King Tester Acquires Cianflone Scientific, A Main Line Equity Partners Portfolio Company
The exit unites Pennsylvania-based test and measurement manufacturers
Main Line Equity Partners has completed an exit of Cianflone Scientific Group (Pittsburgh, PA) to King Tester Corporation (Phoenixville, PA). The acquisition brings together manufacturers in the test and measurement space that will provide customers a broad suite of products with an increased level of support.
King Tester Corporation, founded in 1955 and who was supported by Salt Creek Capital, is a leading manufacturer and distributor of metallurgical testing equipment. The company offers hardness testers, microscopes, and accessories to a diverse customer base, including the King Tester®, the number-one selling portable Brinell hardness tester worldwide.
Cianflone Scientific Group is comprised of two distinct product families, which include:
Cianflone Scientific, a manufacturer of Portaspec® spectrographic instrumentation and electric arc re-melt button furnace equipment. Their products provide coating thickness measurements and precise on-site chemical analysis across many industries including automotive, steel, mining, and petroleum. The company was founded in 1984.
Tensitron (Longmont, CO), founded in 1935, a manufacturer of digital, mechanical, and electronic tension measurement instrumentation for use in aviation, packaging, textile, and wire & cable industries, as well as mechanical, digital, force and torque gauges.
“The successful exit and growth of this investment sits squarely on the shoulders of Main Line’s Operating Partner, Doug Hart and our teams’ collective financial discipline and deep manufacturing experience,” said Chris Randazzo, Founder and Managing Partner of Main Line Equity Partners. “Under Doug’s leadership, we were able to successfully integrate two companies that we acquired in the test and measurement space and grow the top line of both companies profitably over our investment hold period, and as a result, we saw an above average IRR and ROE.”
Cianflone Scientific was acquired by Main Line Equity Partners in April 2015. In March 2016, Main Line Equity Partners guided the acquisition of Tensitron by Cianflone Scientific.
The Cianflone Scientific Group/King Tester Corporation transaction was supported by Baer Crossey McDemus and Everingham & Kerr.