Grand Rapids investment firm Auxo Investment Partners has acquired Golden State Assembly Inc., a wire and cable assembly and harness manufacturer based in Fremont, Calif.
Golden State Assembly’s founders, Cesar and Yesenia Madrueno, retained a “significant interest” in the company and retained their operating roles. Jack Kolodny COURTESY PHOTO
The 15-year-old Golden State Assembly designs and assembles wire harnesses and cable assemblies for clients in the automotive, aerospace, industrial equipment, medical device, electronics, specialty vehicle, and energy industries.
Considerable growth projected in the electric vehicle market gives the company “opportunities for significant expansion, as do recent trends towards the reshoring of U.S. domestic manufacturing and the heightened importance of reliable and responsive supply chain partners,” according to an announcement on the deal. The $17.5 billion electric vehicle sector is expected to grow at 10 percent through 2026.
“GSA’s products are indispensable to the production of electronic products for companies based in tech hubs like Silicon Valley and around the country,” Auxo Investment Partners Managing Partner Jack Kolodny said in a statement. “In a fragmented market with hundreds of competitors, GSA’s reputation for unrivaled customer service, product development support and culture of continuous improvement sets the company apart –– and makes it well-suited to take advantage of growing demand for electrical components. We look forward to collaborating with Cesar and pursuing both new customer growth and targeted acquisitions that add capabilities that complement GSA's unique product offerings.”
Advisers and lenders for Auxo on the transaction include Miller Johnson PLC, Barnes & Thornburg LLP, BDO USA LLP, Advantage Benefits Group, Aon Plc, Krauter & Co., Thomas Brady & Associates, and Mercantile Bank of Michigan.
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Senior writer, covers health care, finance and life sciences. Twitter: @masanche
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