Standex International has acquired custom magnetics manufacturer Renco Electronics of Rockledge, FL for $28 million, adding to the string of magnetics companies acquired by Standex in recent years. The publicly-held Standex, headquartered in Salem, NH, paid cash for the deal plus an additional three-year earnout payment based upon achieving certain financial targets.
“We are very pleased to have acquired Renco Electronics, a great strategic fit, deepening our significant engineering and technical expertise in end markets supported by strong engineer-to-engineer relationships,” said David Dunbar, president and CEO of Standex, shown above.
“In addition,” he noted “Renco’s end markets and customer base in areas such as consumer and industrial are highly complementary to our existing business with the potential to further expand key account relationships and capitalize on cross selling opportunities between the two companies. Renco’s design and manufacturing cycle is extremely efficient, reinforced by a strong global network of proprietary supplier relationships.”
“We are excited to join a global leader that provides a strong foundation for our continued growth,” commented Edward Rensing, president and CEO of Renco. “Standex’s ownership offers us the opportunity to leverage a much broader geographical presence, engineering expertise, complementary product offerings and customer relationships.”
Founded in 1955, Renco designs and manufactures customized as well as standard magnetics products including inductors, transformers, chokes, coils and sub-assemblies serving consumer, industrial, military and aerospace markets. The company operates manufacturing facilities at its headquarters in Rockledge and in Dongguan City, China. Its most recent 12-month revenues were about $28 million.
Standex International is a diversified manufacturer in multiple business segments that include engraving, electronics, engineering technologies, hydraulics, and food service equipment with operations in many countries.
It is the parent company of Standex Electronics, a leading manufacturer of magnetic components and products based in Fairfield, OH, which is itself a global company with operations worldwide. Among magnetics companies that have been brought into the Standex group in recent years are Agile Magnetics, acquired for $39 million in 2018; ATC-Frost Magnetics, which is now Standex Electronics Canada; StandexMeder Electronics of Germany; OKI Sensor Device, which is now Standex Electronics Japan; and Northlake Engineering. For more info, see www.standex.com.