Western Reserve Partners Advises Avtron in Recapitalization by Morgenthaler Partners


March 12, 2008

Western Reserve Partners LLC announced today that it represented Avtron Manufacturing, Inc. in its recapitalization by Morgenthaler Partners, a Cleveland-based private equity firm. Avtron’s original owners have retained a significant ownership interest in the company and will continue to manage the business.

Handling the assignment for Western Reserve Partners were Managing Directors Mark Filippell and Joe Carson, and Analyst Nick Russo. “Avtron is a company with world-class technological capabilities and terrific management,” said Mr. Filippell. “This recapitalization positions the company to take its success to the next level.”

Based in Independence, Ohio, Avtron designs, engineers and manufactures highly technical electrical control and test equipment for several industries, including aerospace, metals, mining, pulp and paper and alternative energy. The Aerospace Division manufactures test equipment for airplane components. The Industrial Automation Division manufactures encoders and industrial automation systems used in various manufacturing and heavy industrial applications. The Load Bank Division manufactures equipment to test back-up power generators and alternative energy sources.

Bob Fritz, President and Chief Executive Officer of Avtron, said, “We are delighted to be partnering with Morgenthaler as we expand our market presence and build our international brand. Western Reserve went beyond my concept of what was included in marketing a company. During crucial stages in the deal process, Western Reserve not only advised us on what needed to be done, but stepped in and did it.”

Western Reserve Partners LLC is a boutique investment banking firm that provides customized investment banking solutions for middle-market companies. The firm’s managing directors collectively have more than 160 years of experience and have directly executed more than 500 transactions and managed more than 1,300 transactions. For more information, visit www.wesrespartners.com.

For additional information, please contact Mark Filippell at (216) 589-9532 or mfilippell@wesrespartners.com.

The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid and are not indicative of future performance or success.