June 30, 2023
Nova Magnetics, a 45 year old electrical component manufacturer has been acquired by Electro Technik Industries, Inc. The CEO of Electro Technik Industries, Daryl Mayo comments on the transaction. “Nova Magnetics is a near perfect fit alongside my other 16 electrical component companies under the Technik umbrella. Upon our first visit to Nova, we saw how their unique location in Garland coupled with the ability to reduce costs by producing finished products out of their manufacturing operation in Mexico will accelerate our growth and add additional manufacturing capabilities to all of our business units. Chris Davis (former owner) was so helpful and accommodating during the 60 day due diligence period and Michael Rubin, CEO of MDR & Associates was really professional and critical to us closing this transaction. He was indeed a great buffer in the middle of the both of us. We are truly excited about our growth and future of our new larger manufacturing footprint in the U.S.”
