Kohlberg, a leading US middle-market private equity firm, has announced that it has acquired a majority interest in Advanced Industrial Devices (AID or the Company), a provider of highly engineered automation and control solutions to mission-critical infrastructure, from Black Bay Partners. AID’s existing management team, led by Chief Executive Officer Russell Claybrook, will retain a significant ownership interest in the Company. Terms of the transaction were not disclosed.
Latham & Watkins LLP represents the private credit financing sources supporting the acquisition with a team led by partners Stelios Saffos, Global Chair of Latham’s Capital Markets and Hybrid Capital practices, John Lister, Max Silverstein, and Michael Waldman, and counsel Katherine Page, with associates Ed Prevost, Chiara Eramo, and Kai Yeo. Advice was also provided on tax matters by partner Bora Bozkurt, with assistance from international visiting associate Jorge Hinzpeter,* and on Uniform Commercial Code matters by partner Brian Rock.
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