Making potent use of the final day of 2020, iNRCORE announced on December 31 a merger with Gowanda Components Group, bringing together two extensive portfolios of magnetic component businesses in what it called “a transformative partnership”. The move capped off an aggressive growth period for both companies involving several acquisitions and expansions made separately prior to the merger.
Based in Gowanda, New York, Gowanda (GCG) was established more than 50 years ago and is headed by Don McElheny, CEO. The company designs and manufactures electronic components for high-reliability applications such as medical devices, test and measurement, rail and communications infrastructure, in addition to aerospace and defense. An acquisitive company itself, GCG is comprised of several brands including DYCO Electronics, TTE, RCD, which it acquired in 2019, and other legacy brands from companies it has purchased.
“For some time, I have respected and admired the success that Don and his team at the Gowanda Components Group have achieved through strategic acquisition rooted in domestic manufacturing. The complimentary depth of experience in high performance industries creates a truly impressive partnership that will create numerous opportunities for our customers, suppliers and employees,” said Sarah Harris, president and CEO of iNRCORE.
“Gowanda management is enthusiastic about the future opportunities that this merger brings to the growth of the new platform. The combining of the manufacturing and engineering talents of the two groups will only enhance the excellent products and services that our customer base has received in the past,” said McElheny.
The incoming GCG brands bring a wide array of engineering capabilities, manufacturing specialties and diverse product offerings, noted Harris. “Along with the addition of Bicron Electronics Company earlier this year, the merging of iNRCORE and GCG will provide customers with a premier manufacturing partner, unified in its mission to provide the very best in high-performance custom magnetics,” she said. “This partnership will strengthen the breadth of iNRCORE’s power inductor, transformer, and resistor capabilities, while adding new a broadband conical inductor line and RF and microwave filter line to iNRCORE’s existing product mix.” Gowanda will continue to operate as a wholly-owned subsidiary of iNRCORE, and its existing leadership will report directly to Harris.
iNRCORE designs and manufactures magnetic components that transmit high-speed, mission-critical data and power particularly in harsh operating conditions, hence its previous name, PulseR, standing for Pulse Ruggedized, until July 2020. Based in Bristol, Pennsylvania, the company also has an office and production facility in China. Formerly the military and aerospace division of Pulse Electronics, it was spun out as a separate company and became known as PulseR Ruggedized Solutions when Yageo acquired Pulse Electronics in 2018.
Backed in February by the deep pockets of a new majority owner, The Jordan Company, iNRCORE set about to significantly expand its business. A private equity firm based in New York City that specializes in buying and building companies, Jordan typically works in partnership with the existing owners and management teams of those companies. “Our transactions provide liquidity for owners, raise capital for corporate growth and create significant equity opportunities for key management. We are long-term investors who seek to build value over time,” says the company.