Sensata Technologies, Inc., a wholly-owned, indirect subsidiary of Sensata Technologies B.V., announced that it has closed the previously announced acquisition of Airpax Holdings, Inc., a manufacturer of components and systems for power protection, sensing and control applications.
The purchase price was $276 million, plus fees and expenses. Sensata closed the acquisition with a combination of cash and new borrowings. Sensata issued a new senior subordinated term loan for €141 million ($195 million) arranged by Morgan Stanley, Bank of America, and Goldman Sachs, with a maturity date of October 27, 2013.
Airpax is described as a market leader in its suite of products which are complimentary to Sensata’s business. Airpax serves OEMs in the telecommunications, industrial, recreational vehicle, heating, ventilation and air-conditioning, refrigeration, marine, military, medical, power supply and generation, construction and agricultural end markets. For the year ended December 31, 2006, Airpax reported net revenues of approximately $123 million.
