Industrial Growth Partners (IGP) has acquired IOTA Engineering, a maker of back-up power supply equipment used in commercial, industrial and institutional emergency lighting applications.
IOTA is a privately held, family-owned company that was founded in 1968 and initially focused on the development of low voltage solid state ballasts (ballasts are used to limit the amount of current in an electrical circuit). Over the years, the company expanded its manufacturing capabilities to include emergency battery packs for contemporary lighting designs, DC inverter ballasts, and AC/DC power converters and battery chargers. The company has also been active in developing technology for smart chargers use in specialty applications and configurable smart chargers for custom specifications. IOTA is headquartered in Tucson (www.iotaengineering.com).
“IGP’s extensive knowledge of the manufacturing sector and over two decades of experience in helping family-owned businesses successfully transition to private equity-backed companies made IGP an ideal partner for us,” said Jason Tobak, CFO of IOTA. “The IOTA management team is excited about the opportunity to leverage IGP’s expertise to strengthen our position in our core markets and to help expand our business through a variety of initiatives.”
Industrial Growth Partners invests in North American-based manufacturing and manufacturing services companies that have histories of profitability and revenues of up to $250 million. Sectors of specific interest include industrial components and equipment; electronic equipment; process instrumentation and controls; analytical instruments; fluid control, filtration and pumps; specialty chemicals; energy equipment and services; plastics and synthetic materials; healthcare and safety equipment; manufacturing services and testing; and aerospace and defense components. IGP was founded in 1997 and is based in San Francisco (www.igpequity.com).
IGP’s buy of Iota closed on February 24, 2017. Dan Delaney and Micah Wickersheim led the transaction for IGP.
© 2017 Private Equity Professional | March 3, 2017
