Freedom Electronics is a rebuilder of electronic gas pumps, point-of-sale terminals and printers, with a specialization in the remanufacture of Gilbarco, Tokheim, Dresser-Wayne and Verifone OEM parts. The company has over 2,400 SKUs for sale, including circuit boards, displays, printers, keyboards, overlays, vacuum pumps, point of sale consoles, control boxes and cash drawers, card readers, optical encoders, power supplies and components for all major manufacturers of gasoline pumps. Freedom Electronics is based near Atlanta in Kennesaw, GA (www.freedomelectronics.com).
“We are excited to be working with management and supporting this niche market leader,” said Steve Groya of Range Light. “The veteran team at Freedom has done an exceptional job of developing the Company, and we believe there is opportunity to continue to grow.”
Range Light makes control and minority investments in companies with at least $5 million in revenue and operating margins of at least 10%. Industries of interest include information and technology, consumer, agriculture, niche manufacturing, and service businesses in the following sectors: financial, healthcare, general business. Range Light is based in Chicago (www.rangelightllc.com).
TCF Capital Funding provided $12 million in secured financing to support the acquisition of Freedom Electronics by Range Light. TCF provides asset-based loans and private equity sponsor-backed cash flow loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. The firm is based in Burr Ridge, IL (www.tcfcapitalfunding.com).
“We are pleased to support Range Light’s investment in Freedom,” said TCF Capital Funding Senior Vice President Jim Kuncl. “The company’s management team has an excellent record of growing sales in its niche market, and Range Light is the ideal sponsor to position the company for its next phase of growth.”
© 2014 PEPD • Private Equity’s Leading News Magazine • 4-14-14