April 8, 2008
Relativity Capital Acquires a Majority Interest in NIVISYS Industries, LLC
Arlington, VA — Private equity firm Relativity Capital today announced that it acquired a majority interest in NIVIYS Industries, LLC on March 31, 2008. NIVISYS founders, former President and current Chairman Emeritus, Byron Harding and Chief Financial Officer, Roz Harding, retain a significant ownership position in the company. Debt financing for the transaction was provided by CapitalSource. Financial terms were not disclosed.
NIVISYS is a leading manufacturer, assembler, and distributor of night vision equipment. Its highly durable image-intensified systems, thermal night vision, laser, and tactical illumination products are used worldwide by military, government, and law enforcement agencies, as well as in the private sector. NIVISYS has an international sales force that addresses the needs of foreign Ministries of Defense and Ministries/Departments of Interior in over forty countries. As part of the transaction, former VP of Business Development, Allen Harding, has assumed the role of Chief Executive Officer.
NIVISYS Founder and Chairman Emeritus Byron Harding said, "We look forward to partnering with Relativity Capital as NIVISYS enters the next phase of its corporate growth. Relativity Capital is firmly committed to the defense industry and has an excellent track record of working with its portfolio companies to implement best practices and achieve sustained growth. Our focus will continue to be providing our customers with superior levels of product quality and on-time delivery, while continuing to develop innovative new products."
NIVISYS Chief Executive Officer Allen Harding added, "We are very excited about this partnership and the resources it provides to NIVISYS in support of continued strong sales growth and rapid introduction of new thermal and fused products to the market."
Relativity Capital Co-Founder and Senior Managing Director Leslie Armitage said, "NIVISYS is a company with a proven record of growth and success. We are pleased to work closely with NIVISYS’ skilled management team and expect to couple our own defense industry expertise with theirs to bring the company to the next level."
Relativity Capital Principal Ralph Cacci added, "We are impressed with the customer-centric culture that Byron and Allen Harding and the other senior managers created at NIVISYS. We are committed to supporting NIVISYS’ plan for long-term growth as the company continues to increase its product and service offerings to a growing base of valued customers."
GW Equity, LLC served as NIVISYS’ exclusive investment banking advisor in this transaction. NIVISYS Industries, LLC was represented in the transaction by Shumaker, Loop & Kendrick, LLP. The deal was financed by the Security Lending Group at CapitalSource, a specialty finance company based in Chevy Chase, MD. Relativity Capital was represented in the transaction by Holland & Knight and Cherry Bekaert & Holland.
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NIVISYS Industries, LLC
NIVISYS (www.nivisys.com) was founded in 2003 in Tempe, AZ as a distribution business for night vision products and components. Over time, the company has added assembly, integration and proprietary design and manufacturing capabilities. NIVISYS’ products include thermal and image intensified night vision systems for use on land, underwater and in aviation applications.
Relativity Capital
Relativity Capital (www.relativitycapitalllc.com), with offices in Arlington, VA and New York, NY, is a private equity firm focused on providing capital to middle market companies. Industries targeted for investment are broad, but generally include aerospace / defense, industrials, business services, healthcare services, as well as others opportunistically. The firm’s founders, Leslie L. Armitage and Joyce Johnson-Miller, bring over three decades of private equity experience, most of which comes through senior positions at The Carlyle Group and Cerberus Capital Management, L.P.
CapitalSource
CapitalSource (www.capitalsource.com) is a leading commercial lending, investment and asset management business focused on the middle market. CapitalSource manages an asset portfolio which as of December 31, 2007 was approximately $20.9 billion. Headquartered in Chevy Chase, MD, the Company had approximately 560 employees as of December 31, 2007 in offices across the U.S. and in Europe.
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