Maxima Technologies Sold
Actuant Corp. Butler, Wis., said it has acquired the stock of vehicle instrumentation manufacturer Maxima Technologies for cash from an investor group lead by HB Equity Partners. Total consideration for the transaction was approximately $91 million, including the assumption of approximately $1.9 million of Maxima's debt. Funding for the transaction came from Actuant's revolving credit facility.
Maxima, headquartered in Lancaster, Pa., is a global electronics company specializing in custom-engineered and standard vehicle instrumentation, controls, components, and systems for low-to-medium volume severe-duty applications. Maxima serves the marine, agricultural, off-highway, industrial, specialty vehicle, and automotive aftermarket with brand names that include Datcon, Stewart Warner, and AST. It employs approximately 500 people, primarily in the