New York-based Gowanda Holdings said it had acquired TTE Inc. Gowanda Holdings is a portfolio company of Addison Capital, a private equity investment company. TTE Inc, meanwhile, is a Los Angeles, California designer and manufacturer of radio frequency or RF and microwave filters that service a wide range of critical markets that include defense, aerospace and test and measurement. Founded in 1956, it also supplies RF and microwave filters to radar, communications, data acquisition and telemetry markets, among others.
Financial details of the transaction were not disclosed but Gowanda Electronics COO Claude Badawy said the transaction will bolster the position of both TTE and Gowanda Electronics in the electronics community.
Badawy added, "TTE's line of RF and microwave filters complements Gowanda's microwave, RF and power inductors, which are sold to many of the same markets and customers. That, along with a mutual focus on high-performance and high-reliability designs, will provide opportunities for growth in strategically significant markets by providing enhanced solutions to customer challenges."
Gowanda Electronics Corp has established itself as a leading supplier of high-performance magnetic and non-magnetic components for 50 years because of its technical expertise, custom capabilities, lead and lead-free designs and ISO and other certifications.
In a statement about the acquisition, the company said it services key markets like medical and diagnostic equipment, military and defense, aerospace, test and measurement, communications and other industrial applications. Some of the products it offers includes Thru-hole & Surface Mount RF Inductors, Pot Cores, Thru-Hole & Surface Mount Toroid Inductors & Transformers, Tunable Coils, Power Magnetics, Common-Mode Chokes, Transformers, Micro & Ultra-miniature and Ruggedized designs.
Private equity firm Addison Capital looks for partnership opportunities with owners and operators of companies exhibiting lower middle market growth. The private equity firm seeks to give liquidity, growth capital and management resources that will help firms grow and become exceptional enterprises, the statement said.
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