SOURCE: Axia Capital Partners, LP

September 16, 2008 06:00 ET

Axia Capital Partners, LP Announces Sale of Hydroid, LLC

BURLINGTON, MA--(Marketwire - September 16, 2008) - Axia Capital Partners, LP ("Axia"), announced today that it has completed the sale of the assets and business of Hydroid, LLC ("Hydroid") to Kongsberg Maritime, AS ("Kongsberg"), a division of Kongsberg Gruppen, for approximately $80 million and an earn-out based on Hydroid's 2008 and 2009 operating performance.

Hydroid is a manufacturer and supplier of Autonomous Underwater Vehicles (AUV) for military and commercial markets worldwide. The company was established in 2001 to manufacture, support and further develop the REMUS Autonomous Vehicle Technology, originally developed and licensed through an exclusive license with the Woods Hole Oceanographic Institution. Axia invested in Hydroid in December 2005 when Hydroid's revenues approximated $7.5 million. Hydroid's 2007 sales approximated $20 million and is projecting strong revenue growth in the coming years. Hydroid is headquartered in Pocasset, MA.

Axia partnered with Hydroid's founders and their management team to help them expand the company's infrastructure and develop a focused strategy to generate strong and sustainable revenue growth. Christopher von Alt, President and CEO of Hydroid, LLC and now President of the successor subsidiary of Kongsberg, Hydroid, Inc., remarked, "Hydroid has made tremendous progress since Axia's investment and involvement. All of the shareholders of Hydroid, LLC are tremendously grateful to Peter Hunter and Axia for their invaluable contributions to our success."

Peter A. Hunter, Managing Director of Axia Capital Partners and former Chairman of Hydroid, LLC, stated, "We are very proud of what the Hydroid/Axia team has accomplished in a short period of time. As a result of Hydroid's market success and growth, this has been an outstanding investment for Axia and Hydroid's shareholders. I am confident that Hydroid's success will continue into the future."

About Axia Capital Partners, LP

Axia Capital Partners, LP is dedicated to increasing the equity value of our portfolio companies by developing and executing strategies that improve operations and drive revenue growth. Our unique combination of hands on management expertise, engineering know-how and financial and governance management provides partners with innovative solutions for maximizing value and generating superior returns. Axia Capital is a middle market private equity firm that selectively invests in industrial technology companies with established track records for profitable growth and differentiated products in niche markets.

Contact Information

  • FOR MORE INFORMATION, CONTACT:

    Peter A. Hunter
    Managing Director
    Email Contact
    (781) 273-6065

    James A. Pelusi
    Managing Director
    Email Contact
    (781) 273-6064

    Axia Capital Partners, LP
    Landmark One
    1 Van de Graaff Drive
    Burlington, MA 01803

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