New York and Los Angeles-based middle-market private equity firm Fenway Partners has agreed to acquire computing cases and accessories specialist Targus Group International from Apax Partners for $382.5m.
Targus designs, markets and distributes carrying cases and accessories for mobile computing. The company sells its products through three main channels: retail, corporate distributors and original equipment manufacturers.
Timothy Mayhew, managing director of Fenway Partners, said, ‘Targus has many of the elements Fenway looks for, including a leading market position, a diversified revenue base with high barriers to entry, strong free cash flow and dynamic industry characteristics.
‘We see significant opportunities to enhance the company’s sourcing and distribution functions as well as top-line growth through product development, branding, design and channel sales initiatives,’ Mayhew continued.
Fenway has funds under management of more than $1.4bn.
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