iNRCORE, LLC Announces Recapitalization with Warburg Pincus and TJC Oct 3, 2023

New York, NY: October 3, 2023 – iNRCORE, LLC (“iNRCORE” or the “Company”), a portfolio company of TJC, L.P. (“TJC”), is pleased to announce that it has entered into a definitive agreement with funds advised by TJC and funds advised by Warburg Pincus LLC (“Warburg Pincus”) to recapitalize the Company. iNRCORE was acquired by TJC in February 2020 through an affiliate of The Resolute Fund IV, L.P. Additional terms of the transaction were not disclosed.

iNRCORE is a premier supplier of high-reliability products including magnetics and other passive electronic components that transmit high-speed, mission critical data and power under extreme conditions for demanding industrial technology markets including: commercial aviation, government, space, smart-grid, medical, semiconductor and other high-reliability industrial applications. iNRCORE benefits from strong, long-term relationships with its blue-chip customer base that are difficult for competitors to replicate due to the designed-in nature of its products and global manufacturing capabilities. Long product lifecycle dynamics provide for significant revenue visibility and design position on next generation platforms. Headquartered in Bristol, PA, iNRCORE currently has ~1,000 employees.

“Since our partnership with TJC in 2020, we have been able to join the best-in-class names in high-reliability magnetics design and manufacturing under one platform,” said Sarah Trezza, President & Chief Executive Officer of iNRCORE. “Together we are working to solve the most complex signal and power conditioning problems in markets that demand excellence. We see significant opportunities to continue to grow iNRCORE and we are excited to be able to partner with both Warburg Pincus and TJC to continue this trend.”

“With the growing secular trends of increased electrification and need for connectivity in aerospace and high-reliability industrial applications, iNRCORE has significant growth opportunities ahead. The company's indispensable products, facilitating mission-critical power and signal transmission, are backed by a strong management team and outstanding customer service,” said Dan Zamlong, Managing Director, Warburg Pincus. “We are thrilled to partner with Sarah and the iNRCORE team, alongside TJC, to build upon iNRCORE’s history of success to expand its offerings in this dynamic market.”

"The iNRCORE family of brands are engineering, customer and culturally-focused businesses that bring high-reliability solutions to their customers," said Erik Fagan, a Partner at TJC. "We are excited to continue supporting Sarah Trezza and the iNRCORE team in partnership with Warburg Pincus."

William Blair & Company, L.L.C. and Jefferies Group L.L.C. are acting as financial advisors and Kirkland & Ellis LLP is serving as legal counsel for TJC and iNRCORE.  BMO Capital Markets is acting as financial advisor and Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel for Warburg Pincus.


For more than 70 years, iNRCORE has designed and manufactured magnetic components that transmit high-speed, mission-critical signals and power in the harshest operating conditions. Designed to the tightest specifications and to military standards, iNRCORE components have operated on the frontlines of defense to the frontiers of space exploration. The iNRCORE Family of Brands include Vanguard Electronics, Gowanda Electronics, DYCO Electronics, HiSonic, TTE Filters, RCD Components, Bicron Electronics, and Sentran. iNRCORE is ITAR registered and certified to AS9100 and ISO 9001 quality standards.

About Warburg Pincus

Warburg Pincus is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus has been an active investor in the aerospace & defense and industrial technology sectors with current and former investments including Accelya, Aquila Air Capital, CAMP Systems, Consolidated Precision Products, Duravant, Extant Aerospace, Infinite Electronics, Inmarsat, Quest Global, Sundyne, TransDigm and Wencor Group. The firm is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than $112 billion in over 1,000 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit

About TJC

TJC, founded in 1982, is a middle-market private equity firm that has raised funds with original capital commitments in excess of $22 billion with a 40-year track record of investing in and contributing to the growth of many businesses across a wide range of industries, including Diversified Industrials; Technology, Telecom & Power; Logistics & Supply Chain and Consumer & Healthcare. The senior investment team has been investing together for over 20 years, and they are supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. TJC has offices in New York, Miami, Chicago, and Stamford. For more information, visit:

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