CHICAGO — Littelfuse has purchased all outstanding stock of Boston-based Cole Hersee Co., a leader in the off-road, truck and bus (OTB) market, with annual revenues of approximately $43 million.
"The acquisition of Cole Hersee is a significant step in our strategy to expand our OTB business,” said Dieter Röder, vice president and general manager of Littelfuse’s Automotive Business Unit. “We expect the Cole Hersee acquisition to strengthen key customer relationships, expand our distribution network and extend our product offering. Their focus on power management products and heavy duty electromechanical and solid-state switches for DC electrical systems expands our offering to this diverse OTB customer base.”
Donald Mayer, vice president of Cole Hersee, added, “This is a great fit. We think the combination with Littelfuse will allow us to bring new products and capabilities to our customers and enable new opportunities to grow the business.”
Terms of the transaction included cash consideration of $50 million, which was paid out of cash on hand and existing credit facilities. This acquisition is expected to be accretive to earnings in 2011.
Shields and Co. acted as financial advisor to Cole Hersee.
