TE Connectivity to Acquire Richards Manufacturing in Cash Transaction Valued at $2.3B

TE Connectivity plc agreed to acquire Richards Manufacturing Co. from funds managed by Los Angeles-based Oaktree Capital Management and members of the Bier family, the longtime owners and operators of the business. The all-cash transaction is valued at approximately $2.3 billion and is expected to close by mid-year.

“Oaktree is proud to have supported Richards through a transformative phase of development,” said Ulysses Fowler, managing director of Oaktree’s Power Opportunities Group, in a statement.

Irvington, N.J.-based Richards is a provider of utility grid products such as those needed to install underground electricity lines. Over the last several years, the company has reported double-digit revenue growth.

Goldman Sachs served as financial advisor to TE Connectivity, and Davis Polk & Wardwell served as legal counsel. Richards and Oaktree were represented by Lincoln International as financial advisor and Kirkland & Ellis LLP as legal counsel.