OceanSound Partners, LP, a private equity firm focused on making control investments in middle-market technology and technology-enabled companies, has announced the recapitalization of Pillsbury client, Smartronix, Inc. Financial terms of the private transaction were not disclosed.
Smartronix, based in Hollywood, Maryland, is a leading provider of next-generation information technology and cloud solutions to government and commercial customers, and intelligence, surveillance, and reconnaissance solutions to the U.S. Department of Defense. The recapitalization of Smartronix was completed in December 2019.
"The Smartronix team is thrilled to partner with OceanSound given their deep experience in our core markets and a shared vision on how we can continue to grow our company," said John Parris, CEO of Smartronix. "This partnership will allow us to further build our brand, broaden our portfolio of capabilities and expand into new customer segments by investing in the business, both organically and with strategic acquisitions."
In December 2019, Pillsbury also represented two of the founders of Smartronix in connection with the spin off and formation of a new engineering firm called Parraid LLC, which was the former products engineering business unit of Smartronix.
Parraid LLC is an accomplished precision electronics engineering solutions provider, specializing in telemetry data systems and tactically oriented mission-critical communications products. Anchored by a solid corporate lineage, Parraid’s established product lines trace back nearly 30 years. Its engineers and technicians focus on modern electronic systems design, embedded processor-based design, mechanical engineering and packaging, multi-layer printed circuit board design, real-time and embedded programming, rapid prototyping and product development.
The Parraid research and development laboratory and engineering production facility in Hollywood includes approximately 30,000 square feet of dedicated space to support the latest in mission-critical, rapidly deployed, electronic products and systems integration requirements. Parraid’s product lines contribute to the missions of its U.S. government, international and commercial customers.
The Pillsbury team representing Smartronix was led by Craig Chason and Ellen Grady in Pillsbury’s Northern Virginia office.