Pfingsten has sold its portfolio company ILP, a maker of LED lighting fixtures, to Harbour Group. Pfingsten acquired ILP in December 2012 through its $525 million fourth fund.
ILP (Industrial Lighting Products) is a manufacturer of a variety of high efficiency LED, fluorescent, and induction commercial lighting fixtures used in warehouses, 
manufacturing facilities, offices, schools and parking lots throughout the country. Products include high bay, wet location, stairwell, and outdoor fixtures, as well as retrofit kits. ILP has more than 180 employees and produces more than 20,000 fixtures per month. The company has a 75,000 square foot manufacturing and headquarters facility in Sanford, FL (north of Orlando) and a 15,000 square foot facility in Reno, NV (www.ilp-inc.com).
“Pfingsten’s operational focus and global capabilities were key to our success,” said ILP CEO, Jason Hendren. “Pfingsten provided the necessary operational and capital resources to accelerate our organization’s organic growth through enhanced product innovation, international sourcing capabilities, geographical expansion and sales agent development.”
Pfingsten invests in middle market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million and EBITDA between $3 million and $12 million. Since founding in 1989, Pfingsten has acquired 116 such companies through five funds with total commitments of $1.3 billion. The firm is based in Chicago with additional representative offices in India and China (www.pfingsten.com).
“Our collaboration with ILP clearly demonstrates the value in Pfingsten’s operational approach to investing,” said Scott Finegan, Pfingsten Managing Director. “The significant investments in new products, facilities, agents and associates will benefit ILP’s customers for many years to come.”
Harbour Group invests in North American-based companies with valuations from $30 million to $500 million. Areas of interest include product-oriented businesses that are generally either a provider of proprietary products or are a niche, value-added distributor. Since its founding in 1976, Harbour Group has acquired 192 companies in 40 different industries. The firm is based in St. Louis (www.harbourgroup.com).
Lincoln International was the financial advisor to Pfingsten and ILP and Paul Hastings provided legal services.
© 2017 Private Equity Professional | April 6, 2017
