Continental Electronics Corp. has a new owner.
Dallas-based private equity firm Lone Star CRA Fund LP has acquired the Continental stock from Veritas Capital. Terms were undisclosed. The Dallas Business Journalreported the purchase price as US$24.5 million.
It is the second time Veritas has sold the company.
Continental was founded in 1946. The company has changed hands several times in recent years. In 2005, according to Radio World, DRS Technologies Inc. sold the transmitter manufacturer and another business to Veritas Capital Fund II L.P., for approximately US$31 million. DRS Technologies in turn had acquired it two years before that — from Veritas, which had acquired Continental’s parent company, Tech-Sym Corp., in 2000.
The new owner is a private investment partnership established to provide equity capital and entrepreneurial assistance to underserved market sectors in Texas.
The lead investor in LSCRA is the Dallas Police & Fire Pension System. Investors include Amegy Bank, Arthur J. Gallagher & Company, Broadway Bank, Jefferson Bank, Southwest Securities, FSB, Texas Capital Bank and ViewPoint Bank.