Breakwater North LLC, a private investment and advisory firm, has acquired a stake in Houston-based Sonic Systems International, a provider of skilled workforce of nuclear-certified technicians and an array of mission-critical support services.
Breakwater North partnered on the transaction with Boyne Capital, a Florida-based private equity firm focused on investments in lower middle market companies. Boyne provided the majority of equity capital for the transaction. Main Street Capital Corporation provided debt financing and an equity co-investment to support the transaction.
"We look forward to working with Boyne to pursue several exciting strategic initiatives as we seek to expand Sonic's breadth of services and enhance the company's reputation as a vendor of choice to the nuclear industry and other highly specialized industries," said Breakwater North's Managing Partners David Faherty and Ryan Mills.
Founded in 1977 and led by CEO Bruce Schlueter, Sonic Systems serves a majority of U.S. commercial nuclear reactors.
"I am tremendously proud of the growth of Sonic Systems over the last decade, and I believe the additional resources the new investors bring will enable the company to become an even stronger industry supplier going forward," said former Sonic President Dale Holbrook. "I look forward to remaining on the board and supporting Bruce and the rest of the team on Sonic's next phase of growth."
Boyne Managing Partner and CEO Derek McDowell said the Boyne team is pleased to join forces with Sonic's management team and Breakwater North. "Sonic differentiates itself with deep, long-tenured customer relationships, built upon its consistent reliability and responsiveness as a partner. We are excited about Sonic's position to capitalize on the revived growth of the nuclear power industry," added McDowell.
Sonic represents Breakwater North's first platform investment in the nuclear services space.
