Industrial Growth Partners Acquires AEM

Industrial Growth Partners, in partnership with management, has acquired AEM (Holdings) Inc., AEM Group Limited, and their subsidiaries (collectively referred to as “AEM” or the “Company”).


Headquartered in San Diego, CA, AEM designs and produces mission-critical, passive circuit protection components through two divisions. AEM’s A&D division provides advanced, high-reliability fuses, ferrite chip beads, and tin whisker mitigation products for satellite, defense, and aerospace applications. Its products, which are often custom and application-specific in nature, are used in harsh, technical environments where performance is mission critical. AEM has a deep heritage in high-reliability components and a reputation as a market leading supplier of such components. AEM’s Commercial division provides high-end SolidMatrix® and AirMatrix® surface mount fuses and inductive components for commercial applications, including IT, visual display, automotive and EV, power tools, lithium battery, 5G, IoT, security devices, and telecom. The division focuses on providing complex, highly-engineered components for use in safety critical applications which demand superior performance specifications and smaller form factors.


“We are excited to partner with IGP and leverage the firm’s deep experience and resources in the manufacturing sector and global reach to help drive our next phase of growth,” commented Daniel Chang, founder and current CEO of AEM. “With over two decades of experience in helping family-owned businesses like AEM successfully transition to private-equity backed companies, we are confident that IGP is the ideal equity partner for us.” Daniel Chang has been appointed Chairman of the Board, while Rick Busch, former CEO of FMH Aerospace, a prior IGP portfolio company, has been named as CEO.


Acquisition Details

On August 31, 2021, Industrial Growth Partners V, L.P., in partnership with management and certain outside investors, acquired AEM, marking the eleventh platform investment for IGP’s fifth fund. IGP acquired AEM from Daniel and Cai Li Chang, who will retain a significant minority equity stake in the Company. The transaction creates a platform for AEM to accelerate its growth by aggressively pursuing its strategic initiatives. The acquisition is an ideal fit with IGP’s strategy of investing in niche industrial companies with leading market shares, significant growth opportunities and outstanding teams. To learn more about AEM, please visit and