NEW YORK, August 27 — Industrial Physics, the global packaging, material, and coating test and measurement group backed by KKR-affiliated investment funds, today announced the acquisition of Vitrek, a US-based provider of electronic test and precision measurement equipment, from the Branford Castle Fund, LP, which is managed by Branford Castle Partners, LP (Branford Castle).
Comprised of the Vitrek, MTI and GaGe brands, Vitrek designs and manufactures electrical safety testing equipment, power analyzers, engine vibration balancing systems, and precision measurement instruments. Its products serve customers in aerospace, defense, semiconductor, medical device, and other diversified industries.
Alongside Industrial Physics’ existing strengths in packaging, materials, and coatings testing, Vitrek extends the group’s reach into industries where precision, compliance, and safety testing are mission-critical. Both companies share a focus on providing industry-leading test and measurement solutions that help customers ensure the quality, safety, and performance of their products and brands.
Andrew McCauley, CEO of Industrial Physics, commented: “Vitrek is an excellent addition to Industrial Physics, bringing highly differentiated technologies and deep technical expertise across several attractive test and measurement markets. We look forward to partnering with the Vitrek team to build on their strong track record and accelerate growth with the resources and global reach of the wider Industrial Physics group.”
Don Millstein, CEO of Vitrek, added: “We’re proud of what this team has built, and joining Industrial Physics gives us the resources and reach to grow faster in the markets we serve.” Todd Stukenberg, President of Vitrek, commented: “Our customers are at the center of everything we do, and we remain committed to providing the exceptional products, expertise, and service they have come to expect from Vitrek. As part of Industrial Physics, we will have even greater resources to support our customers and continue delivering the high standards of quality and service they rely on.”
Brandon Brahm, Partner at KKR and Co-Head of KKR’s Ascendant strategy, said: “Vitrek is a strong fit with Industrial Physics’ strategy of building a global leader in mission-critical test and measurement through the acquisition of high-quality, specialist businesses. The company has built differentiated positions serving customers in aerospace, defense, semiconductor, medical device, and other diversified industries, and we look forward to supporting its leadership team and employees through its next phase of growth.”
KKR will support Industrial Physics in extending a broad-based employee ownership program to all of Vitrek’s employees, reflecting KKR’s belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of equity value to over 200,000 non-senior management employees across more than 90 portfolio companies.
The transaction closed upon signing. Financial terms were not disclosed. Kirkland & Ellis LLP served as legal advisor to Industrial Physics. Stifel served as financial advisor, and Akerman served as legal advisor to Branford Castle and Vitrek.