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Thayer, Brockway generate 4x deal

Thayer Capital and Brockway Moran have completed their exit of publicly-listed circuit board maker TTM Technologies for a return of four times their initial investment.

Washington DC-based private equity firm Thayer Capital Partners and co-investor, Boca Raton, Florida-based Brockway Moran & Partners, have sold their remaining share holdings in circuit board maker TTM Technologies for approximately $42 million.

The stock sale represents the fifth liquidity event for the two firm’s investment in TTM. According to sources close to the deal, the transaction will generate a total return of more than four times the initial investment.

In November 1998, Thayer and Brockway Moran led the initial buyout of TTM, completing an add-on acquisition in July 1999. The firms reportedly invested $69 million in the two deals.

TTM, a Santa Ana, California-based manufacturer of printed circuit boards, went public in September 2000 before completing two secondary offerings in February 2002 and September 2003. Prior to the current sale, Thayer and Brockway Moran held approximately 10 percent of the company’s stock.

Jeffrey Goettman, managing director of Thayer, and Michael Moran, managing partner of Brockway Moran, are chairman and vice chairman, respectively, of TTM.

Thayer Capital Partners, formed in 1996, currently manages three private equity funds totaling approximately $1.5 billion.

Brockway Moran currently has more than $600 million in assets under managements. Its second fund closed in 2001 on $410 million.