Houlihan Lokey Advises Bulgin

Houlihan Lokey is pleased to announce that Bulgin, a portfolio company of Equistone, has been acquired by Infinite Electronics, a portfolio company of Warburg Pincus.

Headquartered in Cambridge, UK, Bulgin is a leading manufacturer of harsh environment connectivity solutions. The business designs, develops, and manufactures high-integrity circular connectors, switches, and power-related components, which are environmentally sealed to withstand harsh conditions, such as exposure to extreme temperatures, water, and humidity.

Founded in 1923, Bulgin has a well-established brand and a strong reputation for product quality and reliability with its global customer base of approximately 75,000 end users, who are served primarily via specialist electronic distributors. Currently, the business offers more than 7,000 products that are used across a wide range of end markets, including industry 4.0, robust electronics, transportation and infrastructure, and medical technologies. Since Equistone’s acquisition of the business in 2019, Bulgin has grown significantly, opening a new site in Tunisia and new headquarters in Cambridge, UK. Bulgin also recently invested in new product development and implemented a new data and analytics platform to support sales.

Equistone is an independent investment firm, wholly owned and managed by its executives. The company is one of Europe’s leading investors in middle-market buyouts with a strong, consistent track record spanning over 40 years, with more than 400 transactions completed in this period. Equistone has a strong focus on change of ownership deals and aims to invest between €25 million and €200 million+ of equity in businesses with enterprise values of between €50 million and €500 million. The company has a team of more than 40 investment professionals operating across France, Germany, Switzerland, and the UK, investing as a strategic partner alongside management teams.

Infinite Electronics has a global portfolio of leading in-stock connectivity solution brands. Infinite’s brands help propel the world’s innovators forward by working urgently to provide products, solutions, and real-time support for their customers. Backed by Warburg Pincus, Infinite’s brands serve customers across a wide range of industries with a broad inventory selection, same-day shipping, and 24/7 customer service.

Houlihan Lokey served as the exclusive financial advisor to Bulgin and assisted in initiating, structuring, and negotiating the transaction on its behalf. This transaction highlights the team’s expertise and continued success of Houlihan Lokey’s dedicated coverage of the industrial technology and electronic components sector.