The Company: Oncore Manufacturing

In 2002, two partners of Golden Gate Capital, who while at Bain Capital had built two contract electronic manufacturing companies (“CMs”) to scale with Celerity, invited us to join them again in the acquisition of Nu Visions, a small CM operating in a single plant in Springfield, MA. Over the ensuing eight years, the Company, which we later renamed Oncore Manufacturing, grew by 10 times through a combination of acquisitions and a high rate of organic growth, from $30 million in revenues and $3 million of EBITDA to over $300 million of revenues and $36 million of EBITDA. When the investor group sold the Company for a multiple of our investment to Charlesbank Capital Partners in 2011, Oncore was, remarkably, generating 12% EBITDA from 16% gross margins across 6 manufacturing plants in the U.S. and Mexico.

The Executive: Dan Perez

Dan Perez is the first generation son of immigrants. After he put himself through UCLA, he joined Solectron in 1976 when it had $200 million in revenues. When he left 20 years later the company had $18 billion in revenues and he had served as Executive Vice President, Worldwide Account Management and Marketing, for Solectron Corporation, and as CAO, Vice President of Supply Chain and GM. Prior to Solectron, Dan spent 14 years with the IBM Corporation in numerous management positions in manufacturing, materials planning, acquisition and control.

When he joined us as CEO of Oncore, the Company had only its original plant in Springfield, MA, derived the majority of its revenues from General Dynamics and was nominally profitable. When he retired after the sale of the company, Oncore had a diversified customer base across defense electronics, medical equipment and industrial electronic assemblies, with amongst the highest margins, and the highest growth rate in its industry.

What He Said About Us:

“Working with Celerity and Golden Gate Capital, the OnCore team was provided the mutual trust and freedom to execute our vision. The working relationship and tone was always collaborative but challenging. The Celerity team provided industry knowledge, resources and strategic insight as we implemented our strategy for growth. Celerity’s previous company sponsorships in our industry were helpful—they were up to speed, enabling fast action as we executed time sensitive, strategically important company acquisitions. All in all a great experience and partner to work beside.”