{"success":true,"data":{"pressRelease":{"id":"128538","rtpr_id":"nBw7HhjkTa","ticker":"KKR","exchange":"NYSE","all_tickers":["KKR"],"title":"Industrial Physics Expands Test and Measurement Capabilities with Acquisition of Vitrek from Branford Castle","author":"Business Wire","published_at":"2026-08-26T20:00:00.115Z","article_body":"Industrial Physics Expands Test and Measurement Capabilities with Acquisition\nof Vitrek from Branford Castle\n\nIndustrial Physics, the global packaging, material, and coating test and\nmeasurement group backed by KKR-affiliated investment funds, today announced\nthe acquisition of Vitrek, a US-based provider of electronic test and\nprecision measurement equipment, from the Branford Castle Fund, LP, which is\nmanaged by Branford Castle Partners, LP (Branford Castle).\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260826045544/en/\n(https://www.businesswire.com/news/home/20260826045544/en/)\n\nComprised of the Vitrek, MTI and GaGe brands, Vitrek designs and manufactures\nelectrical safety testing equipment, power analyzers, engine vibration\nbalancing systems, and precision measurement instruments. Its products serve\ncustomers in aerospace, defense, semiconductor, medical device, and other\ndiversified industries.\n\nAlongside Industrial Physics' existing strengths in packaging, materials, and\ncoatings testing, Vitrek extends the group’s reach into industries where\nprecision, compliance, and safety testing are mission-critical. Both companies\nshare a focus on providing industry-leading test and measurement solutions\nthat help customers ensure the quality, safety, and performance of their\nproducts and brands.\n\nAndrew McCauley, CEO of Industrial Physics, commented: \"Vitrek is an excellent\naddition to Industrial Physics, bringing highly differentiated technologies\nand deep technical expertise across several attractive test and measurement\nmarkets. We look forward to partnering with the Vitrek team to build on their\nstrong track record and accelerate growth with the resources and global reach\nof the wider Industrial Physics group.\"\n\nDon Millstein, CEO of Vitrek, added: \"We're proud of what this team has built,\nand joining Industrial Physics gives us the resources and reach to grow faster\nin the markets we serve.\" Todd Stukenberg, President of Vitrek, commented:\n\"Our customers are at the center of everything we do, and we remain committed\nto providing the exceptional products, expertise, and service they have come\nto expect from Vitrek. As part of Industrial Physics, we will have even\ngreater resources to support our customers and continue delivering the high\nstandards of quality and service they rely on.\"\n\nBrandon Brahm, Partner at KKR and Co-Head of KKR's Ascendant strategy, said:\n\"Vitrek is a strong fit with Industrial Physics' strategy of building a global\nleader in mission-critical test and measurement through the acquisition of\nhigh-quality, specialist businesses. The company has built differentiated\npositions serving customers in aerospace, defense, semiconductor, medical\ndevice, and other diversified industries, and we look forward to supporting\nits leadership team and employees through its next phase of growth.\"\n\nKKR will support Industrial Physics in extending a broad-based employee\nownership program to all of Vitrek's employees, reflecting KKR's belief that\nemployee engagement is a key driver in building stronger companies. Since\n2011, KKR portfolio companies have awarded billions of dollars of equity value\nto over 200,000 non-senior management employees across more than 90 portfolio\ncompanies.\n\nThe transaction closed upon signing. Financial terms were not disclosed.\nKirkland & Ellis LLP served as legal advisor to Industrial Physics. Stifel\nserved as financial advisor, and Akerman served as legal advisor to Branford\nCastle and Vitrek.\n\nAbout Industrial Physics\n\nIndustrial Physics is a global packaging, material, and coating test and\nmeasurement group. With 12 specialist brands operating across 19 industries in\n75 countries, we protect the integrity of our customers' brands and products\nthrough best-in-class technology, test and measurement systems, and services.\nwww.industrialphysics.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.industrialphysics.com&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=www.industrialphysics.com&index=1&md5=96e7584b43bb80893206d1850f90c97c)\n\nAbout Vitrek\n\nVitrek designs and manufactures precision test and measurement solutions that\nhelp the aerospace, defense, semiconductor, medical device and other\ndiversified industrial manufacturers improve product quality, ensure\nregulatory compliance, and accelerate production. From electrical safety\ntesting and high-voltage measurement to signal conditioning, high-speed data\nacquisition, and semiconductor metrology, Vitrek’s family of\nbrands—including MTI Instruments and GaGe—supports engineers throughout\nthe product development, qualification, production, and maintenance lifecycle.\n\nAbout KKR\n\nKKR is a leading global investment firm that offers alternative asset\nmanagement as well as capital markets and insurance solutions. KKR aims to\ngenerate attractive investment returns by following a patient and disciplined\ninvestment approach, employing world-class people, and supporting growth in\nits portfolio companies and communities. KKR sponsors investment funds that\ninvest in private equity, credit and real assets and has strategic partners\nthat manage hedge funds. KKR's insurance subsidiaries offer retirement, life\nand reinsurance products under the management of Global Atlantic Financial\nGroup. References to KKR's investments may include the activities of its\nsponsored funds and insurance subsidiaries. For additional information about\nKKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.kkr.com&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=www.kkr.com&index=2&md5=7704bbfccffbc481e8e4e3b4ee9aadc5)\n. For additional information about Global Atlantic Financial Group, please\nvisit Global Atlantic Financial Group's website at www.globalatlantic.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.globalatlantic.com&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=www.globalatlantic.com&index=3&md5=9428daea8006e1e1da307b587cbac99b)\n.\n\nAbout Branford Castle Partners\n\nBranford Castle\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fedge.prnewswire.com%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D4543518-1%26h%3D2437939666%26u%3Dhttps%253A%252F%252Fbranfordcastle.com%252F%26a%3DBranford%2BCastle&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=Branford+Castle&index=4&md5=9fe3a7e1df50bca5921159dfb3514dd4)\nis a private market investor focused on lower middle-market investments across\nNorth America. With more than 35 years of helping to grow businesses, the firm\ntypically makes control investments in companies with up to $15 million of\nEBITDA and a leadership position in a niche industry. Branford Castle prides\nitself on the strong relationships it develops with its portfolio company\nmanagers. Branford Castle has particular expertise in industrials/specialty\nmanufacturing, consumer products, specialty materials, test and measurement,\nbusiness services and logistics. Please visit Branford Castle’s website at\nwww.branfordcastle.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.branfordcastle.com&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=www.branfordcastle.com&index=5&md5=5b5daaca83cb61e3d5fcd0daa310e4d9)\nfor additional information.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260826045544/en/\n(https://www.businesswire.com/news/home/20260826045544/en/)\n\nMedia Contacts\n\n\n\nFor Industrial Physics: \n\nKaren Mann | Global Marketing Director | kmann@industrialphysics.com \n(mailto:kmann@industrialphysics.com) \n\n\nFor KKR: \n\nKenny Juarez | KKR Media\n\nmedia@kkr.com \n(mailto:media@kkr.com) \n\n\nFor Branford Castle: \n\nLambert by LLYC\n\nChristina Maldonado\n\nchristina.maldonado@llyc.global (mailto:christina.maldonado@llyc.global)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw7HhjkTa","title":"Industrial Physics Expands Test and Measurement Capabilities with Acquisition of Vitrek from Branford Castle","author":"Business Wire","ticker":"KKR","created":"2026-08-26T20:00:00.115Z","tickers":["KKR"],"exchange":"NYSE","article_body":"Industrial Physics Expands Test and Measurement Capabilities with Acquisition\nof Vitrek from Branford Castle\n\nIndustrial Physics, the global packaging, material, and coating test and\nmeasurement group backed by KKR-affiliated investment funds, today announced\nthe acquisition of Vitrek, a US-based provider of electronic test and\nprecision measurement equipment, from the Branford Castle Fund, LP, which is\nmanaged by Branford Castle Partners, LP (Branford Castle).\n\nThis press release features multimedia. View the full release here:\nhttps://www.businesswire.com/news/home/20260826045544/en/\n(https://www.businesswire.com/news/home/20260826045544/en/)\n\nComprised of the Vitrek, MTI and GaGe brands, Vitrek designs and manufactures\nelectrical safety testing equipment, power analyzers, engine vibration\nbalancing systems, and precision measurement instruments. Its products serve\ncustomers in aerospace, defense, semiconductor, medical device, and other\ndiversified industries.\n\nAlongside Industrial Physics' existing strengths in packaging, materials, and\ncoatings testing, Vitrek extends the group’s reach into industries where\nprecision, compliance, and safety testing are mission-critical. Both companies\nshare a focus on providing industry-leading test and measurement solutions\nthat help customers ensure the quality, safety, and performance of their\nproducts and brands.\n\nAndrew McCauley, CEO of Industrial Physics, commented: \"Vitrek is an excellent\naddition to Industrial Physics, bringing highly differentiated technologies\nand deep technical expertise across several attractive test and measurement\nmarkets. We look forward to partnering with the Vitrek team to build on their\nstrong track record and accelerate growth with the resources and global reach\nof the wider Industrial Physics group.\"\n\nDon Millstein, CEO of Vitrek, added: \"We're proud of what this team has built,\nand joining Industrial Physics gives us the resources and reach to grow faster\nin the markets we serve.\" Todd Stukenberg, President of Vitrek, commented:\n\"Our customers are at the center of everything we do, and we remain committed\nto providing the exceptional products, expertise, and service they have come\nto expect from Vitrek. As part of Industrial Physics, we will have even\ngreater resources to support our customers and continue delivering the high\nstandards of quality and service they rely on.\"\n\nBrandon Brahm, Partner at KKR and Co-Head of KKR's Ascendant strategy, said:\n\"Vitrek is a strong fit with Industrial Physics' strategy of building a global\nleader in mission-critical test and measurement through the acquisition of\nhigh-quality, specialist businesses. The company has built differentiated\npositions serving customers in aerospace, defense, semiconductor, medical\ndevice, and other diversified industries, and we look forward to supporting\nits leadership team and employees through its next phase of growth.\"\n\nKKR will support Industrial Physics in extending a broad-based employee\nownership program to all of Vitrek's employees, reflecting KKR's belief that\nemployee engagement is a key driver in building stronger companies. Since\n2011, KKR portfolio companies have awarded billions of dollars of equity value\nto over 200,000 non-senior management employees across more than 90 portfolio\ncompanies.\n\nThe transaction closed upon signing. Financial terms were not disclosed.\nKirkland & Ellis LLP served as legal advisor to Industrial Physics. Stifel\nserved as financial advisor, and Akerman served as legal advisor to Branford\nCastle and Vitrek.\n\nAbout Industrial Physics\n\nIndustrial Physics is a global packaging, material, and coating test and\nmeasurement group. With 12 specialist brands operating across 19 industries in\n75 countries, we protect the integrity of our customers' brands and products\nthrough best-in-class technology, test and measurement systems, and services.\nwww.industrialphysics.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.industrialphysics.com&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=www.industrialphysics.com&index=1&md5=96e7584b43bb80893206d1850f90c97c)\n\nAbout Vitrek\n\nVitrek designs and manufactures precision test and measurement solutions that\nhelp the aerospace, defense, semiconductor, medical device and other\ndiversified industrial manufacturers improve product quality, ensure\nregulatory compliance, and accelerate production. From electrical safety\ntesting and high-voltage measurement to signal conditioning, high-speed data\nacquisition, and semiconductor metrology, Vitrek’s family of\nbrands—including MTI Instruments and GaGe—supports engineers throughout\nthe product development, qualification, production, and maintenance lifecycle.\n\nAbout KKR\n\nKKR is a leading global investment firm that offers alternative asset\nmanagement as well as capital markets and insurance solutions. KKR aims to\ngenerate attractive investment returns by following a patient and disciplined\ninvestment approach, employing world-class people, and supporting growth in\nits portfolio companies and communities. KKR sponsors investment funds that\ninvest in private equity, credit and real assets and has strategic partners\nthat manage hedge funds. KKR's insurance subsidiaries offer retirement, life\nand reinsurance products under the management of Global Atlantic Financial\nGroup. References to KKR's investments may include the activities of its\nsponsored funds and insurance subsidiaries. For additional information about\nKKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.kkr.com&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=www.kkr.com&index=2&md5=7704bbfccffbc481e8e4e3b4ee9aadc5)\n. For additional information about Global Atlantic Financial Group, please\nvisit Global Atlantic Financial Group's website at www.globalatlantic.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.globalatlantic.com&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=www.globalatlantic.com&index=3&md5=9428daea8006e1e1da307b587cbac99b)\n.\n\nAbout Branford Castle Partners\n\nBranford Castle\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fedge.prnewswire.com%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D4543518-1%26h%3D2437939666%26u%3Dhttps%253A%252F%252Fbranfordcastle.com%252F%26a%3DBranford%2BCastle&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=Branford+Castle&index=4&md5=9fe3a7e1df50bca5921159dfb3514dd4)\nis a private market investor focused on lower middle-market investments across\nNorth America. With more than 35 years of helping to grow businesses, the firm\ntypically makes control investments in companies with up to $15 million of\nEBITDA and a leadership position in a niche industry. Branford Castle prides\nitself on the strong relationships it develops with its portfolio company\nmanagers. Branford Castle has particular expertise in industrials/specialty\nmanufacturing, consumer products, specialty materials, test and measurement,\nbusiness services and logistics. Please visit Branford Castle’s website at\nwww.branfordcastle.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.branfordcastle.com&esheet=54595093&newsitemid=20260826045544&lan=en-US&anchor=www.branfordcastle.com&index=5&md5=5b5daaca83cb61e3d5fcd0daa310e4d9)\nfor additional information.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260826045544/en/\n(https://www.businesswire.com/news/home/20260826045544/en/)\n\nMedia Contacts\n\n\n\nFor Industrial Physics: \n\nKaren Mann | Global Marketing Director | kmann@industrialphysics.com \n(mailto:kmann@industrialphysics.com) \n\n\nFor KKR: \n\nKenny Juarez | KKR Media\n\nmedia@kkr.com \n(mailto:media@kkr.com) \n\n\nFor Branford Castle: \n\nLambert by LLYC\n\nChristina Maldonado\n\nchristina.maldonado@llyc.global (mailto:christina.maldonado@llyc.global)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-08-26T20:00:00.217826902Z","server_sent_at_ms":1787774400217},"received_at":"2026-08-26T20:00:00.270Z","source_url":"https://www.businesswire.com/news/home/20260826045544/en/"},"analysis":{"id":"117457","press_release_id":"128538","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":[],"eventType":"m_and_a","narrative":"Industrial Physics, backed by KKR-affiliated funds, acquired Vitrek from Branford Castle to expand into electronic safety testing and precision measurement.\n\nThe bolt-on transaction closed immediately with undisclosed financial terms, adding brands MTI and GaGe to serve aerospace and defense markets.\n\nKKR plans to extend an employee ownership program to Vitrek's staff, supporting the growth of its portfolio company.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"KKR portfolio company Industrial Physics completes bolt-on acquisition of Vitrek."},"keyFigures":null,"quotedText":"Vitrek is an excellent addition to Industrial Physics, bringing highly differentiated technologies and deep technical expertise across several attractive test and measurement markets.","namedEntities":{"people":[{"name":"Andrew McCauley","role":"CEO of Industrial Physics"},{"name":"Don Millstein","role":"CEO of Vitrek"},{"name":"Todd Stukenberg","role":"President of Vitrek"},{"name":"Brandon Brahm","role":"Partner at KKR"}],"products":["Vitrek","MTI","GaGe","electrical safety testing equipment","power analyzers","engine vibration balancing systems"],"companies":[{"name":"Industrial Physics","relationship":"portfolio company"},{"name":"Vitrek","relationship":"acquiree"},{"name":"Branford Castle Fund, LP","relationship":"seller"},{"name":"Branford Castle Partners, LP","relationship":"seller"},{"name":"Kirkland & Ellis LLP","relationship":"legal advisor"},{"name":"Stifel","relationship":"financial advisor"},{"name":"Akerman","relationship":"legal advisor"}],"dollarAmounts":[]},"materialImpact":{"score":2,"reasoning":"Undisclosed bolt-on acquisition by a KKR portfolio company. While strategically positive for the subsidiary, the lack of financial terms and the target's relative size limit material impact on KKR."},"tickerRelevance":{"others":[],"primary":"KKR"},"globalImportance":15,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"dealValue":"undisclosed","tickerTier":"large-cap","eventGravity":"subsidiary_bolt_on"}},"event_type":"m_and_a","event_type_secondary":null,"sentiment":"bullish","material_impact_score":2,"narrative":"Industrial Physics, backed by KKR-affiliated funds, acquired Vitrek from Branford Castle to expand into electronic safety testing and precision measurement.\n\nThe bolt-on transaction closed immediately with undisclosed financial terms, adding brands MTI and GaGe to serve aerospace and defense markets.\n\nKKR plans to extend an employee ownership program to Vitrek's staff, supporting the growth of its portfolio company.","key_figures":null,"named_entities":{"people":[{"name":"Andrew McCauley","role":"CEO of Industrial Physics"},{"name":"Don Millstein","role":"CEO of Vitrek"},{"name":"Todd Stukenberg","role":"President of Vitrek"},{"name":"Brandon Brahm","role":"Partner at KKR"}],"products":["Vitrek","MTI","GaGe","electrical safety testing equipment","power analyzers","engine vibration balancing systems"],"companies":[{"name":"Industrial Physics","relationship":"portfolio company"},{"name":"Vitrek","relationship":"acquiree"},{"name":"Branford Castle Fund, LP","relationship":"seller"},{"name":"Branford Castle Partners, LP","relationship":"seller"},{"name":"Kirkland & Ellis LLP","relationship":"legal advisor"},{"name":"Stifel","relationship":"financial advisor"},{"name":"Akerman","relationship":"legal advisor"}],"dollarAmounts":[]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-26T20:02:06.276Z","global_importance":15,"audience_relevance":25,"importance_components":{"dealValue":"undisclosed","tickerTier":"large-cap","eventGravity":"subsidiary_bolt_on"}},"durationMs":125997,"modelName":"glm-4.7"}}