New Zealand's VC-backed Phitek Systems sold to US tech player

According to a filing, New York-listed electronics group Amphenol acquired all the shares in Phitek for NZ$60 million ($43.5 million). Exiting shareholders include the government-backed New Zealand Venture Investment Fund (NZVIF), TMT Ventures and angel fund K1W1.

TMT and K1W1 invested a combined NZ$6 million in the company in 2005 shortly before an undisclosed investment by NZVIF. At the time of the transaction, TMT and NZVIF held a combined stake of about 44% while K1W1 controlled 42%, according to local media.

Founded in 2003, Phitek claims to the world's leading supplier of noise cancellation and audio enhancement equipment for aircraft cabins. It offers turnkey aircraft-certified hardware systems that focus on longevity, ease of serviceability and lowering lifetime operational costs. Amphenol has estimated its annual revenues at around $20 million.

"This acquisition strengthens the company's global capabilities and enhances our product offering in this important end market," Adam Norwitt, president and CEO of Amphenol, said in a statement.

NZVIF has made fund-of-fund investments and direct co-investments in 235 companies since 2002 and has about NZ$300 million of assets under management. TMT is one of the managers for the NZVIF portfolio and is itself jointly managed by New Zealand's Direct Capital and US-based private equity investor Advent International.

K1W1 is controlled by domestic entrepreneur Stephen Tindall and has invested NZ$100 million since 2006. Last year, it backed a fund by domestic GP Oriens Capital that had recieved NZ$50 million in commitments as of December.

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• Topics
• Australasia
• Support services
• Technology
• Trade sale
• New Zealand
• New Zealand Venture Investment Fund
• USA
• Direct Capital
• Exit