Aspex LLC
Aspex, LLC, a closely held company based in Delmont, Pennsylvania, is a developer and supplier of fully integrated solutions for automated particle characterization. Its field deployable systems integrate electron microscopy (for geometric measurement) and spectral analysis (for material identification) with proprietary particle characterization software and customized interfaces for each customer’s application. Aspex’s proprietary systems are increasingly being used by technicians worldwide in pharmaceutical, automotive and defense oriented applications for assuring critical cleanliness quality control.
Industrial Technology Ventures, L.P. is a $50 million fund sponsored by Cordova Ventures and HSB Engineering Finance Corporation (a subsidiary of HSB Group/AIG). The fund invests in expansion, mid and late stage companies with proven management teams and proprietary technologies.
OEM Capital was engaged to assist Aspex, LLC in finding a buyer for the company. Two private equity firms had sponsored partnerships that been investors in Aspex and its predecessor company for several years and wished to exit. Aspex had revamped its strategic direction a few years earlier and was enjoying recent successes from winning a competitive award for a key US Air Force jet engine maintenance contract and having its new systems qualified by a number of world class companies. However, although the company’s new applications could result in the deployment of a substantial number of systems, the applications for its unique products were still in a relatively early stage of market acceptance and Aspex desired to secure greater substantial sales and distribution resources so as to realize its full potential.
OEM Capital’s success with Aspex illustrates that, whether a business is healthy or distressed, superior valuations can be realized for the selling shareholders by a well executed approach to a sale or divestiture by merger and acquisition professionals who are knowledgeable about the industry and the intentions of its participants.
