iNRCORE, LLC Announces Recapitalization with Warburg Pincus and TJC
NEW YORK, Oct. 3, 2023 /PRNewswire/ -- iNRCORE, LLC ("iNRCORE" or the "Company"), a portfolio company of TJC, L.P. ("TJC"), is pleased to announce that it has entered into a definitive agreement with funds advised by TJC and funds advised by Warburg Pincus LLC ("Warburg Pincus") to recapitalize the Company. iNRCORE was acquired by TJC in February 2020 through an affiliate of The Resolute Fund IV, L.P. Additional terms of the transaction were not disclosed.
iNRCORE is a premier supplier of high-reliability products including magnetics and other passive electronic components that transmit high-speed, mission critical data and power under extreme conditions for demanding industrial technology markets including: commercial aviation, government, space, smart-grid, medical, semiconductor and other high-reliability industrial applications. iNRCORE benefits from strong, long-term relationships with its blue-chip customer base that are difficult for competitors to replicate due to the designed-in nature of its products and global manufacturing capabilities. Long product lifecycle dynamics provide for significant revenue visibility and design position on next generation platforms. Headquartered in Bristol, PA, iNRCORE currently has ~1,000 employees.
"Since our partnership with TJC in 2020, we have been able to join the best-in-class names in high-reliability magnetics design and manufacturing under one platform," said Sarah Trezza, President & Chief Executive Officer of iNRCORE. "Together we are working to solve the most complex signal and power conditioning problems in markets that demand excellence. We see significant opportunities to continue to grow iNRCORE and we are excited to be able to partner with both Warburg Pincus and TJC to continue this trend."
"With the growing secular trends of increased electrification and need for connectivity in aerospace and high-reliability industrial applications, iNRCORE has significant growth opportunities ahead. The company's indispensable products, facilitating mission-critical power and signal transmission, are backed by a strong management team and outstanding customer service," said Dan Zamlong, Managing Director, Warburg Pincus. "We are thrilled to partner with Sarah and the iNRCORE team, alongside TJC, to build upon iNRCORE's history of success to expand its offerings in this dynamic market."
"The iNRCORE family of brands are engineering, customerand culturally-focused businesses that bring high-reliability solutions to their customers," said Erik Fagan, a Partner at TJC. "We are excited to continue supporting Sarah Trezza and the iNRCORE team in partnership with Warburg Pincus."
William Blair & Company, L.L.C. and Jefferies Group L.L.C. are acting as financial advisors and Kirkland & Ellis LLP is serving as legal counsel for TJC and iNRCORE. BMO Capital Markets is acting as financial advisor and Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel for Warburg Pincus.
About Warburg Pincus
SOURCE iNRCORE, LLC
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