DALLAS, TX, December 5, 2016 – Founders Investment Banking, LLC is pleased to announce that – Sun Hydraulics Corporation (NASDAQ: SNHY) has completed its acquisition of the Power Controls (PC) and Vehicle Technologies (VT) lines of business of Enovation Controls LLC, an Oklahoma-based and privately held global provider of electronic control, display and instrumentation solutions. The transaction was announced on November 8, 2017.
Enovation’s PC and VT lines of business advance Sun’s strategic vision to further develop profitable growth tied to the electrification and digitization of products across the Sun Hydraulics platform while diversifying their end markets. The acquisition brings to Sun a talented team of experienced electronic, software and sales engineers with an impressive track record of new product development and technical innovation. The current management team of the businesses will remain in place and operate on a stand-alone basis selling products under the distinct brands of Murphy Controls and Zero Off.
“Today marks the beginning of an exciting new chapter for Enovation Controls,” said Frank Murphy III, co-founder of Enovation Controls. “We have a deep respect for Sun Hydraulics. It is clear they share our commitment to addressing the needs of customers who build systems requiring both superior performance and reliability while incorporating cutting-edge technology. We are proud of the innovative company our team has built, and we are confident Sun will continue our strong tradition of stewardship given its reputation for leadership, global presence and resources.”
“Frank and Kennon have built one of the most innovative electronic control companies across the globe, and we truly enjoyed working with them” stated Gene Bazemore, Managing Director and Head of the Industrial Technology Practice at Founders. “Our firm looks forward to watching the continued success of Enovation Controls and Sun Hydraulics as they focus on innovation and complete system solutions for their customers.”
Founders Investment Banking (Founders) is a merger, acquisition & strategic advisory firm serving middle-market companies. Founders’ focus is on oil and gas, SaaS/software, industrials, internet, digital media and industrial technology companies located nationwide, as well as companies based in the Southeast across a variety of industries. Founders’ skilled professionals, proven expertise and process-based solutions help companies access growth capital, make acquisitions, and/or prepare for and execute liquidity events to achieve specific financial goals. In order to provide securities-related services discussed herein, certain principals of Founders are licensed with M&A Securities Group, Inc. or Founders M&A Advisory, LLC, both members FINRA & SiPC. M&A Securities Group and Founders are unaffiliated entities. Founders M&A Advisory is a wholly owned subsidiary of Founders. For more information, visit www.foundersib.com.
About Sun Hydraulics
Sun Hydraulics is a leading designer and manufacturer of high-performance screw-in hydraulic cartridge valves, manifolds and integrated package solutions for worldwide industrial and mobile markets. For more information about Sun, please visit the website at www.sunhydraulics.com.
About Enovation Controls
Enovation Controls is a leading global provider of electronic control, display and instrumentation solutions for both recreational and off-highway vehicles, as well as stationary and power generation equipment. For more information about Enovation Controls, please visit the website at www.enovationcontrols.com.