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The transaction marked an opportunity for M&A firm to give back to hometown community.
DALLAS TX, Thursday January 26, 2023 - Award-winning M&A advisory firm TKV-6 Strategies is pleased to announce the acquisition of Wisconsin-based Magnasphere Corporation (Magnasphere) by leading international designers and electronics manufacturers discoverIE Group plc (discoverIE). Magnasphere, founded in 2002, designs and manufactures high-performance magnetic sensors and switches for the industrial and security markets. With over 5 years of high annual growth and being established as an emerging competitor in the multi-billion-dollar magnetic switch market, the corporation engaged M&A advisory firm TKV-6 Strategies. The firm embarked on a comprehensive marketing program to source the ideal partner for the future of the company. TKV-6 Strategies’ founder and Principal Managing Director, Todd Viegut, grew up down the road from Magnasphere in Waukesha, WI. He saw this as an opportunity to give back to his hometown. “It is an honor to return to home with this acquisition,” Viegut said. “This is a terrific outcome for the company , and that positive income will trickle into the community.” TKV-6 Strategies conducted a comprehensive auction of the company leading to numerous offers and ultimate sale to discoverIE an international publicly traded group with focus on sensors, magnetic components, and innovative electronic components for industrial applications. “The process we run is extensive and deep, focusing on finding the best overall buyer fit for the people and technology, as well as the best return for investors of the company,” said Viegut. “In taking Magnasphere to market we were able to find a fit that is great for the technology, employees, and ongoing management while providing a high level of return for the investors.” The transaction marks a solid return and investment for all parties. Retaining their distinct brand identity, Magnasphere will operate under discoverIE’s Variohm cluster and Sensing & Connectivity division. Succession plans include a leadership transition from management shareholders to existing ongoing management. “We are thoroughly pleased with the engagement of TKV-6 Strategies,” stated Jim McHugh, CEO of Magnasphere. “The firm did an outstanding job in preparing the company, marketing the company throughout numerous industries, assisting in negotiations, and walking us through the diligence and closing process”. “We couldn’t have had a better partner”, added Rick Kirschman, Founder and President. Nick Jefferies, Group Chief Executive of discoverIE plc, said, "Magnasphere has a long-established track record of manufacturing and supplying high quality custom sensors across the US. Operating within our Variohm cluster of sensor businesses, Magnasphere will gain access to our wider base of customers and with it, new sales opportunities in our target markets. We are delighted to welcome the Magnasphere team into discoverIE Group.” About TKV-6 Strategies TKV-6 Strategies (To Know Value - 6 principles of establishing true shareholder value) is an award-winning boutique M&A Advisory firm based in Dallas, TX. The firm specializes in software, technology enabled platforms, electronics, and IT services. With over thirty years of experience, TKV-6 professionals are passionate about helping clients achieve their desired outcomes and finding the ideal financial or strategic partner/acquirer. Awards include 2019 Corporate Deal of the Year (M&A Atlas Awards) 2018 & 2019 Investment Banker of the Year finalist (The M&A Advisor), among others. www.tkv6strategies.com For further information, please contact: Todd Viegut, Principal - Managing Director [email protected] About Magnasphere Corporation MAGNASPHERE Corp. was founded in 2002 with the purpose of providing superior performing magnetic contact sensor technology to the residential, commercial, industrial and federal government security markets. MAGNASPHERE represents the first significant improvement in magnetic switch and sensor technology since the introduction of the reed switch in the 1930’s. MAGNASPHERE’s patented, award-winning technology establishes new industry standards for high security contact performance while providing an affordable and more effective alternative to reed switch based security contacts. www.magnasphere.com About discoverIE Group plc discoverIE Group plc is an international group of businesses that designs and manufactures innovative electronic components for industrial applications. The Group provides application-specific components to original equipment manufacturers (“OEMs”) internationally through its two divisions, Magnetics & Controls, and Sensing & Connectivity. By designing components that meet customers’ unique requirements, which are then manufactured and supplied throughout the life of their production, a high level of repeating revenue is generated with long term customer relationships. With a focus on sustainable key markets driven by structural growth and increasing electronic content, namely renewable energy, medical, electrification of transportation and industrial automation & connectivity, the Group aims to achieve organic growth that is well ahead of GDP and to supplement that with complementary acquisitions. The Group has an ongoing commitment to reducing the impact of its operations on the environment and with its key markets aligned with a sustainable future, MSCI has awarded the Group an ESG “A” rating. The Group employs c.5,000 people across 20 countries with its principal operating units located in Continental Europe, the UK, China, Sri Lanka, India and North America. discoverIE is listed on the Main Market of the London Stock Exchange and is a member of the FTSE250, classified within the Electrical Components and Equipment subsector. https://discoverieplc.com |
