Boston, MA - Capstone Partners LLC, a leading investment banking firm, announced that it has successfully advised Ener-Tek International, Inc., which operates under the brand name Yardney Technical Products (“Yardney”), on its acquisition by OM Group, Inc.
Based in East Greenwich, Rhode Island, Yardney designs, develops and manufactures lithium-ion and silver-zinc cells and batteries for niche applications in the defense and aerospace markets. Yardney specializes in high-performance battery systems for demanding air, land, sea and space applications. In cooperation with the Department of Defense, NASA, and major defense contractors, the company has designed, developed and delivered high energy density batteries for such high profile programs such as Minuteman III ICBM, Delta II/IV and Atlas V, the Mars Explorer Rover missions, the USAF B-2 Bomber and Global Hawk aircraft, and the US Navy Advanced SEAL Delivery System.
OM Group is a technology-driven, diversified industrial company serving global markets that include automotive systems, electronic devices, aerospace and defense, industrial and medical. Yardney is complementary to and will operate under OM Group's existing EaglePicher battery business, enabling the business to better serve its customers with a wider range of innovative solutions. The acquisition will increase OM Group's lithium-ion technology capabilities and will provide a foothold into critical defense programs that are expected to grow at attractive rates.
Yardney’s President and COO, Mr. Vince Yevoli said, “For 70 years, Yardney has been a leader in manufacturing batteries for demanding applications, such as space and military, and we are proud of our talented employees, high integrity and long tradition of delivering on commitments. This transaction will enable Yardney to further our quest for excellence through innovation, research and development.” Joe Scaminace, Chairman and Chief Executive Officer of OM Group added, “This acquisition reflects our strategy of building out our existing business platforms with complementary acquisitions. Ener-Tek is a perfect fit for our Battery Technologies platform, enabling us to better serve our battery customers with a wider range of innovative solutions."
“We are proud to have represented Yardney with its long history of outstanding accomplishments and significant contributions to the nation’s space and military programs,” said John Ferrara, Founder and President of Capstone. “This acquisition is designed to accelerate the abilities of both companies, resulting in a stronger competitive positioning for the combined entity, and it is a good example of the highly strategic transactions that are being pursued in the government & defense sector.”