E Tech Group, an automation, control, and information systems integrator, ran a competitive sale process involving strategic and financial suitors before its announced acquisition by Graham Partners earlier this month, said a source familiar with the situation.

The West Chester, Ohio-based company, previously held by Falfurrias Capital Partners since 2018, marketed itself at north of USD 25m in EBITDA, according to the source. Final bids came through in the first quarter of this year, he said. Falfurrias is not retaining a stake in the business, the source added.

In May 2023, this news service reported that the company had hired Baird to advise on the process. The report said E Tech could be valued at 13x-15x EBITDA due to its exposure to high-growth markets such as food/beverage, data centers, and life sciences. Six months earlier, company execs told Mergermarket that E Tech could consider an exit in 2023.

The company did not officially hit the market until 3Q23 as it wanted to complete two add-on acquisitions beforehand, the source explained. In October, it bought California-based Automation Group, which specializes in automation, robotics, and cybersecurity, and in February, it acquired E-Volve Systems, a Cincinnati-based provider of controls engineering and computer systems validation to the life sciences, food/beverage, and consumer products sectors.

Following these deals, whose terms were undisclosed, E Tech has around 30 locations and 600 staff.

Falfurrias and Graham Partners declined to comment, while E Tech did not return calls seeking comment.

Dechert was legal counsel to Graham Partners on the deal.