Investor Login

Forgot your password?

February 17, 2012


Main Street Capital Holdings Sells AccuSpec Electronics

AccuSpec Experiences Tremendous Growth after Transformation into a World-Class Provider of Electronic Manufacturing Services

PITTSBURGH, PA – February 17, 2012 – Main Street Capital Holdings, L.L.C. a private investment firm specializing in acquisitions of growth-oriented companies, announced that it has completed the sale of AccuSpec Electronics, L.L.C. to an affiliate of Armstrong Holdings, Inc., headquartered in Butler, PA.  Terms of the deal were not disclosed.

Located in Erie, PA, AccuSpec Electronics was acquired by Main Street in 2006.  The Company is a full service provider of electronic manufacturing services (“EMS”) which includes the production of printed circuit boards, cables and full box build assemblies.  AccuSpec serves a number of large blue-chip customers across a broad range of industries, including medical, transportation, industrial controls, data storage, defense and communications. AccuSpec was Main Street’s second investment in the EMS industry.

When AccuSpec was acquired by Main Street it was being operated as a small entrepreneurial business.  Following the acquisition, the Principals of Main Street and an operating partner, Ty Eggemeyer, worked closely with management to develop a strategic growth plan that would transform the Company into a world-class supplier of electronic manufacturing services.  Specific initiatives included: (i) implementation of new materials management, financial reporting and quality control systems; (ii) strengthening the existing team with experienced, top-quality managers; (iii) upgrading the quality of the manufacturing equipment; and (iv) relocation of the manufacturing facility in order to expand production capabilities.

As a result of the above and other initiatives, AccuSpec experienced sales growth of 205% and EBITDA growth of 483% during the Main Street ownership period.  In 2009, AccuSpec was named “Employer of the Year” by Erie County’s Economic Development Council; and in 2011, the Company was named “Manufacturer of the Year” by the Pittsburgh Business Times.

The Principals of Main Street said that “in conjunction with the efforts of Ty Eggemeyer, we were able to execute on the core principles of the Main Street investment strategy. We were conservative in our capital structure at the onset which provided access to the additional capital required for growth.  We collaborated with a very talented management team to develop a comprehensive strategic plan which leveraged the learnings of our prior EMS investment.  We also implemented a share ownership program which ensured all key managers were focused on the same long term objectives.  Execution of the Main Street investment principles translated into significant growth for the Company and an outstanding return for our investors.”