(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that focuses on investing in business-to-business and business-to-consumer products and services companies in consumer, healthcare, industrial and other end markets, is pleased to announce that its affiliate, Cortec Group Fund VI, L.P. has sold a majority of its interest in Chauvet & Sons, LLC (“Chauvet” or the “Company”) to Court Square Capital Partners. Cortec and management will remain shareholders in the Account. Terms of the transaction were not disclosed.
Founded in 1990 by CEO Albert Chauvet, Chauvet is a leading designer of branded entertainment, theatrical, broadcast and film lighting, controllers, and power products used in applications ranging from concert tours to houses of worship, corporate and social events, theaters, broadcast, film, television, mobile DJ and hospitality. The Company has a global presence with offices across North America, Europe and Asia and offers one of the broadest and most diverse product offerings in the industry.
Since Cortec invested in Chauvet alongside its founder in March 2016, revenue grew threefold as a result of introducing new premium products, penetrating new end markets and customers, and expanding around the world.
Scott Schafler, a Founding Partner at Cortec, stated, “Our investments in partnership with Albert Chauvet to broaden the leadership and commercial teams, build out a global infrastructure, and complete several strategic acquisitions, enabled management to dramatically grow the business. We enjoyed our close partnership with Albert and the leadership team and have conviction that Chauvet is exceptionally well-positioned for the future.” Jonathan Stein, a Managing Partner at Cortec, added, “While Chauvet grew from day one of our investment, we had some trying times during the pandemic as live entertainment paused. However, collectively we quickly went on offense, and our investments in people, product development, and inventory positioned the business to rapidly recover and gain market share. We are thrilled with the outcome for Chauvet’s shareholders and management.”
Albert Chauvet, who will continue to lead the business, commented, “Cortec has been a vital partner to our team. Their understanding of the business and unequivocal support of key initiatives proved invaluable to our growth. We will miss working with them but are eager to continue to build on our success with our new partners at Court Square.”
Chauvet was co-advised in the transaction by Piper Sandler and KPMG Corporate Finance, with Jones Day serving as legal counsel.
About Cortec Group
Founded in 1984, Cortec focuses on investing in and helping management build high-margin entrepreneur- and family-owned middle-market products and services companies in various end markets. Cortec works closely with owners and management teams who want to leverage its capabilities and resources to drive growth and improve business processes while preserving each company’s unique culture. Cortec is currently investing Cortec Group Fund VIII, L.P. and has approximately $6 billion in assets under management. More information about Cortec can be found at www.cortecgroup.com.
About Chauvet
Headquartered in Davie, FL with offices in the U.K., Belgium, France, Germany and Mexico, Chauvet is a leading global designer and provider of intelligent LED lighting, control and power products for entertainment. Chauvet has a diverse portfolio of brands, including CHAUVET Professional, CHAUVET DJ, Kino Flo, ChamSys, Iluminarc, LynTec and Trusst offering award-winning products that meet the needs of customers across all sectors of the lighting market. All brands under the Chauvet umbrella share a commitment to innovation, performance and value. More information about Chauvet can be found at www.chauvetlighting.com.
