Graham Partners has sold B+B SmartWorx to Advantech Co.

Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that Graham Partners has sold B+B SmartWorx Inc. (“B+B” or the “Company”) to Advantech Co. Ltd. (TSEC:2395) (“Advantech”). B+B SmartWorx will be led by the current management team and will join Advantech’s Industrial IoT Business Group in developing new products and integrating global sales resources.

Founded in 1981 and headquartered in Ottawa, Illinois, B+B is a leading North American designer and manufacturer of rugged connectivity solutions for wireless and wired solutions, specializing in device connectivity at the network edge through the use of intelligent communication technologies. The Company’s product portfolio consists of over 1,500 SKUs, including the new WzzardTM wireless sensing platform and other devices and solutions serving the Industrial Internet of Things (“IIoT”) market. With additional locations in California, Ireland and Czech Republic, B+B’s global operations allow the Company to serve its customers across the world. For more information, please visit www.advantech-bb.com.

Andrew Snyder, Managing Principal at Graham Partners, commented, “Through an aggressive, global marketing effort and unique insights into the buyer universe, Lincoln helped B+B identify the right partner to support the Company’s continued growth and achieve a favorable outcome for the shareholders. Lincoln’s execution expertise, experience dealing with Asian buyers, industry knowledge and process guidance proved invaluable throughout the sale process.”

Jerry O’Gorman, President & CEO of B+B, commented, “Lincoln’s strong understanding of our business and portrayal of our story assisted the Company in finding the right partner. B+B Smartworx has enjoyed a long and fruitful association with Advantech. We are really pleased to join such a strong global leader in the industry.”

Lincoln International acted as the exclusive financial advisor to Graham Partners and B+B SmartWorx Inc., working closely with the senior management team and primary shareholders throughout the sale process. This included providing advisory expertise and managing the global marketing process, negotiation and due diligence phases of the transaction.

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