburg LLP, BDO USA LLP, Advantage Benefits Group, Aon Plc, Krauter & Co., Strategies Wealth Advisors, Thomas Brady & Associates, and Mercantile Bank.