September 4, 2008 – Onyx Power has been acquired by Richmond, VA based Power Distribution, Inc (“PDI”), a Bertram Capital portfolio company. Financial terms were not disclosed.
“PDI is the logical company for us to join forces with,” said Onyx Power principal Jeff Wiederkehr. “We are looking forward to working with the team at PDI and are very excited about the many opportunities available to the combined entity.”
“The addition of Onyx will strengthen our platform’s competitive positioning in the marketplace by giving us now a third manufacturing center located in California, complementing our Michigan and Virginia facilities,” Bertram Capital Managing Director Jeff Drazan said. “It will provide enhanced customization capabilities, deeper design expertise, shorter lead times, enhanced logistics, and new product opportunities, making PDI the undisputed leader in the power distribution equipment industry.”
About Bertram Capital: Located in San Mateo, CA, Bertram Capital Management is a private equity investment firm with $350 million in capital under management. Bertram Capital is committed to providing meaningful operational and strategic resources to facilitate rapid growth in revenue and profitability. Bertram Capital’s mission is to build value for equity holders, employees, customers, and partners by helping already profitable companies realize their full potential.
About Power Distribution, Inc.: Located in Richmond, VA, Power Distribution, Inc. (PDI) is the largest independent designer, manufacturer and servicer of a full spectrum of mission-critical power distribution, power monitoring, and static switching equipment. PDI was acquired by Bertram Capital in April 2007.
Costa Mesa, CA based Rutan & Tucker LLP served as legal counsel to Onyx. Kushner, Smith, Joanou & Gregson, LLP of Irvine, CA served as financial advisors to Onyx. Hirschler Fleischer of Richmond, VA served as legal counsel to PDI. Squar, Milner, Peterson, Miranda & Williamson, LLP of Newport Beach, CA served as accounting diligence counsel to PDI. Acquisition financing was provided by Silicon Valley Bank.
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