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ACON Buys Amusement And Vending Parts Giant Suzo-Happ, Retains Management

Posted On: 7/18/2012

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TAGS: vending, vending machine parts, jukebox parts, coin machine supplies, Suzo-Happ, Happ Controls, James Brendel, ACON Investments, Ken R. Brotman, Pfingsten Partners

MT. PROSPECT, IL -- The Suzo-Happ Group has been acquired by an affiliate of ACON Investments LLC (Washington, DC). Pfingsten Partners, the previous private equity owner, will retain a minority interest.

The company will continue to be led by James Brendel, president and chief executive, and other members of the present management team and staff. They will focus on global growth in the amusement industrial and gaming markets.

"Under this new ownership, Suzo-Happ will continue to grow as a global company and provide quality, value and satisfaction to our customers, suppliers and employees," Brendel said.

Ken R. Brotman, a founding partner of ACON, noted that Suzo-Happ "has demonstrated solid performance through its long-tenured relationships with its customers, and has built a solid foundation, which will ensure Suzo-Happ Group continued success.

"Customers see value in breadth of product, distribution excellence along with global engineering and manufacturing," Brotman observed, "and we see continued opportunity to expand this concept across multiple end markets and geographies."

Financing for the transaction is being provided by PNC Bank, N.A., a member of the PNC Financial Services Group Inc., and by Cerberus Business Finance LLC.

The Suzo-Happ Group was formed in 2004 by the merger of Happ Controls and Suzo International (Oud Beijerland, The Netherlands). The group expanded with the addition of Advanced Electronic Systems, Starpoint Electrics and Dynamics Chinatec over the ensuing three years. The combined organization has attained a global leadership position in the amusement and gaming components and accessories market, serving more than 20,000 customers around the world.

ACON manages private equity funds and special-purpose partnerships in the United States and Latin America. It was founded in 1996; its principals have managed more than $2 billion of capital. It pursues a "theme-based" investment strategy, focusing on industries and businesses at key inflection-points in their development, and pursues the resulting opportunities in close partnership with established management teams. ACON is headquartered in Washington and maintains offices in Los Angeles, Mexico City and São Paulo.