Axia Capital Partners, LP Announces Sales of Hydroid, LLC
September 16, 2008
For Immediate Release
Burlington, MA - Axia Capital Partners, LP ("Axia") announced today that we have completed the sale of the assets and business of Hydroid, LLC ("Hydroid") to Kongsberg Maritime, AS ("Kongsberg"), a division of Kongsberg Gruppen, for approximately $80 million and an earn-out based on Hydroid's 2008 and 2009 operating performance.
Hydroid is a manufacturer and supplier of Autonomous Underwater Vehicles (AUV) for military and commercial markets worldwide. The company was established in 2001 to manufacture, support and further develop the REMUS Autonomous Vehicle Technology, originally developed and licensed through an exclusive license with the Woods Hole Oceanographic Institution. Axia invested in Hydroid in December 2005 when Hydroid's revenues approximated $7.5 million. Hydroid's 2007 sales approximated $20 million and is projecting strong revenue growth in the coming years. Hydroid is headquartered in Pocasset, MA
Axia partnered with Hydroid's founders and their management team to help them expand the company's infrastructure and develop a focused strategy to generate strong and sustainable revenue growth. Christopher von Alt, President and CEO of Hydroid, LLC and now President of the successor subsidiary of Kongsberg, Hydroid, Inc., remarked, "Hydroid has made tremendous progress since Axia's investment and involvement. All of the shareholders of Hydroid, LLC are tremendously grateful to Peter Hunter and Axia for their invaluable contributions to our success."
Peter A. Hunter, Managing Director of Axia Capital Partners, LP and former Chairman of Hydroid, LLC, stated, "We are very proud of what the Hydroid/Axia team has accomplished in a short period of time. As a result of Hydroid's market success and growth, this has been an outstanding investment for Axia and Hydroid's shareholders. I am confident that Hydroid's success will continue into the future."
About Axia Capital Partners, LP / www.axia-partners.com/axia_capital
Axia Capital Partners, LP is dedicated to increasing the equity value of our portfolio companies by developing and executing strategies that improve operations and drive revenue growth. Our unique combination of hands on management expertise, engineering know-how and creative financing provides partners with innovative solutions for maximizing value and generating superior returns. As an affiliate of Axia Partners, Axia Capital is a middle market private equity firm that selectively invests in industrial technology companies with established track records for profitable growth and differentiated products in niche markets.
For more information about Axia Capital Partners, please contact:
Peter A. Hunter
Managing Director
(781) 273-6065
Jim Pelusi
Managing Director
(781) 273-6064
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