N.H.-based Aavid buys Texas, Wisconsin firms
Die casting and cooling device operations acquired in deal
Laconia-based Aavid Thermalloy is expanding its reach with two new acquisitions, the firm announced July 2.
Aavid, a designer, manufacturer and distributor of thermal management solutions – including heat sinks and cold plates for consumer electronics and industrial applications – has 3,000 employees spread across offices in Europe and Asia, as well as one San Jose, Calif. location. Aavid is a portfolio company of Audax Private Equity, a leading investor in lower-middle market companies.
The company acquired Austin, Texas-based Nuventix – which makes cooling devices for LED lights and other devices – and Allenton, Wis.-based Allcast – which specializes in aluminum die casting products for LED lighting and recreational vehicle, customer and industrial applications.
Aavid CEO Alan Wong would not reveal the financial details of the acquisitions, but said the businesses will continue to operate as subsidiaries of Aavid.
“We have not finished our plan for integration, but some [aspects of the companies] will be integrated because we’re a global company with an number of subsidiaries,” said Wong. “It makes sense for us on our customer side and with their particular markets to integrate [Allcast and Nuventix] into our business and give them some of our technology to enhance their market position as well.”
Wong said Aavid was not in the aluminum die casting industry, but had acquired some advanced die casting technology that it will share with Allcast, which he said has a “strong reputation in the aluminum die casting market.”
Nuventix will become a design center, like Aavid’s Laconia location.
For the most part, the 120 employees at Allcast and 30 employees at Nuventix will remain in place, though Wong said there would be some workers relocating to Laconia or other locations. There’s also the possibility that some Laconia employees will shift over to the new subsidiaries.
Jim Balthazar, president of Nuventix, said in a press release that “partnering with Aavid and Audax provides Nuventix with additional resources to continue supporting our customer’s growth globally.” – LIISA RAJALA