Heritage Partners invests in Arizona company

Heritage Partners and Black Canyon Capital LLC, two investment firms, announced the recapitalization of Saunders & Associates Inc., a Phoenix-based manufacturer of test measurement and production equipment.

Heritage Partners is a Boston-based private equity firm that specializes in providing equity for family-owned businesses and closely-held companies. Black Canyon has its headquarters in Los Angeles.

The dollar amount of the recapitalization was not disclosed.

(At left, a product photo taken from the Saunders website.)

Heritage said that the investment was structured as a "Heritage Private IPO, allowing Saunders’ management to cash out certain founding shareholders while providing ongoing management with personal liquidity and ample capital for future growth while at the same time permitting them to retain operating control of the company."
(By Chris Reidy, Globe staff)