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It was Nov. 7, Election Day in the United States, and I was working the phones like crazy, trying to ascertain who the winner would be.

The winner of the Speedline Technologies sweepstakes, that is. (What did you think I meant?)

It wasn't what I expected to be doing. A year ago, as Cookson was divesting itself of its laminates business and thus bringing a quiet end to the vision of a one-stop electronics materials and capital equipment supplier of its former chief executive, Ray Sharpe, I opined (Caveat Lector, February 2006) that we wouldn't see a company like that anytime soon.

As it turns out, "anytime soon" meant "less than one year." In what came as something of a surprise, Illinois Tool Works on Nov. 8 purchased Speedline for an undisclosed sum in a deal expected to close by month's end. It was a surprise not because Speedline was purchased; that move had been highly anticipated for years. Rather, it was that the company writing the check was one that I had publicly mused as a potential suitor for Universal Instruments, Unovis and Vitronics-Soltec: the Dover businesses sold as part of this year's "other" big deal. My antenna, as it turned out, had a couple wires crossed.

Since 2003, Speedline has been owned by KPS Special Situations Funds, a private equity group that bought the company from Cookson for roughly $10 million. Its brands include MPM, Electrovert, Accel and Camelot. The company has recovered sharply from a loss of $48.2 million on sales of $127.3 million (converted from pounds at today's values) in 2002. According to chief executive Pierre de Villemejane, Speedline has recorded three straight years of profitability and higher revenues. Circuits Assembly estimates the company had sales of $195 million in 2005 and is on track for double-digit growth this year.

The deal came about quickly. KPS was considering its options, including refinancing, when solicitations began and bids were sought. "There was a lot of interest," de Villemejane told Circuits Assembly.

The deal clearly brings long-term stability to Speedline. KPS is a turnaround specialist; ITW follows a buy-and-hold model. As of Sept. 30, the new owners had $2.65 billion in net working capital, and ample cash resources to apply to the business – a facet not lost on workers at Speedline's Franklin, MA, headquarters where, in a post-announcement visit, I saw many smiling faces. "Dover was the 800 lb. gorilla," de Villemejane said. "[ITW] might be that now."

Speedline has every reason to feel good. In my opinion, ITW is a great fit. The conglomerate operates under a principle it calls "80/20," which means applying the bulk of a company's efforts on its top customers. Having watched Speedline closely for the past 30 months, I can say, while its management may not have had a tidy name for it, the company has actively applied that approach in its procurement, manufacturing and sales operations.

In acquiring Speedline, ITW continues its one-company consolidation spree. In July, the conglomerate purchased Kester, the solder paste supplier with a run rate of about $175 million. Speedline will join Kester in ITW's welding group, but will run as a standalone company. So while the combination resembles something of a "Cookson Lite," all parties assert decentralization is the ITW way.

The remaining question is: Is ITW, numbering some 700 companies and making on average about seven to 10 acquisitions a quarter, done? Most observers I spoke with didn't think so. One went so far as to suggest ITW might turn its acquisition eyes to Isola Group, the world's second largest manufacturer of circuit board laminates. Its chief executive? Ray Sharpe.

A Happy New Year, indeed. During the past year, Circuits Assembly has overtaken all its competitors in size and breadth and become the clear-cut leader among publications serving the electronics manufacturing industry. We truly appreciate the input of our review board, John Borneman, Rich Breault, Sue Mucha and Chrys Shea; our advertisers' confidence; and especially our readers' loyal support. This publication seeks to be a reflection of the industry; without you, we would be just another broken mirror. Have a safe and happy holiday, and we'll see you in 2007.