Harris Williams & Co.
, a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Suzo-Happ Group (Suzo-Happ). Suzo-Happ, a leading global supplier of components and accessories to the gaming, amusement and industrial markets, was a portfolio company of Pfingsten Partners, L.L.C. (Pfingsten). Harris Williams & Co. acted as the exclusive advisor to Suzo-Happ. The transaction closed on July 17, 2012 and was led by Tim Alexander, Glenn Gurtcheff, Jeff Cleveland and Brant Cash from the firm’s Consumer Group in its Minneapolis office.
“Suzo-Happ, through its partnership with Pfingsten, has built a global powerhouse in the gaming and amusement sectors. The company’s international presence and broad portfolio of gaming licenses position Suzo-Happ as a unique asset with a highly scalable business model,” said Tim Alexander, a managing director at Harris Williams & Co. “We look forward to the continued success of the Suzo-Happ management team,” added Glenn Gurtcheff, a managing director at Harris Williams & Co.
The Suzo-Happ Group was formed in 2004 with the merger of Suzo International, headquartered in The Netherlands, and Happ Controls, headquartered in Mount Prospect, IL. Major additions were made with Advanced Electronic Systems in 2005, Starpoint Electrics in 2006, and Dynamics Chinatec in 2007. The combined organization holds a global leadership position in the gaming and amusement components and accessories market. The company's 500 employees serve more than 20,000 customers worldwide. Suzo-Happ has manufacturing, engineering, distribution and service capabilities in eight countries globally.
Pfingsten Partners is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago and offices in ChangAn, China, and New Delhi, India, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten Partners has raised four funds with total commitments of approximately $1.0 billion, and has acquired 85 manufacturing, distribution and business services companies. The firm is currently investing Pfingsten Partners Fund IV, a $525 million fund activated in January 2009.