HUNTERSVILLE, N.C. — Summit Park, a private equity firm focused on investing in lower middle market companies, is pleased to announce the sale of NSi Industries, a leading supplier of electrical connectors, to Blue Sea Capital.
NSi is headquartered in Huntersville, North Carolina and the Company’s roots date back to 1922 when Tork, Inc. was founded as a manufacturer of mechanical time switches and controls. Today, NSi is a leading supplier of a wide variety of electrical connectors for construction, maintenance and repair applications. NSi’s well-known brands include Polaris™ insulated connectors, Tork® time and lighting controls, and Easy-Twist™ wire connectors. The Company’s products are sold to end users primarily through the electrical distributor channel, and NSi enjoys broad placement at over 5,000 branch locations throughout the United States and Canada. Summit Park acquired a majority interest in NSi in 2012.
“We have had a great partnership with NSi, and we are proud of what the Company has accomplished through our ownership period. We look forward to following their continued success,” said Jim Johnson, Managing Partner at Summit Park. Axel Rasmussen, founder and Chairman of the Board of NSi, added “Summit Park has been instrumental in supporting NSi’s growth and positioning the Company for an even brighter future.”
Bruce Bittner, CEO of NSi Industries, stated that, “The company is poised for long term strategic growth and Blue Sea Capital saw the opportunity to partner with a company whose products, services and people are the reason this growth is possible. NSi Industries has always had a well-respected brand in the marketplace and we are eager to bring new products and solutions to our distributor partners while continuing to protect the core competencies that makes NSi so special.” Bittner also stated that, “NSi’s founder Axel Rasmussen remains in place as a large stakeholder for the business and our management team is prepared for the opportunities our new partner represents in terms of investments into infrastructure, new product development and acquisitions.” Bittner concluded by saying, “It’s an exciting time for NSi Industries as we begin to put these long term strategic initiatives into place that will also benefit our distributor partners.”
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