Alpha Wire acquires Coast Wire & Plastic Tech
Coast Wire is a global designer and manufacturer of technologically advanced electronic wire and cable products for a variety of industries.
Nova Capital Management Ltd. announced the completed the sale of its portfolio company Coast Wire & Plastic Tech., LLC to Alpha Wire, a manufacturer of wire and cable products based in Chicago. Coast Wire is a global designer and manufacturer of technologically advanced electronic wire and cable products for a variety of industries, and has been in business for over 50 years. Headquartered in Carson, California, Coast works directly with OEMs and subcontractors to support mission-critical cable designs in advanced systems and harsh environments.
Mike Dugar, President of Alpha Wire, said, "We are pleased to add Coast to the Alpha family. With the addition of Coast's expertise in custom cable design and manufacturing, we offer a superior array of cabling solutions for our targeted markets, including medical device manufacturers and industrial machine builders."
Nova acquired Coast Wire in 2012 as part of a portfolio of five industrial businesses previously owned by Latshaw Enterprises, a U.S. based industrial holding company. Mark Vanderwoude, president and CEO of Coast Wire, said, "Nova has been an excellent partner over the last three years and has invested substantially in our people, our infrastructure and our technology. We have an outstanding employee team with many decades of experience between them and we look forward to integrating our business into the Alpha platform and supporting our customers for many years to come. Being part of Alpha Wire creates new opportunities and broadens our global customer base. We share Alpha's commitment to provide products of the highest quality to meet the most demanding application needs of our customers."
"This exit comes ahead of schedule and has met expectations for all parties involved," said Jan Kreminski, Nova's Chicago-based operating partner. "It is in line with the portfolio strategy we envisaged at the time of the acquisition from Latshaw. We continue to concentrate our resources on the remaining three companies in this portfolio, furthering their development and growth. We believe that Alpha will be an excellent owner of the business."