Daily News: July 16, 2014

BofA Finances ElectroCraft’s Acquisition of Hansen

TrueNorth Capital Partners announced that its wholly owned subsidiary, TNCP, acted as exclusive financial advisor to Hansen on the sale of all of its issued and outstanding capital stock to ElectroCraft. Bank of America provided the senior financing and Seacoast Capital provided subordinated debt and additional equity for the transaction.

The acquisition of Hansen combined with the ElectroCraft product lines and motion solutions portfolio presents comprehensive fractional and sub-fractional solutions to the motion control markets.

“We are pleased to welcome Hansen Corporation to the ElectroCraft family,” said Mike Karsonovich, president and chief executive officer of ElectroCraft. “Hansen has had a very successful 100-year history and is known throughout the industry for its incredibly high quality. We are very excited about the drive, experience, portfolio and manufacturing capabilities that Hansen and the Hansen team brings to ElectroCraft.”

“The combination of North American motor design and manufacturing groups ensures that we are able to best control variables of development and production and will result in the best possible motion control solution for our customers”, notes Bill Poyner, president of Hansen Corporation.

Fred Rossetti and Jeff Gaynor acted as lead bankers for execution on this transaction and complemented the management teams from both Hansen and ElectroCraft for their hard work and dedication to getting this transaction completed.

Hansen is a small motor manufacturer. ElectroCraft is a global provider of fractional-horsepower motor and motion control solutions for both industrial and commercial applications.